High Net Worth Individuals (HNWI) or millionaires are most likely to migrate overseas for several reasons. Migrating overseas gives them a chance to invest in another country and expand their business overseas. Some millionaires migrate abroad to facilitate the education of their children. Citizenship or residency of another country allows them to sponsor their children on an Immigration or Work Visa with no external help.
Rich people are exposed to a better quality of life due to their frequent abroad trips. Migrating to a foreign country allows them to live this quality of life. Better business environment and favourable tax laws are other reasons for millionaires to migrate abroad.
The Global Wealth Migration Review Report shows the immigration of millionaires across the globe. The report also highlights the countries that most millionaires prefer to migrate to. It also highlights the countries with the maximum exodus of millionaires.
Countries with the maximum migration of millionaires
As per the report, most millionaires migrated abroad from these countries:
| Country | The net outflow of millionaires (2018) | Percentage of millionaires lost |
| Turkey | 4,000 | 10% |
| Russia | 7,000 | 6% |
| India | 5,000 | 2% |
| China | 15,000 | 2% |
A higher percentage of millionaires migrating to other countries indicates the negative social and economic conditions of the country.
Which countries are these millionaires migrating to?
One of the most popular destinations for millionaires has been Switzerland. Australia also is becoming popular day by day.
The favourable aspects of these countries are:
- A safe and secure environment to raise children
- A strong and robust economy
- No inheritance tax
- Low-cost healthcare
It is possible that due to these reasons Australia is now more popular than Canada. Millionaires also prefer France over the US.
| Country | The net inflow of millionaires (2018) |
| Australia | 12,000 |
| United States of America | 10,000 |
| Canada | 4,000 |
| Switzerland | 3,000 |
Y-Axis offers a wide range of visa and immigration services as well as products to the aspiring overseas immigrants including Australia Visitor Visa, Canada Evaluation With Registered Canadian Immigration Consultant, and Canada Express Entry.
If you are looking to Study, Work, Visit, Invest or Migrate Overseas, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.
If you found this blog engaging, you may also like…