Millionaires on the move: migrating the world’s top 1%
Covid undoubtedly disrupted the relocation plans of the internationally mobile for a couple of years. But, with fears over the pandemic now fading, 2024 is projected to set new records globally for the migration of high-net-worth (HNW) individuals. David Sapsted reports.
Millionaire migration is expected to top 128,000 this year, up from 2023’s total of 120,000, itself well over twice the figure recorded a decade earlier. And as the years have passed, so has the choice of nations grown. While the US used to be the default option for many – and remains home to 37% of people globally with more than $1 million of liquid investable assets – the attraction of other nations has grown progressively in recent years.
“The ‘American dream’ was built by migrants and the world’s millionaires continue to flock to its shores, although net inflows for 2023 were well below the likes of Australia, Singapore and the UAE,” says Mehdi Kadiri, managing partner and head of North America at Henley & Partners, the global consultancy in residence and citizenship by investment.
“While the USA saw a dip in high-net-worth individual inflows during the pandemic, 2023 marked a recovery with a net inflow of 2,200 millionaires compared to 1,500 in 2022. 2024 is projected to see another net rise in excess of 3,500 based on current trends. However, all these figures still fall short of peak levels of 5,000-plus per year seen prior to 2019.”
Mr Kadiri said that the US remained a top attraction for wealthy tech entrepreneurs and engineers, especially from Asia, Europe and the UK. But he added: “Recent years have exposed cracks in the facade. Civil unrest and brazen political attacks on democracy and the rule of law, coupled with eroding social cohesion, raise tough questions about America’s future stability and ability to attract global talent over the longer term.”
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