Millionaires Are Moving: 5 Places They’re Going and Why
Written by
Sean Fisher, AI Editor
Edited by
Sean Fisher
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In recent years, there has been a significant shift in the migration patterns of high-net-worth individuals (HNWIs), with many millionaires opting to leave their home countries in search of greener pastures.
Let’s explore some of the countries attracting these affluent individuals and the reasons behind their decision.
United Arab Emirates (UAE)
Why: With an estimated net inflow of 4,000 millionaires in 2022, the UAE is becoming a hotspot for the wealthy. The UAE’s strong economy, tax benefits, and strategic location make it an attractive destination for investors and business owners. The country’s luxury real estate market and lifestyle options also contribute to its appeal.
Australia
Why: Australia has been a top destination for migrating HNWIs since 2015, surpassing the United States. The country’s safety, excellent public healthcare system, and lack of estate duty are major draws for millionaires, particularly older HNWIs who may face challenges obtaining healthcare insurance in the US.
Singapore
Why: Singapore’s stable economy, strong governance, and strategic location have long attracted HNWIs from around the world. With its robust financial sector and pro-business policies, Singapore is an ideal destination for wealthy entrepreneurs and investors.
Greece
Why: Greece’s Golden Visa program, which offers residency in exchange for investment, has seen a significant uptick in applications, particularly from US applicants. This visa is particularly attractive due to its lower cost compared to other European options, although the price is set to increase in the near future. The Greece Golden Visa program has been attractive to millionaires due to the low price options, seeing big returns as prices begin to climb in Greece’s real estate market. Click the link for the Greece Golden Visa program to learn more about investing for residency in Greece, along with the many other benefits it includes.
Portugal
Why: Portugal’s Golden Visa has been immensely popular among HNWIs for years. While the program is set to end soon, it has provided a pathway to residency for many wealthy individuals seeking access to the European Union. The country’s pleasant climate, rich culture, and advantageous tax regime have also contributed to its popularity.
The shift in millionaire migration patterns can be attributed to several factors. The COVID-19 pandemic has made people more conscious of their citizenship’s limitations and benefits, and many are seeking alternative residency options to mitigate risks. Rising tax rates and the complexities of healthcare and housing in the US have also driven HNWIs to explore other countries.
Moreover, the growing acceptance of remote work has given individuals the freedom to live anywhere, prompting many to consider relocating to scenic and traditionally seasonal destinations. As the world continues to change, we can expect to see even more shifts in the migration patterns of the world’s wealthy.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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