China's Millionaire Migration Trends 2024 | Generated by AI
The Henley Private Wealth Migration Report 2024, published by Henley & Partners, indicates that China is experiencing the highest net outflow of millionaires globally, with a projected net exit of 15,200 high-net-worth individuals (HNWIs) in 2024, compared to 13,800 in 2023. This makes China the top country for millionaire emigration, followed by the UK with a net outflow of 9,500 millionaires. The report highlights that this significant outflow from China is driven by factors such as slowing economic growth, geopolitical tensions, and the pursuit of better lifestyle, safety, and access to premium health and education services abroad. Popular destinations for these migrating millionaires include the UAE, the USA, Singapore, Canada, and Australia.
The Henley Private Wealth Migration Report, in collaboration with New World Wealth, does not provide specific millionaire migration figures for China in 2015 in the available 2024 report or related sources. However, earlier reports indicate that China has consistently seen the highest net outflow of high-net-worth individuals (HNWIs) globally over the past decade. The 2015 “Global Wealth Migration Review” by New World Wealth, referenced in later Henley reports, notes that approximately 64,000 millionaires migrated globally in 2015, with China being a significant contributor to this outflow, though exact figures for China that year are not detailed in the provided data.
Based on the trend described in the 2024 report, China’s millionaire exodus has been a persistent pattern, with net outflows increasing over time (e.g., 10,000 in 2022, 13,500 in 2023, and 15,200 in 2024). While precise 2015 data for China is unavailable, the outflow was likely lower than recent years, potentially in the range of 5,000–10,000 HNWIs, given the steady acceleration of global millionaire migration from 64,000 in 2015 to 128,000 in 2024. For a precise number, you would need to consult the original 2015 Henley & Partners or New World Wealth reports, which are not publicly accessible in the provided references.
The Henley Private Wealth Migration Report 2024 highlights that the UK is projected to experience a significant net outflow of 9,500 millionaires in 2024, making it the second-highest country for millionaire emigration after China. Several factors are driving this trend:
-
Tax Policy Changes: The UK’s decision to abolish the non-domicile (non-dom) tax regime, announced in the 2024 Spring Budget and reinforced by the Labour government’s policies post-July 2024 election, has significantly impacted wealthy individuals. The non-dom regime previously allowed individuals with overseas wealth to avoid UK taxes on it. Its termination, along with proposed changes like including foreign assets in trusts within the UK inheritance tax framework, has prompted many millionaires to leave. High capital gains tax and estate duty rates, among the highest globally, further deter wealthy business owners and retirees.
-
Post-Brexit Economic and Political Uncertainty: Since the 2016 Brexit referendum, the UK has faced a reversal of its historical appeal as a wealth magnet. The City of London’s status as a global financial hub has weakened, and the UK’s economy and currency (sterling) have underperformed. The FTSE 100 index has lagged, reflecting broader economic challenges. Political volatility, including frequent changes in tax laws and the 2024 general election, has added to the uncertainty, eroding confidence among high-net-worth individuals (HNWIs).
-
Social and Lifestyle Factors: Rising crime rates, a strained healthcare system, and a general sense of economic and social malaise have tarnished the UK’s appeal, particularly London’s, as a desirable destination for the wealthy. The report notes that wealthy families are seeking safer, cleaner environments and better access to premium education and healthcare elsewhere.
-
Attractive Alternatives Abroad: Millionaires are relocating to countries with more favorable tax regimes, business environments, and lifestyles. Top destinations include the UAE (projected to gain 6,700 millionaires in 2024), the USA, Singapore, and European hubs like Paris, Dubai, Amsterdam, and Monaco. These locations offer low or no personal income taxes, business-friendly policies, and high-quality living standards.
-
Cumulative Wealth Decline: Over the past decade, the UK’s millionaire population has dropped by 8%, with 16,500 millionaires lost to migration between 2017 and 2023. The 2024 outflow is more than double the 4,200 lost in 2023, signaling an accelerating trend driven by the above factors. This contrasts with countries like the USA, Australia, and the UAE, which have seen significant millionaire growth.
Posts on X reflect similar sentiments, with users citing high taxes and the end of the non-dom status as key drivers, predicting further outflows if tax policies tighten under the Labour government. However, these posts are not conclusive evidence and reflect public sentiment rather than verified data.
In summary, the UK’s millionaire exodus in 2024 is driven by unfavorable tax changes, Brexit-related economic challenges, declining lifestyle appeal, and the availability of more attractive destinations, as outlined in the Henley report and echoed in public discussions.