According to Henley & Partners’ Private Wealth Migration Report, it is predicted that India will experience a decrease of 6,500 millionaires in 2023. Unfortunately, the country has already suffered a loss of 7,500 millionaires in 2022. It is worth noting that India is ranked second, only to China, in terms of the number of millionaires projected to be impacted by this economic trend. In fact, China is expected to lose 13,500 millionaires in 2023, almost double India’s projected losses.
- India is expected to lose 6,500 millionaires in 2023; it had lost 7,500 millionaires in 2022
- Australia, UAE, Singapore, USA are some of the top destinations for millionaire migration
- China, the UK, Russia, Brazil and India are losing a significant number of millionaires
The UK, Russia, Brazil, Hong Kong, South Korea, Mexico, South Africa, Japan, Vietnam, and Nigeria are all expected to lose more millionaires than last year, as per Henley & Partners’ Private Wealth Migration Report. In comparison, Australia, UAE, Singapore, USA, Switzerland, Canada, Greece, France, Portugal, New Zealand, and Italy are projected to welcome more millionaires than last year.Â
The Countries Welcoming New Millionaires
The top 10 countries that are likely to become home to the highest number of millionaires and billionaires in 2023 are scattered across the globe, with Australia reclaiming its top spot this year from the UAE.
Only two Asian countries make the top 10, with the rest spread across Europe, North America, and Oceania.
Despite historic economic challenges, Greece is projected to gain 1,200 High Net Worth Individuals this year. One reason could be the country’s golden visa program, wherein wealthy individuals can easily obtain residence and eventually EU passports for the right price—currently a minimum real estate investment cost of 250,000 euros is all that’s required.
Many of the leading millionaire destinations are attractive for wealthy individuals because of higher levels of economic freedom, allowing for laxer tax burdens or ease of investment. Singapore, which expects to gain 3,200 millionaires, is the most economically free market in the world.
The Countries Losing the Most Millionaires
China is anticipated to lose 13,500 High Net Worth Individuals this year, more than double as many as the second-place country, India (6,500).
In a number of these countries, strict regulatory bodies and corrupt governments can hinder the ease with which HNWIs can manage their own money.
In Russia, many wealthy individuals are facing personal tariffs and trade restrictions from Western countries due to the war in Ukraine. China’s crackdowns on Hong Kong have made it a less attractive place for business. Finally, the UK’s exit from the EU has caused many businesses and individuals to lose the easy movement of labour, finances, and investment that made operations across European borders seamless.
Some of these countries may still be adding homegrown millionaires and billionaires, but losing thousands of HNWIs to net migration does have a considerable economic impact.
Overall, millionaires are increasingly on the move. In the 10 years of reporting—despite a dip during the pandemic—the number of HNWIs moving away from their countries of origin has been growing every year.
| Year | Projected HNWI Migration |
| 2013 | 51,000 |
| 2014 | 57,000 |
| 2015 | 64,000 |
| 2016 | 82,000 |
| 2017 | 95,000 |
| 2018 | 108,000 |
| 2019 | 110,000 |
| 2020 | 12,000 |
| 2021 | 25,000 |
| 2022 | 84,000 |
| 2023 (Projected) | 122,000 |
