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Why are millionaires moving countries in 2024? Explore new destinations and understand the factors that drive this migration, with emphasis on Brazil and other countries
Just as birds seek the mild climates of the south during the harsh northern winter, millionaires are changing your country of residence in 2024, in search of warmer and friendlier destinations with their immense fortunes.
Traditionally, countries like the United States or China have been the natural habitat for millionaires, who multiplied in the wake of the best opportunities offered by their economies. However, when these opportunities dry up, millionaires do not hesitate to emigrate to new destinations that allow them to maintain wealth growth.
O Private Wealth Migration report in 2024, prepared by investment migration consultancy Henley & Partners, reveals forecasts of countries that will experience an increase in the number of projected net outflows by millionaires in 2024.
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“128.000 millionaires are expected to move across the world this year, eclipsing the previous record of 120.000 set in 2023. As the world deals with a perfect storm of geopolitical tensions, economic uncertainty and social unrest, millionaires are migrating in numbers records. In many ways, this great millionaire migration is an early indicator, pointing to a profound shift in the global landscape and in the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those they make. your new home”, assures Dominic Volek, director of the private client group at Henley & Partners.
To represent this enormous migration of millionaires to friendlier countries, Visualcapitalist generated a graph that represents which countries lose their population of millionaires and which ones gain this population, considering every person with an investable net worth of at least one million to be a millionaire. 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 who seek business opportunities and encourage entrepreneurial activity. This number increases to 60% when it comes to people with assets above 100 million dollars available to invest.
This makes them a strategic target for countries seeking new investments and a change in production model that guarantees a prosperous future, encouraging local employment and population growth.
One of the main beneficiaries of this migration is precisely in this situation. It is none other than the United Arab Emirates, which will welcome around 6.700 millionaires throughout 2024.
The UAE's strategy is to delink its economy from fossil fuels by 2030, encouraging the arrival of new investors and investing heavily in transforming the country into an attractive destination for luxury tourism with pharaonic 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 generating technological innovations. Singapore and Canada keep their doors open to great fortunes, and will welcome 3.500 and 3.200 millionaires, respectively.
Italy will be the European territory with the largest influx of millionaire migrants. Giorgia Meloni will add 2.200 new millionaires to the population of Italy, who will have no problem reaching a good port. Switzerland and Greece are also 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 are no longer attractive to investors, who leave everything behind to start a new life.
China is, by far, the country with the most casualties among its population of millionaires. This is data that already anticipated Hurun's 2024 annual report, where a considerable drop in the population of millionaires in China was predicted. The data from the Henley & Partners report is even more pessimistic. It is estimated that China will lose a population of 15.200 millionaires by 2024.
Not far away is the United Kingdom, which is suffering from the economic effects of Brexit, losing a population of 9.500 millionaires by 2024. This is an eye-catching figure, as, historically, the United Kingdom has been an attractive destination for fortunes from Europe, Asia, Africa and the Middle East.
India's presence among the countries with the greatest exodus of millionaires is surprising, as it is one of the eternal promises of becoming an industrial superpower and replacing China as the world's largest factory. The Asian country will lose 4.300 millionaires from its population in 2024.
The Exit of Millionaires from Brazil
Brazil also does not escape this trend of exodus of millionaires. Several factors contribute to the departure of large 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 fortunes discourages millionaires from keeping their wealth in the country, leading them to seek jurisdictions with more favorable tax regimes.
- Public Insecurity: Growing crime and the 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, making millionaires look for 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.
As for Brazil, did anyone expect anything different? Legal uncertainty, the highest taxes in the world, infrastructure tied to corruption, a government without popular support, an archaic view of prosperity, government incentives for class struggle, etc., would you put your money there?
AND RUSSIA DOESN'T HAVE MILLIONAIRES OR OKAY THEY DON'T LEAVE THERE ,,,,,,,,,,
With these last two governments we have had, the situation in Brazil is only likely to get worse. A country in which the government is served by the people and not the other way around.