According to data from Henley & Partners, a firm that advises the wealthy on where to move to protect and grow their wealth, millionaires are leaving China and the UK and flocking to Australia and the United Arab Emirates. The firm reported that a record number of millionaires moved to a new country in 2023. While the US remains home to the most HNWIs, it is not the country seeing the biggest influx.
In 2023, approximately 122,000 millionaires migrated to a new country for citizenship or residency. While the US is home to 37% of all people with $1 million in liquid investable assets, Australia topped the list of countries with the highest net inflow of millionaires. The number of millionaires in 2023 was up 45% from 2022, making it the highest on record since Henley & Partners started tracking data in 2013.
Based on data from the first six months of 2023, Australia was expected to gain 5,200 more millionaires than they lost from the previous year, more than double the US which grew by 2,100 HNWIs and ranked fourth. On the other hand, China was on pace to lose the most millionaires for the second year in a row with a net drop of 13,500, followed by India with 6,500 fewer millionaires and the UK with a loss of 3,200.
The countries seeing the biggest net inflow of millionaires are Australia and
