The UAE is slated to attract the highest inflow of millionaires globally in 2022, beating traditional HNWI destinations like the US, UK and Russia according to the latest Henley Global Citizens Report.
In line with expectations, Russia has seen the largest emigration of HNWIs in the last six months, with net outflow being forecast at 15,000 by the end of 2022. This represents a huge 15% of its total HNWI, and 9,500 more emigrations than in 2019, according to the report which tracks private wealth and investment migration trends globally.
Top 10 millionaire destinations in 2022
The latest Henley Global Citizens Report predicts that the top ten destinations for HNWIs in 2022 in order of ranking will be the UAE, Australia, Singapore, Israel, Switzerland, the US, Portugal, Greece, Canada and New Zealand.
Dr. Juerg Steffen, CEO of Henley and Partners, said that the forecast for 2022 reflected a very volatile environment globally. He said that 88,000 millionaires are expected to relocate to new destinations, which is 22,000 less than in 2019 when 110,000 millionaires relocated.
Steffen added that the migration flows predicted for 2023 touch almost 125,000, witnessing affluent investors and their families moving to new locations. He further said that an impending rearrangement of the global order and the ever-present threat of climate change would present a new backdrop for millionaire emigration.
As traditionally preferred global destinations are losing their sheen, the UAE has been progressing in leaps and bounds as a wealth hub. The UAE is slated to witness the highest inflow of HNWIs globally in 2022, with a forecast of 4,000, representing a dramatic increase of 208 percent from its inflow of 1,300 in 2019, making it one of the largest on record.
Once proclaimed to be the financial centre of the world, the UK has witnessed a steady loss of millionaires, with a predicted outflow of 1,500 HNWIs in 2022. Although the US still attracts more HNWIs than those who emigrate, its projected inflow of 1,500 projected for 2022 is a massive 86 percent drop from 2019 which witnessed an inflow of 10,800 HNWIs, according to the report.
Award-winning journalist Misha Glenny said that affluent Russians seeking to escape the impact of Western sanctions on their country are flocking to the UAE and Israel in huge numbers.
Biggest losers of HNWIs in 2022
According to the latest report, the 10 countries where the highest net outflows of HNWIs are predicted are Russia, China, India, Hong Kong, Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia, in order of ranking.
The report also said that China would witness a net outflow of 10,000 HNWIs in 2022, largely due to the strict Covid-related curbs and crackdowns on the tech industry.
Hong Kong is predicted to witness an outflow of 3,000 millionaires in 2022, which is a drop of 29 percent when compared to numbers in 2019.
The millionaire exodus from Brazil is expected to reach 2,500 HNWIs, a jump of 79 percent when compared to 2019.
India is expected to suffer a net loss of approximately 8,000 HNWIs in 2022, up 14% since 2019 when the net loss was 7,000. However, the report noted that India produces far more new millionaires than it loses to migration each year.
The HNWI migration figures focus only on people with a wealth of USD1 million or more and who have truly relocated, referring to those who stay in their new country for more than half of the year, according to a statement from Henley and Partners.