Exclusive Research Reveals UAE is World's Top Millionaire Magnet in 2022


LONDON, June 15, 2022 /PRNewswire/ — The UAE is expected to attract the largest net inflow of high-net-worth individuals (HNWIs) globally in 2022, according to forecast HNWI figures published in the latest Henley Global Citizens Report, which tracks private wealth and investment migration trends worldwide. China is forecast to suffer a net loss of around 10,000 US dollar millionaires this year, and Hong Kong (China) is predicted to lose 3,000 more HNWIs than it attracts. 

The Q2 report released today by international residence and citizenship by investment advisory firm Henley & Partners exclusively features the latest projected 2022 net inflows and outflows of US dollar millionaires (namely, the difference between the number of HNWIs who relocate to and the number who emigrate from a country) as forecast by New World Wealth.

Projected figures on the Henley Private Wealth Migration Dashboard show the top 10 regions for net inflows of HNWIs in 2022 will be the UAE, Australia, Singapore, Israel, Switzerland, the US, Portugal, Greece, Canada, and New Zealand. Large numbers of millionaires are also expected to move to ‘the three Ms’: Malta, Mauritius, and Monaco. On the flip side, the 10 countries with the highest net outflows are forecast to be Russia, Mainland China, India, Hong Kong (China), Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia.

Dr. Juerg Steffen, CEO of Henley & Partners, says by the end of the year, 88,000 millionaires are expected to have relocated to new countries, 22,000 fewer than pre-pandemic in 2019. “Next year (2023), the largest millionaire migration flows on record are predicted— 125,000 — as affluent investors and their families earnestly prepare for the new post-Covid world order.”

According to the latest data, the UK, once touted as the world’s financial center, continues to see a steady loss of millionaires, with net outflows of 1,500 predicted for 2022. This trend began five years ago, and it’s estimated that the UK has suffered a total net loss of approximately 12,000 millionaires since 2017.  

America is also notably less popular among migrating millionaires, in part due to the threat of higher taxes. The country still attracts more HNWIs than it loses to emigration, with a net inflow of 1,500 projected for 2022, although this is a staggering 86% drop from 2019 levels, which saw a net inflow of 10,800 millionaires.  

By contrast, the UAE has become the focus of intense interest among affluent investors and is expected to see the highest net influx of HNWIs globally in 2022, with 4,000 forecast — a dramatic increase of 208% versus 2019’s net inflow of 1,300 and one of its largest on record.

Commenting in the Henley Global Citizens Report, Andrew Amoils, Head of Research at New World Wealth, says China’s projected net loss of approximately 10,000 HNWIs in 2022 equates to only around 1% of its total HNWI population. “General wealth growth in the country has been slowing over the past few years. As such, recent outflows of HNWIs may be more damaging than in the past. In particular, the banning of Huawei 5G by several major markets such as Australia, the UK, and the USA was a big setback for China. Huawei was the crown jewel of its hi-tech sector and may well have emerged as the world’s biggest tech company if not for the global interference.”

Prof. Trevor Williams, former Chief Economist at Lloyds Bank Commercial, says emerging economies are forecast to boom in the next decade. “The number of HNWIs in Sri Lanka is forecast to increase by 90% by 2031, while India and Mauritius’s millionaire growth is forecast at 80%, and China’s at 50%, compared to just 20% in the USA and 10% in France, Germany, Italy, and the UK.”

Read the full Press Release 

SOURCE Henley & Partners

rt

Source link

The content is by PR Newswire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy