Money
Mapping the Migration of the World’s Millionaires
Mapping the Migration of the World’s Millionaires
Throughout 2022, a projected 88,000 millionaires will move to a new country, according to the latest Henley Global Citizens Report.
Which countries are these millionaires moving to, and where in the world are they coming from?
This graphic maps the migration of high net worth individuals (HNWIs)—people with a net worth of over US$1 million—showing where rich people are flocking, and where they’re fleeing.
Migration of Millionaires is Back
Before diving into the country-specific data, it’s worth taking a step back to look at overall millionaire migration trends, and how things are changing this year.
2020 saw a drastic drop in the number of millionaire migrants, as pandemic-induced lockdowns kept people from leaving their home countries—and at times, their homes in general.
But as restrictions ease and countries begin to open up their borders again, the migration of millionaires is beginning to gather steam once again:
| Year | # of HNWIs that migrated | Y-o-y change |
|---|---|---|
| 2018 | 108,000 | 14% |
| 2019 | 110,000 | 2% |
| 2020 | 12,000 | -89% |
| 2021 | 25,000 | 108% |
| 2022P | 88,000 | 252% |
| 2023P | 125,000 | 42% |
Below, we’ll dive into which countries are seeing the highest number of HNWI migrants, and which ones are losing the most HNWIs.
Which Countries Are Millionaires Leaving?
There are a plethora of reasons why the ultra-rich move countries. Escaping conflict is one of them, which is why it’s no surprise to see Russia and Ukraine are projected to see some of the biggest emigration numbers by the end of 2022.
Here are the top 10 countries by millionaire outflows:
| Country | Projected net outflows of HNWIs (2022) | % of HNWIs lost |
|---|---|---|
| 🇷🇺 Russia | 15,000 | 15% |
| 🇨🇳 China | 10,000 | 1% |
| 🇮🇳 India | 8,000 | 2% |
| 🇭🇰 Hong Kong | 3,000 | 2% |
| 🇺🇦 Ukraine | 2,800 | 42% |
| 🇧🇷 Brazil | 2,500 | 2% |
| 🇬🇧 UK | 1,500 | 0% |
| 🇲🇽 Mexico | 800 | 0% |
| 🇸🇦 Saudi Arabia | 600 | 1% |
| 🇮🇩 Indonesia | 600 | 1% |
Figures rounded to the nearest 100.
While Russia is expected to see 15,000 millionaires leaving the country, Ukraine is projected to experience the highest loss in percentage terms—a whopping 42% of its HNWIs could leave the country by the end of 2022.
China could also see a big loss in its millionaire population, with a projected loss of 10,000.
According to Andrew Amoils, Head of Research at New World Wealth, this could be more damaging to the country than in previous years, since general wealth growth in China has declined recently.
Where Are The Ultra-Rich Moving?
The United Arab Emirates (UAE) has become a millionaire magnet, with a projected 4,000 HNWIs flowing into the country by the end of 2022. This influx of ultra-wealthy people is partly because of the country’s accommodating immigration policies that are specially tailored to attract private wealth and international talent.
Here are the top 10 countries that saw millionaire inflows:
| Country | Projected net inflows of HNWIs (2022) | % of HNWI Gained |
|---|---|---|
| 🇦🇪 UAE | 4,000 | 4% |
| 🇦🇺 Australia | 3,500 | 1% |
| 🇸🇬 Singapore | 2,800 | 1% |
| 🇮🇱 Israel | 2,500 | 2% |
| 🇺🇸 USA | 1,500 | 0% |
| 🇵🇹 Portugal | 1,300 | 2% |
| 🇬🇷 Greece | 1,200 | 3% |
| 🇨🇦 Canada | 1,000 | 0% |
| 🇳🇿 New Zealand | 800 | 1% |
Australia continues to attract HNWIs, coming in second behind the UAE. According to New World Wealth, approximately 80,000 millionaires have moved to the Land Down Under in the last two decades.
