More than 3,000 millionaires are expected to leave the UK this year Henley Private Wealth Migration Report 2023. This makes the island the third biggest loser among the world’s ‘rich people’, behind only China (13,000) and India (6,000).
The report, by consulting firm Henley & Partners, charts recent millionaire inflows and outflows in dollar terms the difference between the number of people with investable assets of at least $1 million moving and emigrating from a country.
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Australia is expected to attract the largest net influx of millionaires this year (5.2k), followed by the United Arab Emirates (4.5k). In third place is Singapore with a net inflow of 3,200 millionaires the highest influx on record, followed by the United States with an estimated inflow of 2,100 “rich”.
Switzerland (1,800) and Canada (1,600) are in fifth and sixth place. Greece (1,200), France (1,000), Portugal (800) and New Zealand (700) complete the list. Israel is estimated to fall out of the top 10 with the net influx of millionaires estimated at 600. That’s nearly half of the 1,100 registered in 2022.
Millionaires are ‘fleeing’ from Britain, but also from China
As in the past decade, China continues to lose most of its dollar millionaires to migration. Andrew Amoils, head of research at consultancy New World Wealth, explains that “overall wealth growth in China has slowed in recent years, meaning recent results could be more damaging than usual.”
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Despite India being the second biggest loser globally, India’s net outflow figures are expected to drop to 6.5k in 2023 compared to last year (7.5k). According to Amoils, “these outflows are not of particular concern as India is creating many more new millionaires than it is losing through migration”.
The UK (3,200) and Russia (8,500) are 3rd and 4th, respectively, followed by Brazil (1,200), Hong Kong (1,000), South Korea (800), Mexico (700), South Africa (500) and Japan (300) . ) rounds out the top 10 biggest millionaire losers predicted for 2023.
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magazine westwith information from news agency PR Newswire