Wealthy individuals are usually quite itinerant. Their movements anticipate future trends in the country. By the end of 2022, more than 80,000 high net worth individuals are expected to move to a new country. And where will these millionaires go?A good part of them will have chosen Portugal as their new residence destination. The reasons for this migration are many.
In the last year, the war between Russia and Ukraine has had a great influence on the decision of a good number of holders of capital. Also, the political and economic scenario in the United Kingdom and the United States has been causing these countries to lose their great power to attract millionaires. This is what Henley Partners’ latest World Citizenship Report shows. This study tracks trends in the displacement of private wealth (people with a net worth of more than $1 million) and investment around the world. Portugal ranks 7th on the list, with a projected arrival of 1,300 new HNWIs (High-Net-Worth Individuals) next year.
Millionaire migration has been a growing trend over the past decade. In 2020, it was heavily impacted by Covid-19, as pandemic-induced blockades prevented people from leaving their home countries. With the easing of restrictions, this movement is gaining momentum again.
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Portugal is becoming a magnet for the world’s rich
The countries that attract wealthy individuals and families to migrate to their shores tend to have some characteristics in common: they are destinations considered “robust,” with low crime, competitive tax rates, and attractive business opportunities. Such is the case with Portugal, considered an “eternal favorite” of the wealthy, according to the survey. In addition, the country offers a highly attractive lifestyle, which is a key factor for this migration.
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According to the study, Portugal continues to attract high net worth individuals, thanks to its Golden Visawhich has attracted a large number of millionaires from Brazil, China, Russia, South Africa and Turkey in the last decade. Among the most popular destinations are Lisbon and the so-called “Algarve Golden Triangle”, which is located 15 km from Faro airport and where most of the region’s luxury properties are located: Quinta do Lago, Vale do Lobo and Vilamoura.
For 2022, a net inflow of about 1,300 high net worth individuals is expected in Portugal.
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The Top 10 Countries Earning Rich in 2022
The United States has been losing its popularity among migrant millionaires. According to the study, this may be due in part to the threat of higher taxes. “The country still attracts more HNWIs than it loses to emigration, with a projected net inflow of 1,500 in 2022, but a staggering 86% drop from 2019, which saw a net inflow of 10,800 millionaires.” Wealth emigration has also been detrimental in China, where there is a net outflow of 10,000 HNWI projected for 2022, according to the report.
The top 10 destinations for high net worth individuals in 2022 are expected to be:
- United Arab Emirates;
- Australia;
- Singapore;
- Israel;
- Switzerland;
- USA;
- Portugal;
- Greece;
- Canada;
- New Zealand.
It is also expected that a large number of millionaires will migrate to “the three Ms”: Malta, Mauritius and Monaco.
Top 10 Countries Losing Rich in 2022;
In the opposite direction, in 10 countries the largest outflows of high net worth individuals are predicted. On the list are:
- Russia;
- China;
- India;
- Hong Kong;
- Ukraine;
- Brazil;
- United Kingdom;
- Mexico;
- Saudi Arabia;
- Indonesia.
