Nigeria is projeced to lose about 300 millionaires to migration into a new country in 2024, according to Henley Private Wealth Migration Report 2024.
The report titled ‘Why Millionaire Migration Matters?’ by Henley & Partners, a British investment migration consultancy based in London, also highlighted that South Africa will lose 400 millionaires to migration in 2023.
According to the report, the top five countries that gained the most billionaires in 2023 are the United Arab Emirates(UAE) which recorded 4700 billionaires, Australia recorded 4000 billionaires, Singapore recorded 3400 billionaires, the United States of America(USA) recorded 2200 billionaires and Canada which recorded 2100 billionaires.
Henley & Partners highlighted the reasons billionaires want to move to include safety and security, financial concerns, taxes and retirement, work and business opportunities, lifestyle factors which include climate, nature, and scenery, schooling and education opportunities for their children, healthcare system, and standard of living.
“Approximately 128,000 of the world’s millionaires are projected to migrate to a new country in 2024, with the UAE and the USA topping the list of destinations,” it said.
While highlighting the benefits of this migration of wealth and talent to these countries, it said migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a new country.
Henley & Partners cited an example of a migrant who brings $10 million with them which is equivalent to a country generating $10 million in export revenue as both transactions generate $10 million of forex revenue for the country.
“Many relocating high-net-worth individuals (around 20 percent) are entrepreneurs and company founders, who often start businesses in their new country and therefore create local jobs,” the report stated. “This percentage rises to over 60 percent for centi-millionaires and billionaires.”
Henley & Partners said millionaires boost the local stock market via their equity investments. “Also, some high-net-worth business owners publicly list their companies on the local stock exchange.
“High-net-worth individuals indirectly create thousands of well-paying jobs via their spending power, especially in high-value sectors such as luxury hotels, fine dining, luxury retail, fashion, hi-tech, automotive, prime property, wealth management, and family offices.”
Henley & Partners said millionaire migration figures are also an important overall indicator of the health of an economy while stating that it can also be a negative sign for the future as wealthy people are often the first to leave.