About 15% of Russians with more than $ 1 million (8 820,000) in ready-made assets are expected to have migrated to other countries by the end of 2022, according to immigration-based projects by Henley & Partners, a company based in London acting as a proxy between the super-rich and the countries selling their nationalities. “Russia [is] bleeding millionaires, “said Andrew Amoils, head of research at New World Wealth, which collected data on Henley. “Wealthy people are migrating from Russia in steadily increasing numbers every year for the last decade, an early warning sign of the current problems facing the country. “Historically, major country collapses have usually been preceded by an acceleration in the migration of rich people, who are often the first to leave as they have the means to do so.” Ukraine is expected to suffer the largest loss of high net worth (HNWI) as a percentage of its population, with 2,800 millionaires (or 42% of all HNWI in Ukraine) expected to have left the country by the end of the year. The world’s rich have traditionally relocated to the US and the UK, but Henley said the UAE is expected to surpass them as the No. 1 destination for millionaire immigrants. “The United Kingdom has lost its crown of wealth and the United States is rapidly weakening as a magnet for the world’s rich, with the UAE expected to surpass it by attracting the largest net inflow of millionaires worldwide in 2022,” Henley said in a report. which is based on the “systematic monitoring of trends in the international migration of private wealth”. About 4,000 HNWIs are expected to have moved to the UAE by the end of the year, ahead of Australia, which is expected to attract around 3,500, Singapore (2,800) and Israel (2,500). Large numbers of millionaires are also expected to move to the “three Ms”: Malta, Mauritius and Monaco. “Malta has been one of Europe’s great success stories over the past decade, not only in terms of millionaire immigration but also in terms of overall wealth growth,” Amoils said. “It is currently one of the fastest growing markets in the world, with an increase in US dollar wealth of 87% between 2011 and 2021. Its citizenship through the naturalization process has brought significant new wealth to the island nation and is credited with pushing for strong Malta development in many areas, including financial services, IT and real estate. “About 300 millionaires are expected to move to Malta in 2022.” The Guardian reported last year that many wealthy people buying “gold passports” for Malta (and therefore the EU) often planned to spend some time in the country. At the time, Henley said she was “proud of the services she provided to Malta and its people”. The island nation of Mauritius in the Indian Ocean is described by Henley as a “wealth magnet” because of the creation of an international financial center that offers significant tax breaks. The country has no capital gains tax, inheritance tax and a maximum tax rate of 3% of global companies. Subscribe to the daily Business Today email or follow the Guardian Business on Twitter at @BusinessDesk According to Africa Wealth Report 2022, Mauritius now hosts 4,800 HNWIs compared to 2,700 a decade ago. About 150 millionaires are expected to move to Mauritius in 2022, mostly from South Africa and Europe. Monaco has long attracted the world’s super-rich because it does not charge income tax, capital gains tax or real estate tax. Less than seven in 10 people living in Monaco are millionaires in dollars. HNWI’s UK population is expected to shrink by 1,500, bringing the number of people with more than $ 1 million in ready-made assets to 738,000. There are currently just over 15 million HNWIs in the world.
