China’s millionaires keep leaving, but now outflows may be ‘more damaging than usual’
- While the annual exodus of US-dollar millionaires is nothing new for China, the conditions under which they are now leaving are unique and raising red flags
- Millionaires are also leaving Russia and India, but which countries are the world’s wealthy most keen on immigrating to?
China will once again see the world’s biggest annual outflow of US-dollar millionaires, according to a new forecast for this year that comes amid subdued economic conditions, lingering fallout from the pandemic, and poor relations with some of its major trading partners.
Advisory firm Henley & Partners estimates that mainland China will lose 13,500 high-net-worth individuals – those with investable wealth totalling more than US$1 million – followed by India’s 6,500. The UK, in third, will lose 3,200 such individuals, predicts the London-based investment migration consultancy.
In 2022, China lost 10,800 high-net-worth individuals, followed by Russia’s 8,500 and India’s 7,500, according to data in the “Henley Private Wealth Migration Report 2023” released on Tuesday.
Among the countries considered most attractive to wealthy individuals, Australia took the report’s No 1 spot and is expected to see an inflow of 5,200 high-net-worth individuals in 2023, followed by the United Arab Emirates’ 4,500.
General wealth growth in China has been slowing … recent outflows could be more damaging than usual
As it has for the past decade, China continues to lose the most dollar millionaires to migration, Henley & Partners said.