TAIPEI (TVBS News) — Investment migration consultancy Henley & Partners has released a report predicting a significant migration of millionaires in 2024. China, the United Kingdom, and India are expected to see the highest outflows, with Taiwan ranking eighth, anticipating a net loss of 400 millionaires.
The Henley Private Wealth Migration Report 2024 forecasts that China's outflows of millionaires will accelerate beyond last year's 13,800, reaching 15,200. Similarly, the UK is projected to see more than double last year's losses, reaching a record high of 9,500. Although India's millionaire exodus is slowing, the country is still expected to lose an estimated 4,300, ranking third globally.
Conversely, the United Arab Emirates (UAE), the United States (U.S.), and Singapore continue to attract wealthy individuals, potentially leading to significant shifts in global wealth distribution. The UAE's streamlined "Golden visa" process, which takes about a month, has made it a focal point for immigration companies.
In addition to the UAE, the U.S., and Singapore, other popular destinations for Taiwan's affluent class include Australia, New Zealand, Malaysia, and the Philippines. Millionaire migration can inject capital and talent into host countries, stimulating local investments. However, it also brings economic changes to the countries they leave, necessitating long-term observation.
Geopolitical tensions, economic uncertainties, and social unrest are driving global millionaires to relocate their assets. Financial expert You Ting-hao (游庭皓) noted that significant shifts in global political elections this year have led millionaires to hedge against political risks. "Especially with deglobalization, both developed and emerging markets have been impacted to a certain extent," stated You.
You added that global funds are continuously flowing into U.S. stocks and bonds from both emerging and European markets. The wave of millionaire migration could signify major future changes in global wealth and geopolitical landscapes.
