Australia had the highest influx of high-net-worth individuals in 2023

Where have all the millionaires gone? Down Under, it would seem.

Australia had the highest inflow of high-net-worth individuals in 2023, according to new findings from London-based investment migration consultancy Henley & Partners. The report, which defines HNWIs as people with at least US$1 million in assets, noted that roughly 120,000 millionaires migrated to a new country this year, with that number set to increase to 128,000. Over the last two decades, Australia has logged 82,000 newcomers, and this year, approximately 5,200 millionaires are expected to make the country their new home.

“Australia consistently attracts sizeable numbers of millionaires every year, mainly from Asia and Africa, but more recently also from high-income countries such as the U.K.,” explained Andrew Amoils, head of research at New World Wealth, which collaborated with Henley & Partners on the report. The study attributed Australia’s appeal to its safety, low tax rates, healthcare system, and advanced economy. Of course, the country’s high quality of life, wide open spaces, and natural beauty are also draws.

The UAE, Singapore, Switzerland, and the U.S. were also among the top five destinations with the highest net inflows of millionaires in 2023. The Emirates clocked approximately 4,500 high-net-worth individuals this year, most of whom are drawn to the area’s prime real estate and safe haven status.

“Pre-pandemic, the UAE traditionally saw net inflows of around 1,000 high-net-worths per year,” the report said, with most incoming millionaires in 2023 expected to come from India, with large numbers also coming from the U.K., Russia, Lebanon, Pakistan, Turkey, Egypt, South Africa, Nigeria, Hong Kong, and China.

The United States attracted around 2,100 high-earning newcomers. Per the report, those people mainly hail from Asia and work in the entertainment, finance, or tech industries. Singapore and Switzerland also maintained their status as wealthy hubs. The former is forecast to welcome 3,200 HNWIs, while the so-called “playground of Europe” is projected to attract a net inflow of approximately 1,800 high-net-worth individuals in 2023.

Conversely, countries including the U.K., China, India, Russia, and Brazil saw the world’s largest exodus of millionaire residents. This year, the U.K. had about a 3,500 drop in HNWIs, while China has been negligible since 2017. “General wealth growth in the country has been slowing over the past few years, which means that the recent outflows could be more damaging than usual,” the report said.

This story was first published on Robb Report USA