The map shows the exodus of Chinese millionaires

China will see a record exodus of millionaires in 2024, according to a recent report.

Data from New World Wealth cited in a report by investment migration consulting firm Henley & Partners forecast a net outflow of 15,200 millionaires in 2024, up from last year’s figure of 13,800, amid an uneven post-pandemic economic recovery in China . The report said the 2024 figure was a “new record” for China and that “overall wealth growth in the country has slowed in recent years, meaning these outflows could be more damaging than usual”.

Other countries with high net worth individuals (HNWI) bleeding included the United Kingdom, with 9,500, and India, with 4,300.

Andrew Amoils, head of research at South Africa-based wealth intelligence firm New World Wealth, said Newsweek that the reasons why China is experiencing the current exodus range from work, business opportunities and retirement to security concerns and taxes such as capital gains tax (which he says are particularly important for HNWIs).

Among the most popular destinations for millionaires to migrate to were Australia, Singapore and the United Arab Emirates.

“Australia, Singapore and the United Arab Emirates are all members of the ‘Safe Haven 8’ which explains their appeal to a large extent. All are popular destinations for migrant millionaires, with foreign-born migrants accounting for over 40 percent of the millionaire population in all these countries,” said Amoils.

Henley & Partners defines a safe country as a sovereign state with high levels of safety and security that remains largely shielded from the world’s political and economic problems.

They list the eight safe countries as Australia, Malta, Mauritius, Monaco, Singapore, Switzerland, United Arab Emirates and New Zealand.

According to Henley & Partners, all these countries share the following characteristics:

• Foreign-born immigrants make up over 40 percent of the millionaire population.
• All have achieved millionaire growth of 35 percent or more in the past decade.
• All are classified as high-income markets by the World Bank.
• All rank strongly in key security metrics such as homicide rates and child safety.

The United States was projected to attract 3,800 millionaires in 2024, second only to the United Arab Emirates with 6,700.

“America’s growing dominance of the global technology sector is a key factor in helping it attract millionaires, along with Florida’s continued growth as one of the world’s top retirement destinations for the wealthy,” Amoils said.

“[The] The US is also home to the world’s two largest stock exchanges by a margin. Also, 9 of the 10 largest companies in the world by market capitalization are located in [the] US [as of March 31] which shows its dominance”.

In related news, official figures from China’s National Bureau of Statistics reported the biggest drop in house prices since October 2014, almost a decade ago.

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