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The Henley Private Wealth Migration Report 2024

Henley & Partners’ compelling annual publication for followers of wealth and investment migration trends features exclusive millionaire migration data, the Top 10 countries for millionaire inflows and outflows, and wealth data for the Top 15 wealthiest countries and more. Read the methodology and the press release.

The Henley Private Wealth Migration Report 2024

Mapping the Migration of the World’s Millionaires

THE HENLEY PRIVATE WEALTH MIGRATION REPORT 2024

Millionaires on the move

Watch the video for key data insights

Wealth Management Insights

Investment Migration Insights

Contributors

Dominic Volek | Group Head of Private Clients and a member of the Executive Committee of Henley & Partners

Dominic Volek

Group Head of Private Clients and a member of the Executive Committee of Henley & Partners

Misha Glenny | Rector of the Institute for Human Sciences and award-winning journalist and broadcaster

Misha Glenny

Rector of the Institute for Human Sciences and award-winning journalist and broadcaster

Dr. Hannah White OBE | Director and CEO of the Institute for Government in London

Dr. Hannah White OBE

Director and CEO of the Institute for Government in London

Andrew Amoils | Head of Research at wealth intelligence firm New World Wealth

Andrew Amoils

Head of Research at wealth intelligence firm New World Wealth

Sunita Singh-Dalal | Partner at the Private Wealth & Family Offices at Hourani

Sunita Singh-Dalal

Partner at the Private Wealth & Family Offices at Hourani

Prof. Trevor Williams | Chair and Co-founder of FXGuard and former Chief Economist at Lloyds Bank Commercial Banking

Prof. Trevor Williams

Chair and Co-founder of FXGuard and former Chief Economist at Lloyds Bank Commercial Banking

Alec Marsh | Journalist, writer, and a contributing editor to Spear’s

Alec Marsh

Journalist, writer, and a contributing editor to Spear’s

Prof. Dr. Yossi Harpaz | Associate Professor of Sociology at Tel Aviv University

Prof. Dr. Yossi Harpaz

Associate Professor of Sociology at Tel Aviv University

Curtis S. Chin | Former US Ambassador to Asian Development Bank; Chair, Senior Fellows, and Senior Advisor, Global Markets of the Milken Institute

Curtis S. Chin

Former US Ambassador to Asian Development Bank; Chair, Senior Fellows, and Senior Advisor, Global Markets of the Milken Institute

Tess Wilkinson | Director of Education Services at Henley & Partners

Tess Wilkinson

Director of Education Services at Henley & Partners

Tommaso Leodari | Chief Investment Officer at Index & Cie

Tommaso Leodari

Chief Investment Officer at Index & Cie

Philippe Amarante | Head of Middle East at Henley & Partners

Philippe Amarante

Head of Middle East at Henley & Partners

Peter Ferrigno | Director of Tax Services at Henley & Partners

Peter Ferrigno

Director of Tax Services at Henley & Partners

Tony Le Nevez | Managing Partner at Henley & Partners Australia

Tony Le Nevez

Managing Partner at Henley & Partners Australia

Jacopo Zamboni | Executive Director Private Clients at Henley & Partners Switzerland and Program Manager for the Italy Residence by Investment Program

Jacopo Zamboni

Executive Director Private Clients at Henley & Partners Switzerland and Program Manager for the Italy Residence by Investment Program

Jacky Poh | Head of Southeast Asia at Henley & Partners

Jacky Poh

Head of Southeast Asia at Henley & Partners

Dan Marconi | Senior Consultant and Team Lead at Henley & Partners Israel

Dan Marconi

Senior Consultant and Team Lead at Henley & Partners Israel

Dmytro Chernega | Private Client Advisor at Henley & Partners Austria and Program Manager for the US EB-5 Immigrant Investor Program

Dmytro Chernega

Private Client Advisor at Henley & Partners Austria and Program Manager for the US EB-5 Immigrant Investor Program

Methodology

The data in the Henley Private Wealth Migration Report and Henley Private Wealth Migration Dashboard is supplied by wealth intelligence firm, New World Wealth, which is currently the only known independent research firm systematically tracking global wealth migration trends between countries and cities.

It is important to note that the high-net-worth-individual migration figures in this report and dashboard focus only on people who have truly moved, namely, those who stay in their new country more than half of the year. Many wealthy individuals acquire residence rights for countries but never relocate to those countries. Such individuals are excluded from our figures, which are therefore on the conservative side.

Most migrating high-net-worth individuals do so via work visas, ancestry visas, and family visas or owing to having additional passports by birthright. New World Wealth estimates that currently around 25% opt for investment migration programs to secure residence rights or additional citizenships.

