China is at the top of the list again!
Recently, Henley & Partners released the "2024 Global Private Wealth Migration Report", which shows that China once again ranks first in the world with 15,200 people, becoming the country with the largest loss of millionaires!
The 2024 Global Migration Report predicts that 128,000 high-net-worth individuals will migrate globally in 2024, breaking the previous record of 120,000 set in 2023.
To put this in perspective, this represents a 16% increase compared to 2019, when 110,000 people moved to a new country before the pandemic. The number of immigrants is expected to continue to grow to 135,000 by 2025.
Forecast net inflows/outflows for 2024
It is particularly noteworthy that the report predicts that 15,200 wealthy people will emigrate from Chinese mainland this year, an increase of 1,400 from 13,800 last year, ranking first in the net outflow ranking; Taiwan, China, is expected to have 400 rich people choose to emigrate, ranking eighth in the net outflow ranking.
At the same time, the report clearly shows that the United Arab Emirates, the United States, Singapore, Canada and Australia are very popular destinations for high-net-worth individuals, ranking in the top five net inflows, respectively.
The United States remains one of the countries with a high level of recognition for the rich.
According to the report, there were 1,500 net inflows of high-net-worth individuals in the United States in 2022, 2,100 net inflows of high-net-worth individuals last year, and 3,800 are expected to rise this year. In addition, Canada, Greece, Portugal and Japan ranked fifth, eighth, ninth and tenth respectively in the ranking of net inflows.
Millionaire net inflow forecast for 2024
Top 10 countries or regions in the world
Millionaire net outflow forecast for 2024
Top 10 countries or regions in the world
In addition, the report lists the reasons why high-net-worth families choose to migrate, including:
- Safety and security
- Financial issues
- Taxes and retirement
- Jobs and business opportunities
- Lifestyle factors, including climate, nature, and scenery
- Provide school and educational opportunities for children
- Health care system
- standard of living
What are high-net-worth individuals considering?
Wealthy immigrants often have deeper considerations than ordinary people. In the United States, for example, there are things that the rich can't buy with money, but immigration can easily achieve them. Ruihong overseas immigration experts roughly summarize that there are actually three aspects:
1. Plan ahead
At present, there are uncertainties in the global economic market, political environment, and policies of various countries, and the requirements and regulations for enterprises and investors are becoming increasingly stringent.
Second, the quality of life and educational needs
As wealth grows, so does the demand for quality of life and education for some high-net-worth individuals. They may be more inclined to choose countries or regions with beautiful environment, social stability, abundant medical and health care, and educational resources.
Among the many immigration countries, the United States is the country with the highest quality educational resources and the largest number of prestigious schools. At least one-third of the world's top 100 universities are in the United States. Elite universities in the U.S. will give priority to Americans and students with green cards. Preparing a green card for your child means giving your child a key to open the door to an international prestigious school.
3. Considerations for asset allocation
High-net-worth individuals have a wealth of experience, in fact, they know better than anyone what they want.
There is an open secret hidden in the major wealth rankings: the rich prefer identity configuration. Investment immigration and applying for a passport/green card from another country are not only to have citizenship/permanent residence status, but also to meet the willingness to achieve wealth inheritance, convenient access to the world, help children's education, and global asset allocation.
A second identity with high gold content, with its advantages of global access, asset allocation, tax planning, education shortcuts, etc., can provide more choices and more protection for life.
Nowadays, whether it is an ordinary person or a wealthy person, it has become a collective consensus to configure a second identity and give more protection to his family. If you have any questions about immigration, going abroad, studying abroad, overseas real estate, etc., welcome to consult~