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I 5 Countries Gaining Millionaires
Economy 5 Countries Gaining Millionaires
Millionaires are on the move. According to a report by Henley & Partners, 88,000 millionaires are expected to relocate to new countries by the end of 2022. This is a 252% increase compared to 2021, but still 22,000 fewer than in 2019. Here’s a look at the top five countries gaining millionaires this year.
1. U.A.E.
The U.A.E. is expected to attract 4,000 additional HNWIs—an increase of 208% compared to 2019’s 1,300. Total private wealth in the U.A.E. is estimated at $966 billion. This is partly thanks to wealthy Russians escaping from sanctions and flocking to the U.A.E., encouraged by the lifestyle, flexible visa program, and political neutrality. The U.A.E.’s richest person is a Russian-born expat— Telegram’s founder and owner, Pavel Durov with a net worth of $15.1 billion as of August 15. The International Monetary Fund expects the U.A.E.’s GDP per capita in current prices to rise 17.4% this year to $50,350, while real GDP is projected to grow by 4.2% in 2022 from 2.3% in 2021.
2. Australia
Over 80,000 millionaires have moved to Australia in the past two decades. In 2022, the net inflow is expected to be 3,500 HNWIs. Australia is already home to an estimated 12,940 multimillionaires, who have $10 million or more, and 477 centimillionaires, who have at least $100 million. Australia was the world’s seventh wealthiest country in 2021, with a total of $6.45 trillion in private wealth. Wealth per capita hit $250,980. Australia attracted $25 billion in foreign direct investment last year, a 47.1% increase compared to 2020, according to UNCTAD.
3. Singapore
Singapore remains an attractive destination for global millionaires, with an expected 2,800 moving to the country in 2022, an 87% jump from 2019’s 1,500. Total private wealth in Singapore amounted to $1.1 trillion in 2021. Singapore’s economy grew by 7.6% in 2021, but its GDP is expected to witness slower growth in 2022 than last year at 3.7%, according to the IMF, which estimates the country’s GDP per capita to have been $72,790 in 2021, a 19.8% increase compared to 2020.
4. Israel
Israel is projected to become home to an additional 2,500 HNWIs this year. About 5,560 multimillionaires and 260 centimillionaires already live in Israel. Total private wealth in Israel was $878 billion in 2021. Israel is already one of the most common second passports among Russiannative billionaires. Three of the most high-profile sanctioned Russian oligarch billionaires are also Israeli citizens: Alfa Bank cofounders Mikhail Fridman and German Khan, and Roman Abramovich. Forbes’ World’s Billionaires List 2022 included 30 Israeli billionaires.
5. Switzerland
Switzerland’s total private wealth hit $3.1 trillion in 2021, and wealth per capita was $360,260. The country is home to 24,430 multimillionaires, and 792 people are centimillionaires. Forbes’ World’s Billionaires List 2022 included 41 Swiss billionaires. Switzerland is one of the world’s most competitive economies for many reasons, including its economic and political stability, transparency of its legal system, efficient capital markets, and low corporate tax rates.
