Why millionaire migration matters

December 27, 2023

Dubai is a consistent favorite of expats looking for a Western lifestyle without taxes, hence pushing up prices of luxury properties in the emirate

By Luxury Marketer Intelligence

Approximately 120,000 of the world’s millionaires migrated to a new country in 2023.

Popular destinations for millionaires – high-net-worth individuals with investable wealth of $1 million or more – included the likes of the United Arab Emirates, Australia, United States, Singapore and Switzerland, according to New World Wealth research for migration experts Henley & Partners.

The benefits of this migration to these destination countries are extensive and wide ranging.

First, there is forex revenue. Millionaires are a vital source of foreign exchange revenue as they tend to bring their money with them when they move to a country.

For instance, a migrant who brings $10 million with him or her is equivalent to a country generating $10 million in export revenue as both transactions bring $10 million in forex revenue into the country.

Next, many migrating millionaires – around 25 percent – are entrepreneurs and company founders who may start new businesses in new country and therefore create local jobs.

This percentage rises to more than 60 percent for centi-millionaires worth upwards of $100 million and billionaires with assets of more than $1 billion.

Third, millionaires boost the local stock market via their equity investments.

Also, some millionaires list their companies on the local exchange.

Finally, and perhaps most importantly, millionaires indirectly create thousands of jobs via their spending power, especially in high value sectors such as luxury hotels, prime property, family offices, hedge funds, private equity and wealth management.

Overall, millionaires moving to a country is positive economic and political sign as it generally signals that the country has strong business opportunities with accompanying safety and security.

Aerial view of the Monaco Yacht Show held Sept. 27-30 at Port Hercule in Monaco. Image credit: Monaco Yacht Show

Safe Haven 8
The benefits of inward millionaire migration are particularly noticeable in the top safe-haven countries of the world, namely Australia, Switzerland, Monaco, Singapore, UAE, New Zealand, Malta and Mauritius, which have all positively transformed their economies via encouraging wealthy people to move there.

New World Wealth designates a safe haven country as a country with good safety and security that is shielded from the world’s economic and political problems.

Please click or tap here to access this previous report, ‘What factors sway millionaires in their global relocation migration?’

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Why millionaire migration matters

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