There's a massive millionaire migration and this is where are they moving

Moving up, moving out

According to a study by Henley Global Citizens Report, an estimated 120,000 millionaires moved to a new country in 2023.

128,000 millionaires looking for home

Not only that, but the number could be as high as 128,000 millionaires moving out of their countries in 2024.

Reasons to find a new home

Unsurprisingly, many of these millionaires come from conflict zones or currently facing a backlash from the West, such as Russia, Ukraine, and China.

Russia is the biggest loser

The website Migration Policy cites data from the British Minister of Defence, arguing that Russia was the biggest loser of 2022 with a loss of 15,000 millionaires.

Moving to greener, wealthier pastures

However, other countries in the top 10 list of migrating millionaires might be surprising such as China, India, Brazil, Mexico, and the United Kingdom.

Exit from Brexit

The South China Morning Post highlights that, in the UK’s case, the millionaire outflow began with Brexit and has not stopped.

Some islands off the coast of France

Before that, the British Isles were one of the favorite destinations for millionaires seeking a new home.

Leaving the promised land

Meanwhile, Israel, which was in the top five in 2022, had disappeared from the top 10 entirely.

From California to New York Island

Bloomberg, on the other hand, claims that the inflow of millionaires to the United States has winded down 80% since pre-pandemic numbers.

Where have all the millionaires gone?

This begs the question: Where are millionaires going?

It's not easy being rich

The website Visual Capitalist points out that most rich people seek to relocate to countries with laws that facilitate not only their migration but also living in these territories.

A winter cabin up in the Alps

Switzerland gets the fifth place, with 1,800 new top earners starting to live in the land of chocolate and clocks in 2023.

Taking a bite out of the big apple

The United States, despite declining numbers of highly affluent immigrants, still gets the number 4 spot with an estimate of 2,100 millionaires.

A little beach house in Singapore

About 3,200 millionaires decided to move to the southeast Asian island nation of Singapore in 2023.

Humble abode in Dubai

The United Arab Emirates gets the second place of the list with 4,500 new millionaire residents in 2023. Forbes claims that a good number of these wealthy migrants are of Russian origin.

Escape to Oz

Australia gets the gold, with 5,200 millionaires moving to the island continent. According to The Guardian, a good part of these come from China, India, and the United Kingdom.