Money moves around the world faster than ever. And millionaires, it turns out, are becoming just as global. Climbing stock markets and rising real estate values helped create nearly 500,000 new millionaires in the U.S. in 2014, according to one of two new reports. In one new study from global real estate consultant Knight Frank with Fragomen, the immigration specialist for the wealthy, more millionaires than ever are looking for homes in other countries.
In another study, from market research and consulting firm Spectrem Group, they found that there are now 10.1 million households in the U.S. with $1 million or more in investable assets, excluding the value of their primary residence. That’s up from about 9.6 million in 2013, and tops the prerecession peak of 9.2 million in 2007. It’s the highest number since Spectrem began tracking the data in 1997.
[box type=”tick” style=”rounded” border=”full”]The number of households worth $5 million or more also set a new record, jumping to 1.3 million from 1.24 million in 2013. And there are now 142,000 households worth $25 million or more, up from 132,000 in 2013. More people are becoming wealthy. Since the millionaire population plunged in 2008, the U.S. has gained or added back more than 3.5 million millionaires.[/box]
So where are millionaires moving from and going to?
A record number of Americans gave up citizenship 2014 but according to the immigration specialist, they’re leaving China in the largest numbers, with 76,200 Chinese millionaires exiting the country between 2003 and 2013. That’s 15 percent of its total millionaire population, according to the report.
The second largest millionaire loser is India, which saw 43,400, or 27 percent of its millionaires, leave the country in those 10 years. France ranked third, losing 31,700, or 13 percent of its total.
And while Russia gets most of the attention for exiled oligarchs, it ranked fifth, losing 17 percent, or 14,000 millionaires. The country did, however, rank first for the percentage of millionaires who plan to permanently change their country of residence.
The most popular place for millionaires to land is the United Kingdom. According to the study, the U.K. gained 114,100 millionaires between 2003 and 2013, making up 14 percent of the country’s millionaire total.
Singapore gained 45,000, or 20 percent of its total, while the U.S. gained 42,400, representing 1 percent of its millionaires. Australia gained 22,200, or 14 percent.
[box type=”note” style=”rounded” border=”full”]Australian millionaires are also the happiest in the world when it comes to their home country. Only 4 percent said they would ever want to leave, and very few send their children overseas for school.[/box]
Source: CNBC – Where millionaires are moving—and fleeing—around the world
Source: NBC News – More Millionaires Than Ever Are Living in the U.S.
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