Migration or capital flight It is a growing phenomenon that has important economic and social implications. Thus, as Bankinter experts point out, in 2024 it is expected that Several countries are experiencing a significant outflow of investors with high net worth, while others will see an increase in the arrival of these millionaires.
What is capital flight?
Capital flight is a term associated with the movement of money and assets out of a country, usually due to economic, political or social instability.
In the following infographic published by Visual Capitalist, it is easy to see which countries are losing the most millionaires (red spheres) and which are attracting the most rich people (green spheres).
According to the Henley Private Wealth Migration Report 2024, United Arab Emirates (UAE) top the list of Most attractive destinations for millionaireswith a projected net flow of 6.7 billionaires.
United States, Singapore, Canada and Australia They also occupy the top positions on the list, as do Italy, Switzerland, Greece, Portugal and Japan.
Among the reasons that are leading millionaires to move their residence and assets to these countries, especially the UAE, Bankinter economists point to the strategies adopted by their governments to attract the richest.
What millionaires invest in
“The significant investments in tourism, real estate, financial services and technology are bringing young entrepreneurs and high net worth individuals to the UAE. In addition, these states have adopted international standards in regulations and market frameworkswhich increases its attractiveness for foreign investors,” the analysts said.
Apart from the UAE, other countries such as the United States and Singapore also attract a large number of millionaires. “These countries offer stable environments, investment opportunities and favorable fiscal policiesmaking them preferred destinations for the wealthy seeking new opportunities and financial security,” argues Bankinter.
On the contrary, China and the United Kingdom are among the countries that largest outflows of millionaires are registering in 2024. Thus, the Asian giant faces a projected net outflow of 15,200 millionaires, while the United Kingdom will lose about 9,500.
“The Uncertainty about the economic trajectory and geopolitical tensions have led to a significant exodus of millionaires from China. Growing concerns about state regulation, coupled with the economic slowdown, have prompted many millionaires to seek safer opportunities in other countries,” Bankinter stresses.
The United Kingdom is also experiencing an exodus of millionaires due to Brexit. Why? “Political and economic uncertainty, together with changes in tax policies, has led many wealthy people to seek more stable residences in other European countries and beyond. And that is because, Since the vote to leave the European Union, the United Kingdom has lost a significant number of millionaires and this trend is expected to continue in 2024 with the departure of 9.5 billionaires,” these experts add.
Ranking: Which countries attract the most millionaires?
- United Arab Emirates
- USA
- Signapur
- Canada
- Australia
- Italy
- Swiss
- Greece
- Portugal
- Japan
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
