Charting the Global Decline in Consumer Confidence
Our plans to buy new things, travel, invest, and save money, all rely on one crucial factor—our ability to pay for it.
This ability in turn is dependent on not just our current savings, but our expected income and confidence in the economy, i.e. consumer confidence.
This graphic by Gilbert Fontana uses OECD data from 2019‒2022 to chart the rise and fall of consumer confidence in nine major economies.
What is Consumer Confidence?
Measured at a base value of 100, the Consumer Confidence Index takes consumers’ expectations and sentiments about their financial futures into account to indicate household consumption and saving patterns in the future.
An indicator above 100 means that there is a boost in people’s confidence towards economic prospects. This means that they are less likely to save and more inclined to spend money in the near future.
On the other hand, a value below 100 indicates that consumers are pessimistic about their economic standing in the future. This can result in them saving more and spending less.
Inflation, job losses, and expectations of a not-so-bright financial future can shake this confidence, making consumers think twice about their consumption.
Global Consumers are Becoming Pessimistic
After falling down and quickly recovering during the COVID-19 pandemic in 2020, consumer confidence seems to be trending downwards across the globe.
|Country||Consumer Confidence (Oct 2021)||Consumer Confidence (Oct 2022)|
|🇨🇳 China||103.2||92.1* (Sept 2022)|
|🇰🇷 South Korea||100.7||98.3|
The UK was hit the worst as its Consumer Confidence Index (CCI) dropped down to 92 in 2022, from 100.6 in 2021. Just behind is China, which also fell to 92 in 2022 despite sitting at 103 two years prior.
The remaining countries had CCIs between 96‒98, including France, Germany, and the U.S.
Even with the most optimistic populations and a CCI of 98, South Korea and Australia, were below the ideal 100 mark and indicated pessimism.
The main culprits of this declining confidence in global economic markets including expectations of rising inflation—especially for food and gas—as well as high interest rates, the threats of a looming recession, and layoffs in major sectors.
This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.
Mapped: The Migration of the World’s Millionaires in 2023
Where do the world’s wealthiest people want to live? This map tracks the migration of the world’s High Net Worth Individuals (HNWIs).
Mapping the Migration of the World’s Millionaires 2023
Just like everyone else, High Net Worth Individuals (HNWIs) traveled less than usual during the pandemic, and as a result their migration numbers trended downwards. But millionaires and billionaires are on the move again and it is anticipated that 122,000 HNWIs will move to a new country by the end of the year.
Henley & Partners’ Private Wealth Migration Report has tracked the countries HNWIs have moved from and to over the last 10 years; this map showcases the 2023 forecasts.
In this context, HNWIs are defined as individuals with a net worth of at least $1 million USD.
The Countries Welcoming New Millionaires
The top 10 countries which are likely to become home to the highest number of millionaires and billionaires in 2023 are scattered across the globe, with Australia reclaiming its top spot this year from the UAE.
Here’s a closer look at the data:
|Rank||Country||Projected HNWI Inflow 2023|
|10||🇳🇿 New Zealand||700|
Only two Asian countries make the top 10, with the rest spread across Europe, North America, and Oceania.
Despite historic economic challenges, Greece is projected to gain 1,200 High Net Worth Individuals this year. One reason could be the country’s golden visa program, wherein wealthy individuals can easily obtain residence and eventually EU passports for the right price—currently a minimum real estate investment cost of 250,000 euros is all that’s required.
Many of the leading millionaire destinations are attractive for wealthy individuals because of higher levels of economic freedom, allowing for laxer tax burdens or ease of investment. Singapore, which expects to gain 3,200 millionaires, is the most economically free market in the world.
The Countries Losing the Most Millionaires
China is anticipated to lose 13,500 High Net Worth Individuals this year, more than double as many as the second place country, India (6,500).
Here’s a closer look at the bottom 10:
|Rank||Country||Projected HNWI Outflow 2023|
|6||🇭🇰 Hong Kong SAR||-1,000|
|7||🇰🇷 South Korea||-800|
|9||🇿🇦 South Africa||-500|
In a number of these countries, strict regulatory bodies and corrupt governments can hinder the ease with which HNWIs can manage their own money.
In Russia, many wealthy individuals are facing personal tariffs and trade restrictions from Western countries due to the war in Ukraine. China’s crackdowns on Hong Kong have made it a less attractive place for business. And finally, the UK’s exit from the EU has caused many businesses and individuals to lose the easy movement of labor, finances, and investment that made operations across European borders seamless.
Some of these countries may still be adding homegrown millionaires and billionaires, but losing thousands of HNWIs to net migration does have a considerable economic impact.
Overall, millionaires are increasingly on the move. In the 10 years of reporting—despite a dip during the pandemic—the number of HNWIs moving away from their countries of origin has been growing every year.
Here’s a look at the numbers:
|Year||Projected HNWI Migration|
In a geopolitically fragile but more connected world, it’s no surprise to see millionaires voting with their feet. As a result, governments are increasingly in competition to win the hearts and minds of the world’s economic elite to their side.
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