UAE witnesses the greatest inflow of millionaires while India & Russia the greatest outflow
There was a time when every migrating millionaire would be setting sail for the USA but its shine is fading away it seems as its no longer the most preferred destination by millionaires globally. This year surprisingly UAE emerges as the top country attracting overseas millionaires to settle. Henley and Partner study reports that 4000 millionaires settles in UAE in 2022 particularly in Dubai.
Australia stands 2nd in the list which attracted 3500 millionaires followed by Singapore with 2800. Israel follows close by at 4th spot with 2500 millionaires and Switzerland stands at 5th with an inflow of 2200.
America is notably less popular among migrating millionaires today than pre-Covid, perhaps owing in part to the threat of higher taxes. UK has lost its crown of the world’s wealth hub.
Although India was never a destination of choice for the millionaires even the homegrown ones this year it witnessed 8000 HNIs or millionaires giving up their citizenship in pursuit of better countries with better living standard and growth opportunities. With an outflow of 8000 millionaires in 2022 alone India ranks 3rd in the list of top 10 least preferred countries by millionaires. Russia which saw the exile of 15000 millioniaires occupies the first spot. The major reason behind Russian millionaires flying out of Russia is the Russia Ukraine war.
