Rapid Decline in Millionaires: Insights from the Henley Private Wealth Migration Report 2024

Rapid Decline in Millionaires: Insights from the Henley Private Wealth Migration Report 2024

The Henley Private Wealth Migration Report 2024, released by Henley & Partners, provides a comprehensive analysis of global wealth migration trends. The report reveals significant shifts in the movement of high-net-worth individuals (HNWIs) around the world, highlighting key countries experiencing the greatest losses and gains in millionaire populations.

Key Highlights of the Report

  • UK’s Record Loss of Millionaires The United Kingdom is anticipated to witness a record net loss of 9,500 millionaires in 2024, marking a substantial increase from the 4,200 millionaires who left the country in 2023. This exodus places the UK second only to China, which is projected to lose 15,200 HNWIs. The reasons behind this dramatic outflow include political uncertainty, tax policies, and economic instability.
  • China’s Continued Wealth Exodus China remains at the forefront of millionaire outflow, with an estimated 15,200 HNWIs expected to leave in 2024. The ongoing tightening of government regulations, economic challenges, and geopolitical tensions are contributing factors to this significant migration of wealth.
  • UAE: A Wealth Magnet In stark contrast, the United Arab Emirates is set to attract a record 6,700 millionaires by the end of 2024. The UAE’s favorable tax environment, political stability, and high standard of living make it an appealing destination for wealthy individuals, particularly from the UK and Europe. The influx of millionaires is expected to bolster the UAE’s economy and enhance its status as a global financial hub.
  • Global Wealth Migration Trends The report forecasts an unprecedented 128,000 millionaires relocating globally in 2024, surpassing the previous record of 124,000 set in 2022. This surge in wealth migration underscores the growing trend of HNWIs seeking more favorable conditions for wealth preservation, investment opportunities, and lifestyle choices.
  • India’s Reduced Wealth Exodus India has successfully stemmed the outflow of its wealthy citizens, with only 4,300 millionaires expected to leave in 2024, down from 5,100 in 2023. This improvement can be attributed to the Indian government’s efforts to enhance economic stability and create a more conducive environment for wealth creation and retention.
  • South Korea’s Increasing HNWI Flight South Korea is projected to see a rise in the number of millionaires leaving the country, with a forecasted loss of 1,200 HNWIs in 2024, up from 800 in 2023. Factors such as high taxes, economic challenges, and better opportunities abroad are driving this trend.

Implications for Global Investors

The findings of the Henley Private Wealth Migration Report 2024 have several important implications for global investors:

  • Shifts in Investment Opportunities: As wealthy individuals relocate, they bring their capital and investment strategies with them. Regions like the UAE, which are attracting significant numbers of millionaires, may see increased investment in real estate, financial services, and luxury goods sectors.
  • Economic Stability and Policy Impact: Countries experiencing a high outflow of HNWIs may face economic challenges, including reduced investment and consumption. Conversely, nations attracting millionaires could benefit from increased economic activity and financial inflows.
  • Diversification of Wealth: For investors, understanding these migration trends can aid in diversifying their portfolios. Investing in regions with stable political climates and favorable tax policies can offer better returns and reduced risks.


The rapid decline in millionaires from certain countries and the influx into others, as highlighted by the Henley Private Wealth Migration Report 2024, underscores the dynamic nature of global wealth distribution. For global investors, these trends present both challenges and opportunities. By staying informed and adapting strategies accordingly, investors can navigate this evolving landscape and capitalize on emerging investment prospects.

For more insights and detailed analysis on global wealth migration and investment opportunities, stay tuned to Invest Offshore. Our expert team provides comprehensive coverage on the latest trends and valuable insights for discerning investors.

Disclaimer: This blog post is for informational purposes only and does not constitute financial advice. Always conduct thorough research and consult with a financial advisor before making any investment decisions.

Image by Gerd Altmann from Pixabay


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