According to a report by investment migration consultancy Henley & Partners, China is likely to see a huge exodus of millionaires from its territory.
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According to the information gathered, the Asian country is expected to lose the largest number of millionaires in dollars this year due to migration, when compared to any other country.
Data from Henley & Partners showed that 10,800 high net worth individuals migrated from China in 2022. In addition, another 13,500 are expected to leave this year (2023).
Why are millionaires leaving China?
This veritable exodus of businessmen from China is nothing new. The country has seen the outflow of millionaires increase every year for the past decade.
This even caused a slowdown in the general growth of wealth in the country. So said Andrew Amoils, head of research at the global intelligence firm
wealth New World Wealth, which helped create the report, in an accompanying report. declaration.“Recent departures can be more damaging than usual. China's economy grew strongly from 2000 to 2017, but wealth and millionaire growth in the country have been negligible since then (when measured in US dollar terms),” Amoils told the network. CNBC.
It's not just China that is likely to be affected.
After China, Henley & Partners predicts that India will lose 6,500 net millionaires this year. This represents a net drop of 1,000 for millionaires who left the country in 2022.
“The prohibitive tax legislation, along with complicated and complex rules related to outgoing remittances that are open to misinterpretation and abuse, are just some of the issues that have triggered the investment migration trend from India". That's what Sunita Singh-Dalal, a partner at Private Wealth and family offices at Hourani law firm, said in the same report.
Russia and Ukraine are also on the list of countries that will lose many millionaires in 2023. In contrast, Australia and the United Arab Emirates are the “time balls” that should receive many investors from other countries.
