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Millionaires' migration: Top 5 destinations

Published time: March 28, 2014 13:16
Reuters / Sergei Karpukhin

Reuters / Sergei Karpukhin

The world's millionaires, responding to a number of economic factors, including lower tax rates, are pulling up roots and hauling their money to new destinations, leading with the United Kingdom, Singapore and the US.

The United Kingdom has ranked as the premier global destination for migrating millionaires since 2003, with a net inflow of 114,100 millionaires, according to a new report from New World Wealth, which gathers its information from a database on 120,000 wealthy individuals from around the world.

London, which is often described as the financial center of the world, has the most millionaires of any city, with 339,300.

The report defines “millionaires” - otherwise known as “high net worth individuals” (HNWIs) -as individuals with net assets of US$1 million or more, excluding their primary residences. A ‘domicile’ refers to the country that an individual describes as their permanent home.

Countries that gained the most millionaires, 2003-2013


1 UK 114,100


2 Singapore 45,000


3 US 42,000


4 Australia 22,200


5Hong Kong 22,200


Source: New World Wealth, March 2014

Singapore, which has seen 45,000 millionaires storm its gates since 2003, thanks in a large part to its modest tax rates, ranked second in attracting the world's millionaires.

The United States, where much of the world’s global wealth is created, together with the world’s currency reserve, ranked third, gaining 42,400 millionaires.

Equally as important as where the wealth is going is determining where it is coming from. According to the report, China – with a net outflow of 76, 200 HNFIs - have resettled the most millionaires during the 10-year period.

The report revealed Chinese millionaires, which topped the migration list, were mostly migrating to Hong Kong, Singapore and the United Kingdom. Indian millionaires reportedly showed a preference for the UK, U.S. and Australia, while French and Italian millionaires were relocating their wealth to the UK and Switzerland.

“It is rather difficult to flaunt your wealth in China, so many wealthy Chinese choose to migrate,” Andrew Amoils, senior analyst of the New World wealth report, told RT. “Many go to Hong Kong, but since the special administrative district is still controlled by China, many opt to go elsewhere, oftentimes to the United Kingdom.”

Meanwhile, India came in second place with a net outflow of 43,400 millionaires, followed by France, Italy and Russia.

Russia, with an estimated 82,300 HNWIs in 2013, saw some 14,000 millionaires leave the country in the 10-year period.

Comments (24)

 

dis gusting 31.03.2014 01:45

@Will, according to article, the 4th countries the millionaires are going to is US. If so, why the h*ll, the partner who is from Brazil of Facebook gave up his US citizenship and ran away to another country with his money? Everyone running away for thier own reasons. Bank of England collapsed partly because of George Soros. He made 1billion profit out of the colapase. But many were affected infact some committed suicide for thier losses but do these millionaires care about it? All they care about is money and themselves. So you cannot condemned a country just because miilionaires run away from thier countries.

 

will 31.03.2014 00:42

...interesting that Russian millionaires are leaving Putins Russia....majority going to the West.....hmmmm. According to Rt commentators Russia is greatest country in world to live --everyone should live under Putins umbrella....NOT! Something wrong with the picture painted on RT comment boards.....it seems....hahahaaa

 

Basil Yacoub 30.03.2014 23:06

Rich against Poor. The rich gets away and the poor stuck. Very difficult equation. I think governments should stop the " money migration" to protect their people and economic interest. If these millionaires decide to leave then they leave empty handed.

View all comments (24)
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