Portugal is establishing itself as an attractive destination for millionaires, with the net millionaire population expected to reach 800 in 2024, placing the country among the world's top 10 destinations for wealthy individuals.
according to Henley Report on Private Wealth Migration 2024This influx is driven by the Investment Residency Permit Program, which continues to attract wealthy citizens, even after their real estate investment option has been closed.
The UAE remains the world's main center of attraction for millionaires. With its income tax exemption, golden visas, luxurious lifestyle, and strategic location, the UAE is poised to welcome a record net influx of 6,700 millionaires this year alone. Followed by the USA, which is expected to benefit from a net influx of 3,800 millionaires in 2024, Singapore (+3,500), Canada (+3,200), Australia (+2,500), Italy (+2,200), Switzerland (+1,500), Greece. (+1200) and Portugal (+800).
On the other hand, the UK faces an unprecedented net loss of millionaires in 2024, with 9,500 high net worth individuals expected to leave. The flight is more than double the 4,200 people who left the country last year, and represents a worrying record after the exodus of 1,600 high-net-worth individuals in 2022. The phenomenon puts the UK behind only China, which hopes to lose 15,200 millionaires. this year.
Millionaire migration brings significant benefits to destination countries, including the creation of new businesses and local jobs. Andrew Amuels, research director at New World Wealth, highlights that around 20% of immigrant millionaires are entrepreneurs, a proportion that rises to more than 60% among millionaires and billionaires.
According to Dominic Volek, Director of the Private Client Group at Henley & Partners, 2024 is a pivotal year for global wealth migration, with 128,000 millionaires moving across the world. “In many ways, this great exodus of millionaires is an important indicator, indicating a profound shift in the global landscape and the tectonic plates of wealth and power,” Volek said.
Andrea Hargraves is a contributor to Brytfmonline.com, covering a broad range of topics including news, politics, business, technology, sports, entertainment, and lifestyle. She is committed to delivering clear, accurate, and reader-focused reporting that helps audiences stay informed about current events and emerging developments. Andrea’s work emphasizes useful information, balanced coverage, and stories that matter to everyday readers, making complex topics accessible and relevant to a wide audience.