A few things that attract migrants to Australia are the country’s low costs of healthcare, its lack of inheritance tax, and its generally prosperous economy.
Where does this data come from?
Source: Henley Global Citizens Report 2022
Data notes: As countries reopen, and the invasion of Ukraine wears on, this will have ripple effects on where people choose to live. There are two main things to keep in mind when view the information above. 1) Individuals need to remain in a country for six months in order to be updated in the database. In many cases, it’s not yet clear where people leaving certain countries choosing to relocate. 2) In the graphic above, we’ve visualized the top 10 countries for inflows and outflows.
Update: This article and graphic have been updated to more clearly explain what’s being shown, and list the data source in a more prominent way. We appreciate your feedback.
Markets
Top 10 Countries Most in Debt to the IMF
Argentina tops the ranking, with a debt equivalent to 5.3% of the country’s GDP.
Top 10 Countries Most in Debt to the IMF
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.
Established in 1944, the International Monetary Fund (IMF) supports countries’ economic growth by providing financial aid and guidance on policies to enhance stability, productivity, and job opportunities.
Countries seek loans from the IMF to address economic crises, stabilize their currencies, implement structural reforms, and alleviate balance of payments difficulties.
In this graphic, we visualize the 10 countries most indebted to the fund.
Methodology
We compiled this ranking using the International Monetary Fund’s data on Total IMF Credit Outstanding. We selected the latest debt data for each country, accurate as of April 29, 2024.
Argentina Tops the Rank
Argentina’s debt to the IMF is equivalent to 5.3% of the country’s GDP. In total, the country owns more than $32 billion.
| Country | IMF Credit Outstanding ($B) | GDP ($B, 2024) | IMF Debt as % of GDP |
|---|---|---|---|
| 🇦🇷 Argentina | 32 | 604.3 | 5.3 |
| 🇪🇬 Egypt | 11 | 347.6 | 3.1 |
| 🇺🇦 Ukraine | 9 | 188.9 | 4.7 |
| 🇵🇰 Pakistan | 7 | 374.7 | 1.8 |
| 🇪🇨 Ecuador | 6 | 121.6 | 4.9 |
| 🇨🇴 Colombia | 3 | 386.1 | 0.8 |
| 🇦🇴 Angola | 3 | 92.1 | 3.2 |
| 🇰🇪 Kenya | 3 | 104.0 | 2.8 |
| 🇬🇭 Ghana | 2 | 75.2 | 2.6 |
| 🇨🇮 Ivory Coast | 2 | 86.9 | 2.3 |
A G20 member and major grain exporter, the country’s history of debt trouble dates back to the late 1890s when it defaulted after contracting debts to modernize the capital, Buenos Aires. It has already been bailed out over 20 times in the last six decades by the IMF.
Five of the 10 most indebted countries are in Africa, while three are in South America.
The only European country on our list, Ukraine has relied on international support amidst the conflict with Russia. It is estimated that Russia’s full-scale invasion of the country caused the loss of a third of the country’s economy. The country owes $9 billion to the IMF.
In total, almost 100 countries owe money to the IMF, and the grand total of all of these debts is $111 billion. The above countries (top 10) account for about 69% of these debts.
-
Maps7 days agoMapped: Southeast Asia’s GDP Per Capita, by Country
-
Markets2 weeks agoVisualizing Global Inflation Forecasts (2024-2026)
-
United States2 weeks agoCharted: What Southeast Asia Thinks About China & the U.S.
-
United States2 weeks agoThe Evolution of U.S. Beer Logos
-
Healthcare1 week agoWhat Causes Preventable Child Deaths?
-
Energy1 week agoWho’s Building the Most Solar Energy?
-
Markets1 week agoMapped: The Most Valuable Company in Each Southeast Asian Country
-
Technology1 week agoMapped: The Number of AI Startups By Country