Millionaires are leaving China and the UK, and flocking to Australia and the United Arab Emirates.
That's according to data from Henley & Partners, a firm that advises the wealthy where to move to protect and grow their wealth. The firm says a record number of millionaires moved to a new country in 2023. While the US remains the home to the most HNWIs — high net worth individuals — it is not the country seeing the biggest influx.
Henley & Partners estimated that about 122,000 millionaires migrated to a new country in 2023, either for citizenship or residency. While the US is home to 37% of all people with $1 million in liquid investable assets, Australia topped the list of countries with the highest net inflow of millionaires.
The number of millionaires in 2023 was up 45% from 2022 and is the highest on record since Henley & Partners started tracking the data in 2013.
According to Henley & Partners calculations, based on data from the first six months of 2023, Australia was expected to gain 5,200 more millionaires than they lost from the previous year. That was more than double the US, which grew by 2,100 HNWIs and ranked fourth.
At the other end, China was on pace to lose the most millionaires for the second year in a row, with a net drop of 13,500. That was more than twice as much as the next country, India, which had 6,500 fewer millionaires at the end of the year. The UK was third with a loss of 3,200.
Below is a look at the countries seeing the biggest net inflow of millionaires and why they chose those countries.