The world’s millionaires are on the move, and their migration patterns are shifting. In 2023, 122,000 high net worth individuals (HNWIs) are expected to move to a new country, with Australia reclaiming the top spot as the most popular destination. The United Arab Emirates, Singapore, the United States, and Switzerland round out the top five countries for HNWI inflows. At the other end of the spectrum, China is expected to lose the most HNWIs in 2023, with 13,500 millionaires leaving the country. India, the United Kingdom, Russia, and Brazil follow closely behind.

Why are millionaires moving? The reasons vary, but economic freedom, tax burdens, and investment opportunities are key factors. Singapore, which boasts the highest level of economic freedom in the world, is a popular destination for HNWIs. Greece, despite its economic challenges, is also expected to see a significant influx of millionaires due to its golden visa program. 

The impact of HNWI migration goes beyond the economic. It also has geopolitical implications, as governments compete to attract and retain the world’s economic elite.

Top 10 Countries for HNWI Inflows in 2023	Number of HNWIs
Australia	5,200
UAE	4,500
Singapore	3,200
United States	2,100
Switzerland	1,800
Canada	1,600
Greece	1,200
France	1,000
Portugal	800
New Zealand	700

 

Bottom 10 Countries for HNWI Outflows in 2023	Number of HNWIs
China	13,500
India	6,500
United Kingdom	3,200
Russia	3,000
Brazil	1,200
Hong Kong SAR	1,000
South Korea	800
Mexico	700
South Africa	500
Japan	300

In conclusion, HNWI migration is a significant trend that affects not only the economic landscape but also geopolitics. As governments compete to attract and retain the world’s wealthiest individuals, it’s essential to understand the factors that drive their decisions. Whether it’s economic freedom, tax burdens, or investment opportunities, understanding these motivations can help countries tailor their policies and strategies to attract the world’s elite.