Henley & Partners is a firm that specializes in residence and citizenship by investment. What this means is that if you have a lot of money and you'd like to take take up residency somewhere else, or if you'd like to start a company somewhere else, they can probably help you with that. And, if you're a country, they can also help you design a program to attract the above rich people.
As a result of being in this line of work, the company has a pretty good understanding of where rich people are going. This year, for example, they are forecasting that approximately 128,000 millionaires from around the world will end up moving somewhere else. This doesn't mean that they'll simply get residency in another country; it means they'll start spending greater than 6 months each year there.
It's interesting to look at these provisional flows.
Here are the countries where millionaires are currently leaving:
And here are the countries where they're going:
The United Arab Emirates isn't very big. It has somewhere around 11 million people (2024 estimate). This makes the US about 30x bigger in terms of its population. And yet, they seem to have designed a pretty good mouse trap for catching millionaires. Having no income taxes helps. But the same could be said for a number of the countries on this list: relatively small and jockeying for high-net-worth individuals.
Cover photo by Fredrik Öhlander on Unsplash
