According to the Henley Private Wealth Migration Report 2024, the UK is expected to experience an unprecedented net loss of 9,500 millionaires in 2024. This places the UK as the second-largest loser of millionaires globally, trailing only behind China. Notably, this figure is more than double the 4,200 millionaires who left the country last year, which itself was a record-breaking exodus following the departure of 1,600 high-net-worth individuals (HNWIs) in 2022.
Here are some additional insights from the report:
- UAE as a Wealth Magnet:
- The UAE remains the world’s leading destination for migrating millionaires. It is projected to welcome a record net inflow of 6,700 millionaires by the end of 2024.
- The UAE’s appeal lies in factors such as zero income tax, golden visas, a luxurious lifestyle, and its strategic location.
- Large inflows from the UK and Europe contribute significantly to the UAE’s status as a wealth magnet.
- Global Millionaire Migration:
- In 2024, an unprecedented 128,000 millionaires are expected to relocate worldwide, surpassing the previous record set in 2023.
- Geopolitical tensions, economic uncertainty, and social upheaval are driving this surge in millionaire mobility.
- This migration has far-reaching implications for the global landscape and the distribution of wealth and power among nations
In 2023,
🇸🇬 Singapore gained +3,200 Millionaires
🇦🇪 UAE gained +4,500 Millionaires
🇦🇺 Australia gained +5,200 MillionairesBut the UK lost -12,500 high net worth individuals…
— Global Statistics (@Heart_attack143) June 18, 2024
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