Canada remains key destination for migrating millionaires

China and the UK are among the countries losing wealthy individuals

Canada remains key destination for migrating millionaires
Steve Randall

Canada continues to be one of the most popular destinations for high-net-worth individuals choosing to relocate in 2024, providing an opportunity for advisors.

The latest Henley Private Wealth Migration Report shows that China is set to lose the most of these wealthy people in 2024 (net 15,200) followed by the U.K. (9,500), and India (4,300) with South Korea and Russia each losing 1,000.

"Both China and India are seeing high net outflows because of the success of their sizeable economies in generating new millionaires, although slowing wealth growth in China in recent years could mean sustained losses become more damaging over time,” explained Dr. Hannah White OBE, Director and CEO of the Institute for Government in London. “As do those from many other developing nations, including notably Brazil, Vietnam, South Africa, and Nigeria, Indian millionaires often depart the sub-continent in search of a better lifestyle, safer and cleaner environments, and access to more premium health and education services.”

As for where they are headed, the United Arab Emirates is the top destination, expecting a net 6,700 HNWIs in 2024, attracted by its zero income tax, golden visas, luxury lifestyle, and strategic location. It’s followed by the U.S. with 3,800, Singapore with 3,500, and Canada with 3,200. Australia completes the top five with a net 3,200 HNWIs expected this year.

"An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023,” said Dominic Volek, Group Head of Private Clients at Henley & Partners. “As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval, millionaires are voting with their feet in record numbers."

Henley & Partners says it has seen a surge in the investment migration sector driven by Americans and Indians, with Brits, Filipinos, and South Africans remaining in the Top 10 as they have done for the last five years.