Henley & Partners UK’s exodus of millionaires to double amid Brexit, tax debate.
As per the Henley Private Wealth Migration Report 2023, China ranks first in terms of millionaire citizens leaving the nation.
In recent years, China has been witnessing a significant outflow of its millionaire citizens, marking the largest exodus since 2017. The combination of government restrictions on businessmen and a slowing economy has created a challenging environment for China’s wealthy individuals. Seeking better opportunities and stability, many millionaires are opting to leave the country and settle in other nations.
The Henley Private Wealth Migration Report 2023 states that China leads the list with an estimated 13,500 high-net-worth individuals planning to depart, followed by India with 6,500 and the UK with 3,200. This mass migration of millionaires from China reflects the current socioeconomic landscape and underscores the shifting dynamics within the country.
On the other hand, the number of millionaire citizens from India who settled in foreign countries over this era is less than half that of China. In the year 2023, 6500 Indian millionaires will have left the country and settled in another. However, this figure is 1,000 lower than in 2022. The Henley Private Wealth Migration Report also states that 7,500 rich Indians decided to leave the nation and move overseas last year, i.e. in 2022.
It is not only wealthy individuals from underdeveloped countries who are leaving their home countries to settle in other ones. Britain is ranked third in the Henley Private Wealth Migration Report. After China and India, the United Kingdom has lost the most millionaires. In the year 2023, there will be 3,200 millionaires departing the United Kingdom.
Despite the Ukraine conflict and economic sanctions, the number of rich Russian citizens leaving the country is lower than projected. Only 3,000 millionaire citizens departed Russia in 2023, putting it in fourth place on the list of millionaire citizens.
Dominik Volek, Group Head of Private Clients at Henley & Partners, said that the recent and continuing turmoil is a big reason. Most of the investors are considering settling in another country due to reasons like family safety, education, healthcare, climate change, and even a crypto-friendly environment.”
According to the report, various factors, including high taxes in India and issues relating to outbound remittances, are prompting rich Indians to relocate to other nations. As per the survey, wealthy Indian families choose to relocate to Dubai and Singapore.
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