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The UAE ranks first for migrant millionaires; United States “Fading Fast”, China Falls

The United Arab Emirates will lead the world in attracting millionaires to its economy this year, according to a forecast by the Henley Global Citizens Report released in London on Monday.

The United Arab Emirates, Australia, Singapore, Israel, Switzerland, the United States, Portugal, Greece, Canada and New Zealand ranked in the top 10 for attracting US dollar millionaires, a group they also call the High Net Worth Individuals, or HNWI.

The 10 countries with the highest net outflows are expected to be Russia, China, India, Hong Kong, Ukraine, Brazil, the United Kingdom, Mexico, Saudi Arabia and Indonesia, a Henley said, citing data from research firm New World Wealth.

“A tsunami of private capital has left Russia and Ukraine, the United Kingdom has lost its crown as a center of wealth and the United States is rapidly fading as a magnet for the world’s rich, the United Arab Emirates united to surpass it in attracting the largest net inflows of millionaires in the world in 2022,” according to Henley, who tracks trends in private wealth and investment migration around the world. Russian immigrants and adopted regulations to attract private wealth, capital and talent, according to the report.

“America is significantly less popular among migrant millionaires today than it was before Covid, perhaps in part because of the threat of higher taxes. The country still attracts more HNWIs than it did loses to emigration, with a net inflow of 1,500 projected for 2022, although this is a staggering 86% drop from 2019 levels, which saw a net inflow of 10,800 millionaires,” according to Henley.

Wealth emigration is starting to hurt in China, with net outflows of 10,000 HNWIs expected in 2022, according to the report. “The general growth of wealth in the country has slowed in recent years. As such, recent HNWI departures could be more damaging than in the past. China’s deteriorating relationship with Australia and the United States is also a major long-term concern,” said Andrew Amoils, head of research at New World Wealth.

“Countries that attract wealthy individuals and families to migrate to their shores tend to be robust, with low crime rates, competitive tax rates and attractive business opportunities,” Amoils said.

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