This year, some 142,000 people around the world with at least $1 million in investable assets are projected to migrate to a new country, according to Henley & Partners, a wealth and migration advisory firm. The top destinations are the United Arab Emirates, the United States, Italy, Switzerland and Saudi Arabia.
In a review this summer of the world’s fastest-growing wealth markets over the past decade, Henley & Partners found that most have significantly benefited from inward wealth migration in a variety of ways.
Migrating millionaires tend to bring wealth with them when they move to a new country. About 15% are entrepreneurs and company founders, who often start businesses in their adopted country — rising to more than 60% for centimillionaires and billionaires.
Millionaires also boost the local stock market through their equity investments, and some business owners may list their companies on the local stock exchange.
The spending power of wealthy migrants in the new country tends to indirectly create well-paying jobs especially in high-value sectors, from luxury hotels and fine dining to prime property to wealth management. These jobs, in turn, boost the adopted country’s middle class.
Henley & Partners noted that millionaire migration figures are also a strong indicator of a country’s economic health, especially when it comes to net outflows. A country that is losing large numbers of millionaires to migration likely has deeper underlying issues, as millionaires are typically among the first to relocate when conditions deteriorate. Such outflows can also signal future economic challenges.
See the accompanying gallery for the 10 fastest-growing wealth markets in the 2014-to-2024 period.
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