Henley & Partners, an independent wealth research company systematically tracking international private wealth migration trends, has released its yearly report. The firm defines millionaires as having a personal capital value of over $1 million. Immigrants are those who stay in their new country for more than half of the year.
According to the report, there are currently 107,000 millionaires living in Israel. Of these, 5,560 are valued at more than $10 million, 260 have a capital of over $100 million, and 25 are billionaires.
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Israel ranks fourth on this list, above Switzerland, which added 2,200 millionaires, the US, which gained 1,500, and Britain, which will lose 1,500.
The country that attracts the most millionaires this year, according to the report, is the United Arab Emirates, which will be joined by 4,000 million. It is followed by Australia with 3,500 million newcomers and Singapore with 2,800 millionaires.
“Affluent individuals are extremely mobile, and their movements can provide an early warning signal into future country trends. 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,” says Andrew Amoils, Head of Research at New World Wealth.
The big losers
The 10 countries predicted to have the largest net outflows of high-net-worth individuals (HNWI) are Russia, China, India, Hong Kong, Ukraine, Brazil, the United Kingdom, Mexico, Saudi Arabia, and Indonesia
A massive wave of private capital has fled Russia and Ukraine. The United Kingdom has lost its position as the world’s wealthiest nation, and the United States is rapidly losing its position as a magnet for the rich.
Russia has seen the greatest emigration of millionaires over the previous six months, with net outflows estimated to reach 15,000 by the end of 2022 – a staggering 15 percent of its high-net-worth individuals (HNWI) population.
Russia’s invasion is causing a sharp increase in outflows from Ukraine, which is expected to suffer its greatest net loss in history – 2,800 millionaires (42 percent of its millionaires’ population).
“Next year, the largest millionaire migration flows on record are predicted,” says Dr. Juerg Steffen, CEO of Henley & Partners.” According to him 125,000 — affluent investors and their families earnestly prepare for the new post-Covid world, “with an as yet-to-be-revealed rearrangement of the global order, and the ever-present threat of climate change as a constant backdrop.”