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Why Are Millionaires Moving Countries in 2024? Explore New Destinations and Understand the Factors Driving This Migration, with a Highlight on Brazil and Other Countries
Just as birds seek the mild climates of the south during the harsh northern winter, millionaires are changing their country of residence in 2024, in search of warmer and friendlier destinations for their immense fortunes.
Traditionally, countries like the United States or China have been the natural habitat for millionaires, who thrived in the warmth of the best opportunities offered by their economies. However, when these opportunities cool off, millionaires do not hesitate to emigrate to new destinations that allow them to maintain wealth growth.
The 2024 Private Wealth Migration Report, prepared by the investment migration consultancy Henley & Partners, reveals forecasts for countries projected to experience an increase in the number of net outflows by millionaires in 2024.
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Global summit with over 40 countries pressures Iran for a blockade in the Strait of Hormuz and warns of direct impact on oil, food, and the global economy.
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Russia has broken the U.S. maritime blockade to send oil to Cuba and is now loading a second ship while Trump says that “Cuba is next” in a possible military action against the island.
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Spain challenges the USA and closes its airspace for operations against Iran, raising global tension and provoking the threat of a trade rupture.
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While no other country manufactures tanks in Latin America, Argentina activates the TAM 2C-A2 and raises a curiosity about the technological lag in the region.
“It is expected that 128,000 millionaires will move globally this year, eclipsing the previous record of 120,000 set in 2023. As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social unrest, millionaires are migrating in record numbers. In many ways, this significant millionaire migration is an early indicator that points to a profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those they call their new home”, assures Dominic Volek, head of the private client group at Henley & Partners.
To represent this massive migration of millionaires to more welcoming countries, Visualcapitalist generated a chart showing which countries are losing millionaire population and which are gaining, considering a millionaire to be anyone with an investable net worth of at least one million dollars.
The Importance of Maintaining the Millionaire Population
According to the Henley & Partners report, 20% of millionaires, also known as HNWI (High Net Worth Individuals), are entrepreneurs seeking business opportunities and fostering entrepreneurial activity. This number rises to 60% when it comes to individuals with a net worth above 100 million dollars available for investment.
This makes them a strategic target for countries seeking new investments and a shift in productive models that ensures a prosperous future, encouraging local employment and population growth.
In this situation is precisely one of the main beneficiaries of this migration. It is none other than the United Arab Emirates, which will welcome about 6,700 millionaires throughout 2024.
The UAE’s strategy is to decouple its economy from fossil fuels by 2030, encouraging the arrival of new investors and heavily betting on transforming the country into an attractive destination for luxury tourism with grand projects and real estate developments.
The United States, especially in the states of Florida, California, and Texas, will welcome 3,800 millionaires this year, maintaining its position as a vortex of technological innovation. Singapore and Canada keep their doors open to large fortunes, receiving 3,500 and 3,200 millionaires, respectively.
Italy will be the European territory with the highest entry of migrating millionaires. Giorgia Meloni will add 2,200 new millionaires to the population of Italy, which will have no trouble finding a good port. Switzerland and Greece also are not far behind in the number of millionaire migrants, with 1,500 and 1,200 new inhabitants, respectively.
The Other Side of the Coin: The Countries That Lose the Most Millionaires
Every coin has its face and its cross. In this case, the cross is for those countries that have lost attractiveness for investors, who leave everything behind to start a new life.
China is by far the country with the greatest losses among its millionaire population. This was a forecast already indicated in the annual 2024 Hurun report, which anticipated a considerable decline in the millionaire population in China. The data from the Henley & Partners report is even more pessimistic. It is estimated that China will lose a population of 15,200 millionaires in 2024.
Not far behind is the United Kingdom, which is feeling the economic effects of Brexit, losing a population of 9,500 millionaires in 2024. This is a striking figure, as historically, the United Kingdom has been an attractive destination for fortunes from Europe, Asia, Africa, and the Middle East.
The presence of India among the countries with the highest exodus of millionaires is surprising, as it is one of the eternal promises of becoming an industrial superpower and a substitute for China as the world’s great factory. The Asian country will lose 4,300 millionaires from its population in 2024.
The Exodus of Millionaires from Brazil
Brazil also does not escape this trend of millionaire exodus. Several factors contribute to the departure of great fortunes from the country in 2024:
- Economic Insecurity: Economic instability, marked by high inflation rates and currency fluctuations, creates an unfavorable environment for long-term investments.
- High Tax Burden: The high tax burden on income and wealth discourages millionaires from keeping their fortunes in the country, leading them to seek jurisdictions with more favorable tax regimes.
- Public Insecurity: The rising crime rate and perception of insecurity are factors that motivate wealthy families to leave in search of safer places to live and invest.
- Lack of Infrastructure: The lack of adequate infrastructure and excessive bureaucracy make it difficult to carry out large projects and investments in Brazil, causing millionaires to seek destinations with better conditions to develop their businesses.
These reasons, combined with the attractiveness of other countries that offer better living and business conditions, explain the exodus of millionaires from Brazil in 2024.
Com esses dois últimos governos que tivemos a situação do Brasil só tende a se agravar. Um país em que o governo é servido pelo povo e não o contrário.
E A RÚSSIA NÃO TEM MILIONÁRIOS OU TUDO BEM ELES NÃO SAEM DE LÁ ,,,,,,,,,,
Quanto ao Brasil, alguém esperava algo diferente? Insegurança jurídica, os maiores impostos do mundo, infraestrutura atrelada na corrupção, governo sem apoio popular, visão arcaica da prosperidade, incentivo governamental a luta de classe, etc., você colocaria seu dinheiro nesse lugar?