In recent years, the global political and economic landscape has been shifting rapidly, prompting millionaires to "vote with their feet." According to the Henley Private Wealth Migration Report released by Henley & Partners, a leading advisor in residence and citizenship planning, the number of millionaire migrants worldwide reached a record high of 128,000 in 2024, with the United Arab Emirates (UAE) emerging as the top destination.
In the post-pandemic era, drastic political and economic changes have led millionaires to "vote with their feet," driving immigration waves to record highs. (Photo/Source: Henley & Partners, Global News for New Immigrants - Chinese Editorial Team)
Henley & Partners, with over 25 years of experience in investment migration, tracks millionaire migration trends for individuals with liquid assets exceeding USD 1 million. Their latest report indicates that millionaire migration has surged tenfold, from a low of 12,000 in 2020 during the COVID-19 pandemic to 128,000 in 2024.
The report highlights that the UAE and the United States are the top choices for wealthy migrants. The UAE, known for its political stability and low tax policies, attracted 6,700 millionaires in 2024. Meanwhile, the United States, the world’s largest economy, with its strong legal framework, developed financial markets, and access to top-tier education, welcomed 3,800 millionaire migrants.
The UAE is actively attracting immigrants and has gradually become a top choice for wealthy migrants in recent years. (Photo/Source: Henley & Partners, Global News for New Immigrants - Chinese Editorial Team)
In contrast, China and the United Kingdom are facing challenges. China’s slowing economic growth, rising geopolitical risks, and strict capital controls have prompted 15,000 Chinese millionaires to relocate their assets overseas. The UK, still grappling with the aftereffects of Brexit, political instability, and tax policy changes, saw 9,500 millionaires leave the country.
Golden Visas, a form of investment migration program, allows foreigners to obtain residency or citizenship by investing in real estate, businesses, or government funds. With relatively simple application processes, tax incentives, and the benefit of diversified asset allocation, golden visas have attracted celebrities and entrepreneurs looking to secure a second passport.
Currently, over 100 countries and regions offer golden visa programs, with Portugal, Spain, and Greece being among the most popular destinations. The investment migration market is expected to grow to $100 billion by 2025.
However, golden visa programs face increasing scrutiny. The European Union has tightened regulations, and several member states have either abolished or restricted these programs to combat money laundering and terrorism financing risks. Golden visas have also been criticized as a privilege for the wealthy, sparking social debates.
The global millionaire migration wave reflects broader wealth distribution trends, challenging governments to find ways to effectively channel high-net-worth individuals' resources for economic benefit.
