The global migration of high-net-worth individuals has expanded this year, with Australia returning as the top migration destination, according to a report Tuesday from Henley & Partners.
Approximately 120,000 of the world’s millionaires moved to a new country in 2023, according to the consultancy firm, which specializes in residence and citizenship by investment. That’s up from 84,000 in 2022 and expected to rise to 128,000 in 2024, the data showed.
Safety, a lower cost of living, favorable tax regimes and a high quality of life are top reasons for high-net-worth individuals to migrate. The top five destinations for high-net-worth individual migration this year include Australia, the United Arab Emirates, Singapore, the U.S. and Switzerland, according to the report, which defines high-net-worth individuals as those with US$1 million or more of investable wealth.
Meanwhile, China, India, the U.K., Russia and Brazil lead the ranking of countries with the most people leaving for other shores.
Roughly 82,000 high-net-worth individuals moved to Australia between 2002 and 2022, with another 5,200 arriving this year, the data showed. The country was also in the top spot between 2015 and 2019.
“Australia consistently attracts sizable numbers of millionaires every year, mainly from Asia and Africa, but more recently also from high-income countries such as the U.K.,” according to Andrew Amoils, head of research at New World Wealth, which teamed up with Henley & Partners for the report.
The country’s beautiful beaches and wide-open spaces, a high quality of life and an advanced economy, as well as good healthcare and education opportunities, make it a top pick, Amoils added.
Migration to the U.A.E. in 2023 was one of the highest on record, with around 4,500 millionaires moving there.
“Pre-pandemic, the U.A.E. traditionally saw net inflows of around 1,000 high-net-worths per year,” the report said. “Most incoming millionaires in 2023 are expected to come from India, with large numbers also coming from the U.K., Russia, Lebanon, Pakistan, Turkey, Egypt, South Africa, Nigeria, Hong Kong and China.”
Dubai has been a clear beneficiary of this trend, with home prices in the city rising nearly 20% annually in the third quarter, according to Knight Frank.
Singapore was the Asian city that saw the most millionaires move in last year, while the U.S. saw a steady stream of new residents migrate from Asia. Switzerland remains Europe’s top wealth hub and attracts new residents because of that, the report said.
This article originally appeared on Mansion Global.
