The Migration of the World’s Millionaires in 2023
Henley Private Wealth Migration 2023: A Global Perspective
In the dynamic landscape of high-net-worth individual (HNWI) migration, the Henley Private Wealth Migration 2023 report provides valuable insights into the countries and territories experiencing significant shifts in the movement of affluent individuals. This article explores the key findings of the report, shedding light on trends, contributing factors, and the competitive race among nations to attract and retain millionaires.
Net Inflows and Outflows of HNWIs:
The data presented in the report delineates countries and territories witnessing net inflows or outflows of 100 or more HNWIs. Notably, nine out of the top 10 countries with net inflows in 2023 boast formal investment migration programs. These programs actively encourage foreign direct investment, offering residence rights in return.
Forecast Net HNWI Outflows 2023
| 1 |  China |
-13,500 |
| 2 |  India |
-6,500 |
| 3 |  UK |
-3,200 |
| 4 |  Russia |
-3,000 |
| 5 |  Brazil |
-1,200 |
| 6 |  Hong Kong SAR |
-1,000 |
| 7 |  South Korea |
-800 |
| 8 |  Mexico |
-700 |
| 9 |  South Africa |
-500 |
| 10 |  Japan |
-300 |
Forecast Net HNWI Inflows 2023
| 1 |  Australia |
5,200 |
| 2 |  UAE |
4,500 |
| 3 |  Singapore |
3,200 |
| 4 |  U.S. |
2,100 |
| 5 |  Switzerland |
1,800 |
| 6 |  Canada |
1,600 |
| 7 |  Greece |
1,200 |
| 8 |  France |
1,000 |
| 9 |  Portugal |
800 |
| 10 |  New Zealand |
700 |
Global Trends and Influencing Factors:
Switzerland maintains its position as the 5th most favored destination for millionaires in 2023. The Brexit fallout in England and the ongoing conflict in Russia are identified as primary catalysts for these migrations. Generally, any source of instability prompts millionaires to seek a change in citizenship. Notably, a significant number of Chinese millionaires have sought refuge in Australia, Singapore, and the UAE due to the Chinese crackdown in Hong Kong.
The Migration of the World’s Millionaires in 2023 (by Dall-e AI)
Competitive Landscape:
Among the countries welcoming HNWIs, there is a fierce competition. Despite facing historic economic challenges, Greece is projected to gain 1,200 High Net Worth Individuals this year. The country’s golden visa program, allowing affluent individuals to obtain residence and EU passports for a minimum real estate investment of 250,000 euros, could be a key factor contributing to this influx.
Rise in Migration Since the COVID-19 Pandemic:
A notable trend highlighted in the report is the consistent increase in millionaire migrations since the onset of the COVID-19 pandemic. Switzerland stands on the advantageous side of this trend, attributed to the country’s political, economic, and social stability. The challenge now lies in sustaining this favorable trajectory.
As the global landscape of private wealth migration evolves, nations actively compete to attract and retain high-net-worth individuals. The Henley Private Wealth Migration 2023 report underscores the importance of stability, investment programs, and geopolitical factors in influencing the choices of millionaires. For Switzerland, maintaining its appeal in the face of these global dynamics becomes a crucial task for securing its position as a premier destination for the world’s affluent population.