New World Wealth tracks the movements of over 150,000 high-net-worth individuals in its in-house database, with a special focus on those with over USD 30 million in listed company holdings. The database’s primary focus is on company founders (50%+ of the database) and individuals from high-value companies who hold the following positions: chairperson, CEO, president, director, and managing partner.

The firm uses various public sources to check city locations, including LinkedIn and other business portals. Its stats are therefore mainly based on the work locations of the individuals.

Note: It should be noted that New World Wealth never gives out the names of the individuals in its database, which it uses purely for in-house statistical studies.

New World Wealth also uses the following sources as sanity checks on its data:

  • Investment migration program statistics and source breakdowns in major destination markets.
  • Regular interviews with high-net-worth-individual intermediaries — brokers, wealth managers, and top-end property agents.

Wealth versus GDP

We consider wealth to be a far better measure of the financial health of an economy than GDP. The reasons for this include:

  • In many developing countries, a large portion of GDP flows to the government and therefore has little to no impact on private wealth creation.
  • GDP counts items multiple times. For instance, if someone is paid USD 100 for a product/service and they then pay someone else that same USD 100 for another product/service, that adds USD 200 to a country’s GDP, despite the fact that only USD 100 was produced at the start.
  • GDP ignores the efficiency of a country’s local banking sector and the local stock market in retaining wealth within its borders.
  • GDP largely ignores the impact of property and stock market moves, yet these two factors clearly have a significant impact on wealth.
  • GDP is a relatively static measure that tends to move only slightly year on year. It also has a time lag.

Wealth figures, on the other hand, have none of these limitations, making them a far more accurate gauge of the financial health of an economy than its GDP figures.

Wealth definitions

W15

The 15 wealthiest countries in the world in terms of their number of resident millionaires

Millionaires or high-net-worth individuals (HNWIs)

Individuals with liquid investable wealth of USD 1 million or more

Centi-millionaires

Individuals with liquid investable wealth of USD 100 million or more

Billionaires

Individuals with liquid investable wealth of USD 1 billion or more

About New World Wealth

New World Wealth was established in 2013 and has been tracking the movements and spending habits of the world’s wealthiest people for over a decade. The firm has an impressive track record in providing robust, reliable wealth data and insights for key publications, such as Knight Frank’s Wealth Report, AfrAsia Bank’s Global Wealth Migration Review, and Henley & Partners’ Africa Wealth Report, BRICS Wealth Report, Centi-Millionaire Report, Crypto Wealth Report, USA Wealth Report, World’s Wealthiest Cities Report, and the Henley Wealth and Sustainability Report. New World Wealth’s reports and findings have been referenced by the Australian and UK governments, as well as by global news outlets such as the BBC, Bloomberg, CNN, Forbes, the New York Times, Robb Report, and the Telegraph.

For more information on New World Wealth, please visit newworldwealth.com

Disclaimer

© 2024 Henley & Partners. All rights reserved. The H&P monogram and Henley & Partners logo and related brand assets are the exclusively owned or licensed trademarks, service marks, and logos of Henley & Partners. All other trademarks, service marks, and logos used in this report are the trademarks, service marks, and logos of their respective owners. No part of this report may be reproduced in any form or by any means without the prior written permission of Henley & Partners. Although the material contained in this report was prepared based on information from public and private sources that Henley & Partners believes to be reliable, no representation, warranty, or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and Henley & Partners expressly disclaims any liability for the accuracy and completeness of information contained herein. 

This report is distributed for general informational and educational purposes only and is not intended to constitute legal, tax, accounting, or investment advice. It should not form the basis of any decision. The information contained in this report is not, and shall not constitute an offer to sell, a solicitation of an offer to buy or an offer to purchase any securities, nor should it be deemed to be an offer, or a solicitation of an offer, to purchase or sell any investment product or service. Henley & Partners is not responsible for the content of websites and information resources that may be referenced in this report. The information contained in this report is believed to be accurate as of the date of publication, but is subject to change without notice. Henley & Partners does not have any obligation to provide revisions in the event of changed circumstances. Henley & Partners and its affiliates, employees, and agents shall not be liable for any liability or loss whatsoever, including but not limited to direct, indirect, special, incidental, or consequential damages, arising out of or in connection with the use or reliance on the information contained in this report. The information in this report is provided “as is” and Henley & Partners makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the information contained in this report for any purpose. 

The Henley Private Wealth Migration Report 2024 was published on 18 June 2024.

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