- Henley & Partners’ recent Wealth Migration Report 2023 shows Australia to be the most desirable location for millionaires worldwide.
- Other leading countries that displayed upward trends of international millionaires migrating to into the countries were the UAE, Switzerland, Portugal and Singapore.
- High net-worth individuals (HNWIs) looking to move to a wealthy country should use a safe mode of money transfer when making international payments.
According to the latest findings from the Henley Private Wealth Migration Report 2023, Australia has taken the lead in attracting net inflows of millionaires, followed closely by Singapore, Canada, the US and France.
Despite its higher tax rates, Australia’s appeal lies in its absence of estate duties, diverse economy, geographical location, security and high quality of life.
While the UAE experienced significant growth in 2022 and Switzerland saw an influx of millionaires, their numbers are projected to decline this year, a phenomenon that is also happening in Portugal.
The UAE has been experiencing a significant influx of people since the launch of its Golden Visa program in 2022, with 92% of those moving to the UAE choosing to settle in Dubai.
Moore suggested that the UAE’s current wealth migration is similar to that of Singapore in the 1990s when obtaining permanent residence was relatively straightforward for individuals with the right education and attributes.
However, unlike Singapore, the UAE has the advantage of ample land space, allowing the country to aim for a substantial population increase in the coming decade.
HNWIs looking to migrate to the UAE should use a secure online money transfer service to transfer funds.
Singapore also continues to attract wealthy individuals and investors from around the world and is set to draw in a net influx of another 3,200 millionaires – an uptick from 2,900 in 2022.
According to Henley & Partners, the net inflow of individuals to the US in 2023 is expected to be much lower, at 2,100, than the pre-pandemic numbers of 2019, which stood at 10,800.
Russia has experienced a net exodus of millionaires amid the conflict in Ukraine, but the numbers were lower than expected due to efforts to restrict emigration.
Drawing attention to the Henley Passport Index, Moore reported that Singapore claimed the top spot in visa-free access to 192 countries.
He also discussed Henley & Partners’ groundbreaking research on crypto-friendly investment migration jurisdictions, ranking Singapore and Switzerland as leaders in the field.
HNWIs looking to purchase a property in a wealthy nation should use safe international money transfer options when making payments.
Wealthy internationals wishing to transfer money and assets across borders can use our money transfer comparison tool to find the best exchange rates.
