Around 9,500 high-net-worth individuals (HNWIs) will leave the UK this year, with the majority moving to the EU. By the end of December, the EU is expected to welcome more than 6,500 millionaires from the United Kingdom.
According to Henley & Partners’ 2024 Wealth Migration Report, 68% of HNWIs are choosing European destinations, with preferred destinations including Italy, Malta, Greece, Portugal, Switzerland, Monaco, Cyprus, France, Spain and the Netherlands.
Historically, the United Kingdom, and London in particular, has for decades (from the 1950s to the early 2000s) been considered the world’s best destination for millionaire immigrants, attracting many wealthy families from the continents of Europe and Africa. Asia and the Middle East. However, this trend began to reverse a decade ago, with more millionaires leaving the country and fewer entering.
In the six-year period between 2017 and 2023 following Brexit, the UK lost a total of 16,500 millionaires. Tentative estimates for 2024 are even more alarming, with a mass exodus of 9,500 millionaires expected this year alone.
Portugal has seen an influx of billionaires over the past decade, particularly from continental Europe, the United Kingdom, Brazil, South Africa, China, Turkey and the United States.
By the end of the year, the 2024 Wealth Migration Report indicates an influx of more than 800 HNWIs into the Portuguese territory.
Despite recent changes to its popular Golden Visa program, Portugal is expected to attract a large number of millionaires next year.
With zero income tax, golden visas, a luxurious lifestyle and a strategic location, the UAE has positioned itself as the world’s number one destination for expatriate millionaires and is set to welcome a record net inflow of 6,700 this year alone.
On the other hand, China is on track to once again become the biggest loser of billionaires globally, with a net outflow of 15,200 HNWIs this year (compared to 13,800 in 2023). With 4,300 millionaires expected to leave the country by 2024 (compared to 5,100 last year), India has managed to stop its wealth exodus by dropping to third place.
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