Wealthy Britons are departing in record numbers, driven by more than just the UK's miserable climate. Political and economic uncertainty, coupled with a growing concern about crime, have become a significant push factor.
Some countries lose their rich residents due to turmoil, tax hikes, stagnation or safety concerns. Others, because investment opportunities open up to greener pastures. In South Africa, India and Vietnam, millionaires are leaving their motherland simply in search of a better lifestyle.
This year, the world's wealthy are expected to uproot themselves in record numbers, with an unprecedented 128,000 millionaires likely to relocate globally, which exceeds last year's record of 120,000.
The latest Henley & Partners Private Wealth Migration Report 2024, compiled with wealth intelligence firm New World Wealth, places the United Arab Emirates as the top destination for high-net-worth individuals (HNWIs), with a record 6,700 millionaires expected this year -- largely from Europe and the UK.
Popular choices for HNWIs are the US (3,800), Singapore (3,500), Canada (3,200) and Australia (2,500), which all offer tax advantages, luxurious lifestyles and strategic global positioning.
The biggest losers in 2024 are China, which is set to shed 15,200 millionaires; the UK, which is on course to lose 9,500, and India (4,300).
Brazil is projected to lose 800 millionaires, South Africa 600, Taiwan 400, Vietnam 300 and Nigeria 300.
More than any other country, Britain has suffered astonishing losses: This year,...
