The UK expects an unprecedented net loss of 9,500 millionaires in 2024, a figure second only to China and more than double the 4,200 who left last year. As reported by InvestmentNews, this follows a record-breaking exodus of 1,600 high-net-worth individuals (HNWIs) in 2022. Meanwhile, the UAE continues to attract wealthy migrants, with an anticipated 6,700 millionaires expected to relocate there by the end of the year.

The Henley Private Wealth Migration Report 2024 outlines the significant projected inflows and outflows of millionaires globally. China is projected to experience the largest net exit of 15,200 HNWIs this year, up from 13,800 in 2023. India, however, has seen a reduction in its wealth exodus, with 4,300 millionaires expected to leave in 2024, down from 5,100 last year. South Korea's loss of millionaires is expected to increase, while the outflow from Russia has slowed since the Ukraine war.

The UAE has solidified its position as the top destination for migrating millionaires due to its zero-income tax, golden visas, luxury lifestyle, and strategic location. The UAE is set to attract nearly twice as many millionaires as the US, which expects a net inflow of 3,800 millionaires in 2024.

Italy, Switzerland, Greece, and Portugal also rank in the top 10 for net millionaire inflows, along with Japan, which has seen an increase in Chinese HNWIs moving to Tokyo post-Covid. On the outflow side, Brazil, South Africa, Taiwan, Vietnam, and Nigeria join China, the UK, India, South Korea, and Russia in the top 10.

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