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Visualized: Which Countries are Gaining and Losing the Most Millionaires in 2024?
June 28, 2024
The wealthy have the benefit of being able to move around. If they are dissatisfied with their current home, they can move to another country with a higher standard of living or one that is more likely to empower their future success. This year, the world’s millionaires are fleeing China and souring on the UK, while the US and United Arab Emirates are attracting wealthy immigrants, according to a report from Henley Private Wealth.
Economies are incentivized to keep their homegrown millionaires and attract more from abroad. According to Henley’s report, 20% of high-net-worth individuals (HNWI), meaning those with more than $1 in investable assets, are entrepreneurs, meaning that economies that attract such individuals may see economic benefits like job creation and investment activity.
The UAE, which has attempted to position itself as a global economic powerhouse via economic diversification and government investment, will attract the most HNWIs this year, with the U.S. in a distant second place. China will see a continued exodus of HNWIs this year, as uncertainty around the nation’s economy continues to falter and geopolitical tensions continue to mount. China also lost the most HNWIs last year.
For a full breakdown of the top 10 countries gaining high-net-worth individuals, and the 10 counties losing the most, our friends at Visual Capitalists have compiled the infographic below.
