Recently released data by Henley & Partners reveals that the United Kingdom has now taken the lead in millionaire emigration for 2023, surpassing China and India. According to some British millionaires, this trend is attributed to the end of the non-domicile tax status rule in the country.
The Tax Justice Network notes that despite the increase, the number of departing millionaires remains low in comparison to the total millionaire population.
As highlighted by Statista’s Katharina Buchholz, the projected 142,000 millionaires migrating in 2023 only represent 0.2% of all global millionaires.
Following a decline in wealthy emigration during the pandemic years, a record high of 120,000 millionaires left their home countries in 2023.
Anticipated to rise further to 165,000 in 2026 after the 2025 projection of 142,000 individuals, wealth out-migration is on an upward trajectory.
According to the report, reasons for these migrations include political stability, personal freedoms, as well as tax and financial concerns.
The conflict in Ukraine has prompted a significant exodus of Russians, particularly in 2022 and 2023, with many relocating to European cities.
The shift resulted in a 33% decrease in Russian millionaires residing in their home country between 2021 and 2022.
The study focused on individuals with investable assets of at least $1 million who relocated to a new country and spent at least half of the year there.
Loading…