Millionaires on the move, Canada among top destinations

New report shows that a pull-back from Russia isn't the only factor in migration choices of wealthy people

Millionaires on the move, Canada among top destinations
Steve Randall

High-net-worth individuals (NNWIs) are seeking new homes for themselves and their fortunes with 88,000 forecasted to be on the move this year.

According to the latest research from Henley & Partners, tracking private wealth and investment migration worldwide, a ‘tsunami’ of wealth has left Russia and Ukraine, while the UK and US are both losing their lustre among wealthy people.

"Next year (2023), the largest millionaire migration flows on record are predicted — 125,000 — as affluent investors and their families earnestly prepare for the new post-Covid world order,” commented the firm’s CEO, Dr. Juerg Steffen.

The Henley Global Citizens Report for the second quarter of 2022 reveals net inflows and outflows forecast data from global wealth analysts at New World Wealth.

Russia is forecast to see net outflows of 15,000 by the end of 2022, accounting for 15% of its HNWI population, but Ukraine is also seeing a pull-back with a net loss of 42% of its HNWI population or 2,800 millionaires, the largest decline in its history.

Canada in favour

Where is the money headed?

Canada is one of the top 10 countries expected to see net inflows of HNWIs in 2022:

  1. UAE
  2. Australia
  3. Singapore
  4. Israel
  5. Switzerland
  6. US
  7. Portugal
  8. Greece
  9. Canada
  10. New Zealand.

There is also interest in Malta, Mauritius, and Monaco.

The UAE is set to attract one of the largest net inflows in wealthy people (208% compared to 2019) as the nation attracts affluent investors.

Out of style

Along with Russia and Ukraine, the countries expected to see the largest net outflows of HNWIs this year are China, India, Hong Kong, Brazil, UK, Mexico, Saudi Arabia, and Indonesia.

The UK is notable as its crown as a global financial centre slips. The country has lost around 12,000 millionaires since the Brexit vote five years ago.

The US is also expected to see outflows, not least because of concerns over taxation of wealthy people, but it will still post a net gain albeit 89% lower than in 2019 (1,500 vs. 10,800).