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The United Arab Emirates is poised to attract the biggest share of private wealth this year as Russian capital seeks a new home, according to a new report published by Henley & Partners.

More than 15,000 millionaires are expected to leave Russia this year as the rich flee the country amid sweeping sanctions over the war in Ukraine, a report published on Monday said.

The world’s rich are voting with their feet, with China, Indonesia and Russia losing their wealthy to more attractive destinations.

The UK and the US have their lost appeal as places for millionaires to reside, while Singapore, Israel, Australia and the UAE, among others, are becoming more attractive, a report says.

India is among the top 10 countries witnessing outflow of millionaires. And the top 10 list includes Russia, China, India, Hong Kong, Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia.

Dollar millionaires and billionaires will grow by 80% over the decade in India.

Data suggests exits after invasion of Ukraine, and UAE to overtake US and UK as top destination for world’s wealthy.

Henley Global Citizens Report, which tracks private wealth and investment migration trends worldwide, also shows UK has lost its wealth hub crown.

There will be a big boom in the number of millionaires and billionaires from India over the next decade, a recent report by advisory firm Henley & Partners revealed. However, India is having a hard time keeping them in their home country.

A tsunami of private capital has left Russia and Ukraine, the UK has lost its wealth hub crown, and the US is fading fast as a magnet for the world’s wealthy, with the UAE expected to overtake it by attracting the largest net inflows of millionaires globally in 2022, according to the latest Henley Global Citizens Report.

The latest Henley Global Citizens Report projected that 4,000 millionaires will migrate to the UAE in 2022, surpassing the big countries like Australia, Singapore, Israel, Switzerland, USA, Canada, New Zealand, UK, India and others.

Wealth and migration trends report finds country’s agile approach has paid dividends.