Russia will lose the most millionaires this year as war spurs a 'tsunami' of capital flight — and China is close behind

• Russia is experiencing the world's biggest net migration of millionaires this year.
• Henley & Partners projects 15,000 high net worth individuals will leave the country by the end of 2022.

Russia is expected to lose more millionaires via net migration this year than any other country, as its war on Ukraine stresses the economy, a new report says.

Henley & Partners said Monday that a "tsunami of capital has left Russia and Ukraine" in its latest report on private wealth and investment migration trends worldwide.

Russia will lose 15,000 millionaires, representing 15% of the country's high net worth individuals (HNWI). Mainland China is second with an expected net outflow of 10,000, and Hong Kong will lose 3,000.

Western sanctions have crippled key parts of the Russian economy, while top international businesses have pulled out. Moscow has also imposed strict controls on its currency and stock markets to limit capital flight.

And in China, Beijing has taken a hard stance on businesses with crackdowns on tech companies and cryptocurrencies. Strict COVID lockdowns also slammed Chinese stocks earlier this year.

Meanwhile, Ukraine's economy is collapsing from Russia's attacks and its blockade of key exports like grains. Henley estimated the country will see net migration of 2,800 millionaires, representing 42% of Ukraine's HNWIs.

On the flip side, the biggest projected gainer this year from millionaire migration is the UAE, with a net inflow of 4,000, up 208% compared to 2019, the report said.

Australia follows with 3,500 HNWIs in 2022. Singapore and Israel should see respective gains of 2,800 and 2,500.

The US will get a net inflow of 1,500 millionaires, but that's an 86% drop from 2019. And the UK, which has cracked down on Russian wealth, will reverse from a major destination of millionaires to losing 1,500 this year.