Report Reveals Millionaire Migration Patterns

By Editorial 01 April, 2014

A new report examining the migration patterns of High Net Worth Individuals between 2003 and 2013 says that the highest net inflow was to the UK, while the largest outflow was from China.

The study, by international consultancy New World Wealth, found that the UK's net inflow of HNWIs (defined as persons with a net worth of USD1m or more, excluding primary residence) during these years had been 114,100. Most were from Europe, China, and India, although there were saw significant immigration from Russia, the Middle East (particularly Saudi Arabia and Iran) and Africa (particularly South Africa, Nigeria and Egypt).

The UK's net inflow was more than twice that of Singapore, which came second. Singapore experienced a net inflow of 45,000, mostly from China, India, Indonesia, and Europe. Third place went to the USA (net inflow of 42,400), then Australia (22,200), Hong Kong (19,700, mostly from mainland China), and the UAE (10,100).

Meanwhile, 76,200 millionaires emigrated from China, mainly to Hong Kong, Singapore and the UK. India had the second-largest outflow, at 43,400, with the UK, the US and Australia being the preferred destinations. The study also noted that a large portion of HNWIs who had been domiciled in Switzerland for tax purposes had moved to Singapore, the UK, or the UAE.

At the end of 2013, London had the greatest number of USD millionaires (339,200), followed by New York (300,100), and Tokyo (226,500). However, the cities with the greatest densities of HNWIs were Geneva (5.9 percent), Zurich (4.6 percent) and Singapore (4.5 percent).

New World Wealth has a database of over 120,000 HNWIs, sourced from company, director, and luxury goods records, while liquidity event tracking allows the company to spot newly-emerging HNWIs.

Tags: Russia | South Africa | Wealth | India | Australia | China | Singapore | United Kingdom | Hong Kong | Switzerland | United States | Expats | Immigration | Europe | Africa | Middle East | Immigration |


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