UAE Ranks No. 1 For Migrating Millionaires; U.S.“Fading Fast,” China Falls

The UAE will lead the world in attracting millionaires to its economy this year, according to a forecast by the Henley Global Citizens Report released on Monday in London.

The UAE, Australia, Singapore, Israel, Switzerland, the U.S, Portugal, Greece, Canada, and New Zealand ranked in the top 10 in attracting U.S. dollar millionaires, a group it also calls high net worth individuals, or HNWIs.

The 10 countries where the highest net outflows of are predicted to be Russia, China, India, Hong Kong, Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia, Henley said, citing data from research firm New World Wealth.

“A tsunami of private capital has left Russia and the Ukraine, the UK has lost its wealth hub crown, and the U.S. is fading fast as a magnet for the world’s wealthy, with the UAE expected to overtake it by attracting the largest net inflows of millionaires globally in 2022,” according to Henley, which tracks private wealth and investment migration trends worldwide. The UAE has proved popular among Russia immigrants and adopted regulations to attract private wealth, capital, and talent, the report said.

“America is notably less popular among migrating millionaires today than pre-Covid, perhaps owing in part to the threat of higher taxes. The country still attracts more HNWIs than it loses to emigration, with a net inflow of 1,500 projected for 2022, although this is a staggering 86% drop from 2019 levels, which saw a net inflow of 10,800 millionaires,” according to Henley.

Wealth emigration is beginning to hurt in China, with net outflows of 10,000 HNWIs expected in 2022, the report said. “General wealth growth in the country has been slowing over the past few years. As such, recent outflows of HNWIs may be more damaging than in the past. China’s deteriorating relationships with Australia and the US are also a major long-term concern,” said Andrew Amoils, head of research at New World Wealth.

“Countries that draw wealthy individuals and families to migrate to their shores tend to be robust, with low crime rates, competitive tax rates, and attractive business opportunities,” Amoils said.

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