Money on the Move: Where Are Millionaires Going?
Money on the Move: Where Are Millionaires Going?
01:47
Jul 18, 2024 6:20 AM
Description
From checking into hotels under different names to living in homes that can't be seen on Google Maps, rich people work hard to keep others from knowing where they are and where they're going. But some new data might tell us more about where they've chosen to live and work. An investment company called Henley & Partners has released data that gives information about the countries the world's millionaires are leaving, and where they're going. And the company says 2024 will be a big year for millionaire moves, with economic and political uncertainty — including big elections in the UK and the US — encouraging a record 128,000 rich people to move somewhere new. This information is important, according to the company, because it tells us about the health of a country's economy. And if you're a millionaire, the UAE is the place to be, with a record 6,700 of them expected to move there this year. The top destination for the last three years, the UAE is a good place for rich people to look after their wealth, experts say. There's no income tax to pay, and if you're rich, it's easy to get a "golden visa" — which lets people live there for a number of years if they invest money in the country. After the UAE, the next most popular destination is America, followed by Singapore, Canada and Australia. China, the world's biggest loser of millionaires, could see more than 15,000 leave the country this year — 10% more than last year — while 9,500 millionaires may leave the UK, and 4,300 are expected to leave India. However, according to experts, China and India's losses may just be because their successful economies are seeing more and more millionaires being created there, not because of local problems.
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