Where Will The Millionaires Go To In 2023?

Wealth migration returns to pre-pandemic patterns this year. Australia is back in the lead for net inflows, as it was before COVID-19. HNWIs also favour the United Arab Emirates, Singapore, and Switzerland. The wealthy prioritise political stability, low taxes, personal freedom, access to world-class education, quality of life, and the preservation of capital for future generations. This article presents the top destinations for HNWIs in 2023, based on the combined analysis of Henley & Partners' Private Wealth Migration Report and Nomad Capitalist's Millionaire Migration Trends.
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Australia

Australia is highly regarded as a well-developed country with diversity and a high quality of life. With a projected one percent increase in HNWIs and UHNWIs coming to its shores, Australia offers many visa programmes, including residency by investment, which can be a gateway to Australian citizenship. It has a robust economy, competitive tax rates, and offshore opportunities, making it ideal for wealthy investors and entrepreneurs to diversify their portfolios.

United Arab Emirates (UAE)

The UAE tops the list of countries to which the most wealthy people migrate. It enjoys a projected four percent increase in its HNWI influx by the end of this year and is expected to attract more wealthy individuals to its shores over the next two years. The UAE has become a favourite destination for investors due to its competitive tax rates. It is ideal for offshore businesses, expanding businesses, and starting new businesses, and offers several residency by investment programmes. Its golden visa programme, launched in 2019, is valid for ten years and has been a magnet for foreign investors.

Greece

The most popular EU country among wealthy migrants, Greece has seen a steady increase in numbers, with a projected three percent increase in the influx of rich people this year. Greece offers the lowest investment requirement in Europe through its Golden Visa programme. A minimum investment of €250,000 can already get you a real estate investment and residence in Europe valid for five years. The residency by investment validity is renewable as long as you maintain the required minimum investment. It is a gateway to second citizenship and a favourite of Chinese and Israeli citizens.

Switzerland

Switzerland has remained a country of choice for many wealthy individuals worldwide over the past decade. It remains a global leader in wealth management. Our team forecasts that Switzerland will maintain the same net inflow of HNWIs, pegged at 2,200. In addition to attracting millionaire migrants, Switzerland is positioning itself as a destination for crypto-millionaires. It has enacted pro-crypto policies in addition to its relatively low intellectual property tax rates and flat tax.

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Singapore

Singapore is a small island nation in Southeast Asia that’s a popular destination for expats, investors, and entrepreneurs because of its attractive business opportunities. It’s projected that Singapore will welcome a one percent increase in HNWIs by the end of 2022. Singapore offers great global mobility for visa-free travel and ranks highly for international tax laws, global perception, dual citizenship, and personal freedom. Although there is no citizenship by investment programme, your path to citizenship can begin by acquiring permanent residency.

Portugal

Portugal is one of the best places to live if you’re wealthy. Portugal has effectively attracted foreign investment to its shores through its Golden Visa programme. For a minimum investment of €350,000, you’ll receive a five-year residency permit and access to the entire Schengen area. In addition, Portugal’s golden visa programme can be your gateway to citizenship, provided you meet the eligibility requirements. Portugal attracts millionaires from Brazil, China, and the United Arab Emirates.

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The UAE continues to demonstrate the strength of its diverse market with tremendous growth in its oil and non-oil business sectors. One of the businesses that has shown significant demand in the UAE is also the real estate market. The mix of modernization and favorable legislation has fueled a shift in market dynamics. Foreign investors have been attracted by factors such as high returns on investment, robust infrastructure and innovative technologies.

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