Money
Millionaire Migrants: Countries That Rich People Are Flocking To
Millionaire Migrants: Countries That Rich People Are Flocking To
The Chart of the Week is a weekly Visual Capitalist feature on Fridays.
Money may not buy happiness, but it does buy the ultimate flexibility for making financial and lifestyle decisions.
For many of the world’s millionaires, money provides a highly effective means to escape their home country when times get tough. They can pack their bags, and move their family and capital to a location that will provide superior opportunities for prosperity.
According to a new report by New World Wealth, this couldn’t have been truer for 2016, as the amount of millionaire migrants increased by 28% from the previous year.
Human and Capital Flight
In 2016, there were a total of 82,000 millionaire migrants that left for greener pastures.
The Top Five Countries (Net Outflows)
| Country | 2016 | 2015 | Change | |
|---|---|---|---|---|
| 1 | France | -12,000 | -10,000 | 20% |
| 2 | China | -9,000 | -9,000 | 0% |
| 3 | Brazil | -8,000 | -2,000 | 300% |
| 4 | India | -6,000 | -4,000 | 50% |
| 5 | Turkey | -6,000 | -1000 | 500% |
France tops the list for a second straight year, as rich people dodge conditions that they consider to be adverse. France has rising religious tensions and populism, but it also has a tax system that is not particularly friendly to the ultra rich. The International Business Times calls the ongoing problem a “Millionaire Exodus”.
China and India both continue to have net outflows of millionaires, but two of the more interesting countries on this list are Brazil and Turkey.
Brazil continues to be deep in economic crisis, with its worst-ever recession likely continuing into its eighth-straight quarter in Q4 2016. The country also recently impeached Dilma Rousseff in August 2016. On the other hand, the Washington Post describes Turkey as a country that is in a “permanent state of crisis”. This may be a fair criticism, since in 2016 there was the assassination of a Russian ambassador, a currency crisis, an economic crisis, and also an attempted military coup.
Like most people, millionaires don’t like uncertainty – and they have the wherewithal and conviction to get out of places that have ongoing issues.
The Top Five Countries (Net Inflows)
| Country | 2016 | 2015 | Increase | |
|---|---|---|---|---|
| 1 | Australia | +11,000 | +8,000 | 38% |
| 2 | USA | +10,000 | +7,000 | 43% |
| 3 | Canada | +8,000 | +5,000 | 60% |
| 4 | UAE | +5,000 | +3,000 | 67% |
| 5 | New Zealand | +4,000 | +2,000 | 100% |
In 2016, Australia was the number one destination for millionaire migrants, with the United States and Canada being close behind.
New Zealand also had the amount of net inflows double, while the UAE remained a popular location for the wealthy in the Middle East.
Wealth
Visualizing the Tax Burden of Every U.S. State
Tax burden measures the percent of an individual’s income that is paid towards taxes. See where it’s the highest by state in this graphic.
Visualizing the Tax Burden of Every U.S. State
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.
This map graphic visualizes the total tax burden in each U.S. state as of March 2024, based on figures compiled by WalletHub.
It’s important to understand that under this methodology, the tax burden measures the percent of an average person’s income that is paid towards state and local taxes. It considers property taxes, income taxes, and sales & excise tax.
Data and Methodology
The figures we used to create this graphic are listed in the table below.
| State | Total Tax Burden |
|---|---|
| New York | 12.0% |
| Hawaii | 11.8% |
| Vermont | 11.1% |
| Maine | 10.7% |
| California | 10.4% |
| Connecticut | 10.1% |
| Minnesota | 10.0% |
| Illinois | 9.7% |
| New Jersey | 9.5% |
| Rhode Island | 9.4% |
| Utah | 9.4% |
| Kansas | 9.3% |
| Maryland | 9.3% |
| Iowa | 9.2% |
| Nebraska | 9.2% |
| Ohio | 8.9% |
| Indiana | 8.9% |
| Arkansas | 8.8% |
| Mississippi | 8.8% |
| Massachusetts | 8.6% |
| Virginia | 8.5% |
| West Virginia | 8.5% |
| Oregon | 8.4% |
| Colorado | 8.4% |
| Pennsylvania | 8.4% |
| Wisconsin | 8.3% |
| Louisiana | 8.3% |
| Kentucky | 8.3% |
| Washington | 8.0% |
| New Mexico | 8.0% |
| Michigan | 8.0% |
| North Carolina | 7.9% |
| Idaho | 7.9% |
| Arizona | 7.8% |
| Missouri | 7.8% |
| Georgia | 7.7% |
| Texas | 7.6% |
| Alabama | 7.5% |
| Montana | 7.5% |
| South Carolina | 7.5% |
| Nevada | 7.4% |
| Oklahoma | 7.0% |
| North Dakota | 6.8% |
| South Dakota | 6.4% |
| Delaware | 6.4% |
| Tennessee | 6.1% |
| Florida | 6.1% |
| Wyoming | 5.7% |
| New Hampshire | 5.6% |
| Alaska | 4.9% |
From this data we can see that New York has the highest total tax burden. Residents in this state will pay, on average, 12% of their income to state and local governments.
Breaking this down into its three components, the average New Yorker pays 4.6% of their income on income taxes, 4.4% on property taxes, and 3% in sales & excise taxes.
At the other end of the spectrum, Alaska has the lowest tax burden of any state, equaling 4.9% of income. This is partly due to the fact that Alaskans do not pay state income tax.
Hate Paying Taxes?
In addition to Alaska, there are several other U.S. states that don’t charge income taxes. These are: Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming.
It’s also worth noting that New Hampshire does not have a regular income tax, but does charge a flat 4% on interest and dividend income according to the Tax Foundation.
Learn More About Taxation From Visual Capitalist
If you enjoyed this post, be sure to check out this graphic which ranks the countries with the lowest corporate tax rates, from 1980 to today.
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