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Mapping the Global Migration of Millionaires

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millionaire migration map

The world’s wealthiest people are also the most mobile.

High net worth individuals (HNWIs) – persons with wealth over US$1 million – may decide to pick up and move for a number of reasons. In some cases they are attracted by jurisdictions with more favorable tax laws, or less pollution and crime. Sometimes, they’re simply looking for a change of scenery.

Today’s graphic, using data from the annual Global Wealth Migration Review, maps the migration of the world’s millionaires, and clearly shows which countries are magnets for the world’s rich, and which countries are seeing a wealth exodus.

The Flight of the Millionaires

It’s no secret that China has been a wealth creation machine over the past two decades. Although the country is still making a number of its citizens very wealthy, over 15,000 Chinese HNWIs still chose to migrate to other countries in 2018 – the most significant migration of any country.

Here’s a look at the top countries by HNWI outflows:

CountryNet Outflow of NHWIs (2018)% of HNWIs lost
🇨🇳 China15,0002%
🇷🇺 Russia7,0006%
🇮🇳 India5,0002%
🇹🇷 Turkey4,00010%
🇫🇷 France3,0001%
🇬🇧 United Kingdom3,0000%
🇧🇷 Brazil2,0001%
🇸🇦 Saudi Arabia1,0002%
🇮🇩 Indonesia1,0002%

Figures rounded to nearest 1000.

Unlike the middle class, wealthy citizens have the means to pick up and leave when things start to sideways in their home country. An uptick in HNWI migration from a country can often be a signal of negative economic or societal factors influencing a country.

This is the case in Turkey, which has been rocked by instability, mass protests, and an inflation rate estimated to be in the triple-digits by some sources.

For the third straight year, Turkey lost more than 4,000 millionaires. An estimated 10% of Turkey’s HNWIs fled in 2018, which is concerning because unlike China and India, the country is not producing new millionaires in any significant number.

Millionaire Magnets

Time-honored locations – such as Switzerland and the Cayman Islands – continue to attract the world’s wealthy, but no country is experiencing HNWI inflows quite like Australia.

The Land Down Under has a number of attributes that make it an attractive destination for migrating millionaires. The country has a robust economy, and is perceived as being a safe place to raise a family. Even better, Australia has no inheritance tax and a lower cost of health care, which can make it an attractive alternative to the U.S.

In 2018, Australia jumped ahead of both Canada and France to become the seventh largest wealth market in the world.

Here’s a look at HNWI inflows around the world:

CountryNet Inflow of HNWIs (2018)% of HNWI Gained
🇦🇺 Australia12,0003%
🇺🇸 United States10,0000%
🇨🇦 Canada4,0001%
🇨🇭 Switzerland3,0001%
🇦🇪 United Arab Emerates2,0002%
🇧🇲 Caribbean*2,0003%
🇳🇿 New Zealand1,0001%
🇸🇬 Singapore1,0000%
🇮🇱 Israel1,0001%
🇵🇹 Portugal1,0002%
🇬🇷 Greece1,0002%
🇪🇸 Spain1,0001%

Figures rounded to nearest 1000. *Bermuda, Cayman Islands, Virgin Islands, St Barts, Antigua, St Kitts & Nevis, etc

Greece, which was one of the worst performing wealth markets of the last decade, is finally seeing a modest inflow of millionaires again.

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Countries

Mapped: The Population of China and India in Perspective

We compare the populations of India and China to other top countries and regions for a unique perspective on the world’s demographics.

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The Population of China and India in Perspective

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

China and India, the world’s two most populous countries, each boast populations exceeding 1.4 billion people.

To put this into perspective, we visualized populations of China and India beside other leading countries and regions. All figures are for 2023, and were accessed via Worldometer.

Data and Key Takeaways

All of the data we used to create this graphic is listed in the table below.

Country / RegionPopulation (2023)
🌍 Africa1,460,481,772
🇮🇳 India1,428,627,663
🇨🇳 China1,425,671,352
🌎 Latin America & the Caribbean664,997,121
🇪🇺🇬🇧 EU plus UK516,659,018
🇺🇸 U.S.339,996,563
🇮🇩 Indonesia277,534,122

From these figures, we can see that the entire population of Africa (currently the fastest growing region in the world) barely surpasses that of China and India.

The populations of China and India are each more than double the size of Latin America and the Caribbean, and nearly triple that of the European Union (including the UK).

Fast Facts on Global Population

Here are some important figures to know regarding the world’s population:

  • China accounts for 17.7% of the world’s population, while India represents a slightly larger 17.8% share.
  • Africa is the fastest growing region in the world, with annual growth of about 2.4%.
  • Europe is the only region in the world that is shrinking, at about -0.17% annually.

Learn More About Demographics from Visual Capitalist

If you enjoy graphics like these, be sure to check out Population Projections: The World’s 6 Largest Countries in 2075.

It reveals a startling contrast between the trajectories of China and India, with the latter peaking at 1.7 billion in the mid-2060s.

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