last week, the “henley” report on “private wealth migration” for the year 2024 was issued, and it showed strange things. the movement of the wealth of major billionaires received the attention of observers, and expressed the trends of the economy, the growth of countries, their security situation, and other matters, in application of the golden rule. capital is a coward, and is always looking for safety!
the report, which is respected globally, says: “britain will lose the investments of 9,500 millionaires in 2024, which represents double those who left it in 2023, and more than eight times as much in 2022!”
the uae ranks first in attracting wealthy people and its share will reach 6,700 immigrants by the end of this year, the majority from britain and europe. as for china, the biggest loser in the world, it will lose 15,200 millionaires this year, compared to 13,800 in 2023, while india has stopped the migration of its wealthy people and 4,300 millionaires will leave it in 2024, compared to 5,100 last year.
as for south korea, it is expected to lose 1,200 millionaires, compared to 800 in 2023, while the tsunami of millionaires who fled russia after the outbreak of the ukrainian war appears to be receding, with only 1,000 expected to move this year (compared to 8,500 in 2022, and 2,800 in 2023).
a director at henley & partners says that the year 2024 is shaping up to be a watershed moment in the global migration of wealth. it is expected that an unprecedented number of millionaires will move around the world this year, which is 128 thousand millionaires, exceeding the previous record, which amounted to 120 thousand millionaires.
recorded in the year 2023, in light of a world grappling and facing a storm of geopolitical tensions, economic uncertainty, and social unrest, this great exodus of millionaires is a major indicator, indicating a profound shift in the global landscape, and the direction of wealth and power, with far-reaching implications for the future path of nations that they leave behind, or those that they make, after it becomes their new home.
the uae remains the world’s leading center of attraction for millionaires, until now, thanks to its exemption from income tax, golden visas, luxurious lifestyle, and strategic location, and this has enabled it to consolidate its position, as the world’s first destination for immigrant millionaires, and the number of people immigrating to it will be double the number attracted by america from europe, india, china, korea and russia, especially after the uae developed and improved its wealth management ecosystem and created a strong regulatory framework that provides the wealthy with a set of innovative solutions to protect, preserve and enhance their wealth.
singapore, whose area does not exceed 650 square kilometers only, came in third place in attracting investments, after the uae and america with 3,500 millionaires, followed by canada, australia, italy, switzerland, greece, portugal and japan with 400 wealthy immigrants.
the benefi ts of the migration of wealth and talent to these destination countries are significant and wide-ranging. immigrant millionaires are a vital source of foreign exchange earnings, because they tend to bring their money with them when they move to a country.
about 20% of them are entrepreneurs and company founders, who may create new businesses and thus create local jobs in their new country, and this percentage rises to more than 60% among millionaires and billionaires.
in a reversal of fortunes, the report also reveals that israel dropped out of the top flows list for the first time. this represents a major shift, as israel was ranked among them.
“this seismic shift underscores how quickly conflict can undermine a country’s appeal to the world’s wealthy and globally mobile people,” israel’s partners say. the ongoing war has not only shattered israel’s image as a safe haven, but has also threatened to overshadow its economic achievements.
the deterioration of britain’s standing, which was the best in the world for a century, began to decline a decade ago, declining about a decade ago, as more millionaires began to leave the country and fewer entered.
it is worth noting that during the six year period, from 2017 to 2023, after brexit, the united kingdom lost a total of 16,500 millionaires due to immigration. provisional estimates for 2024 are even more alarming, with a massive net influx of about 9,500 millionaires expected for this year alone.