Top 10 countries millionaires are moving to 2024

The global migration of millionaires is a significant indicator of a country’s economic health and stability. In 2024, various factors are expected to influence where high-net-worth individuals (HNWIs) choose to relocate. This movement substantially benefits the receiving countries

According to “The Henley Private Wealth Migration Dashboard” by Henley & Partners, about 128,000 of the world’s millionaires are projected to migrate to a new country in 2024, with the UAE and the USA topping the list of destinations.

Read also: Top 10 countries set to lose the most millionaires in 2024

Benefits of Millionaire Migration

According to the report, the relocation of millionaires brings a surge in foreign exchange (forex) revenue as they move their funds, generating significant forex, much like export transactions.

Around 20% of these relocating individuals are entrepreneurs who establish businesses in their new countries, contributing to the local economy and creating job opportunities, with this figure rising to over 60% for centi-millionaires and billionaires.

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Their investments also boost local stock markets, as many high-net-worth individuals invest in equities, and some even publicly list their companies, further enriching the economy.

Additionally, their spending in sectors such as luxury hospitality, retail, hi-tech, and real estate indirectly creates well-paying jobs, driving demand for premium services.

As millionaires continue to seek new opportunities globally, the benefits they bring to their destination countries extend far beyond their wealth, supporting economic growth, innovation, and job creation in a wide range of sectors.

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Here are the top 10 countries projected to attract the highest net inflows of millionaires in 2024

1. United Arab Emirates (UAE)

The UAE is set to welcome the highest number of millionaires in 2024, with a projected net inflow of 6,700. Its strategic location, tax incentives, and economic diversification have made it a popular destination for wealthy individuals.

2. United States (USA)

With an inflow of 3,800 millionaires, the USA remains an attractive hub, driven by its robust economy, world-class education, and innovation in sectors like technology and finance.

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3. Singapore

Known for its political stability, business-friendly environment, and efficient infrastructure, Singapore is expected to see a net inflow of 3,500 millionaires, making it a key destination in Asia.

4. Canada

Projecting a net inflow of 3,200 millionaires, Canada’s appeal lies in its quality of life, natural beauty, and economic opportunities, especially for those seeking a secure and peaceful lifestyle.

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5. Australia

Australia is set to attract 2,500 millionaires in 2024. The country’s strong healthcare system, lifestyle, and opportunities for investment in property and business make it a top choice.

6. Italy

Italy’s rich history, cultural appeal, and emerging business opportunities in sectors like fashion, tourism, and luxury goods are expected to draw a net inflow of 2,200 millionaires.

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7. Switzerland

Switzerland, with its stable economy, banking reputation, and quality of life, is projected to attract 1,500 millionaires in 2024.

8. Greece

Greece’s golden visa program and recovery from economic challenges are positioning it to welcome 1,200 millionaires. Its growing tourism and real estate sectors offer attractive investment opportunities.

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9. Portugal

Portugal, with its favourable tax policies and golden visa scheme, is expected to bring in 800 millionaires. Its climate and lifestyle continue to make it an appealing destination for HNWIs.

10. Japan

Japan’s inflow of 400 millionaires may seem modest in comparison, but its steady economic growth and technological advancements make it a notable choice for wealth migration.