Portugal is ranked among the top 10 countries worldwide expected to attract the most millionaires in 2024.
According to insights from New World Wealth, as highlighted in The Henley Private Wealth Migration Report 2024, approximately 128,000 millionaires are expected to relocate to new countries in 2024, with the UAE and the USA leading the list of preferred destinations.
Portugal has experienced a significant influx of wealthy individuals over the past decade, particularly from mainland Europe, the UK, Brazil, South Africa, China, Turkey, and the USA. Despite recent adjustments to its popular Golden Residence Permit Program, Portugal is expected to remain a top destination for millionaires in the coming year. The latest data ranks Portugal 9th on the list of top 10 countries for millionaire migration, with over 800 millionaires predicted to choose Portugal’s sunny climate, boasting more than 300 days of sunshine annually, in 2024.
Millionaire magnet destinations
Data insights reveal that the UAE continues to be the top destination for millionaires for the third consecutive year, with a record-breaking net inflow of 6,700 millionaires expected in 2024. The UAE has seen a significant increase in the number of Britons and Europeans moving there, attracting nearly twice as many millionaires as its closest rival, the United States, which is forecast to welcome 3,800 millionaires in 2024.
Singapore retains its position in 3rd place with a net inflow of 3,500 millionaires, while Canada and Australia follow closely behind in 4th and 5th place with net inflows of 3,200 and 2,500, respectively. Other European favorites such as Italy (2,200), Switzerland (1,500), Greece (1,200), and Portugal (800) also make it into the Top 10 for net millionaire inflows. Additionally, Japan is projected to see a net inflow of 400 wealthy migrants, driven partly by an increase in the number of Chinese high-net-worth individuals (HNWIs) relocating to Tokyo, a trend that accelerated post-Covid.
UK trend
The report forecasts an unprecedented net loss of 9,500 millionaires from the UK in 2024, making it the second-largest outflow worldwide, behind only China. This represents more than double the 4,200 millionaires who left the country in 2023, a record-setting year, and significantly exceeds the 1,600 high-net-worth individuals (HNWIs) who departed in 2022.
Historically, the UK—particularly London—has been one of the world’s leading destinations for migrating millionaires. From the 1950s to the early 2000s, it consistently attracted wealthy families from mainland Europe, Africa, Asia, and the Middle East. However, this trend began to shift around a decade ago, as more millionaires started leaving the country, and fewer were arriving. Between 2017 and 2023, following Brexit, the UK saw a net loss of 16,500 millionaires. Provisional estimates for 2024 suggest the outflow will accelerate, with a projected loss of 9,500 millionaires this year alone.
Countries forecast to lose the most millionaires in
2024
China is on track to see the largest net outflow of millionaires globally once again, with an estimated 15,200 high-net-worth individuals (HNWIs) expected to leave the country in 2024, up from 13,800 in 2023. In contrast, India has managed to reduce its wealth exodus, dropping to 3rd place behind the UK, with 4,300 millionaires projected to depart in 2024, compared to 5,100 the previous year.
South Korea’s millionaire flight is forecast to increase, with a net loss of 1,200 HNWIs in 2024, up from 800 in 2023. Meanwhile, the mass exodus of millionaires from Russia following the outbreak of the Ukraine war appears to be significantly slowing, with only 1,000 millionaires expected to leave this year, a sharp decline from 8,500 in 2022 and 2,800 in 2023.
Beyond China, the UK, India, South Korea, and Russia, other countries in the Top 10 for millionaire outflows include Brazil, with a projected loss of 800 millionaires, followed by South Africa (-600), Taiwan (-400), and both Vietnam and Nigeria, which are each set to lose 300 millionaires.
As noted by Volek in the report, “The countries with the greatest growth in high-net-worth individuals continue to be those that have implemented policies aimed at attracting millionaires. Nine of the Top 10 destinations for millionaire migration in 2024 have formal investment migration programs and actively promote foreign direct investment in exchange for residence or citizenship rights.”
The megatrend of investment migration
Among the most sought-after residence programs for Henley & Partners’ clients in 2024, Portugal’s Golden Residence Permit Program remains a popular option, despite the removal of its real estate-linked investment route. Similarly, Greece’s Golden Visa Program and Spain’s Residence by Investment Program continue to attract significant interest. When it comes to citizenship options, Malta’s Citizenship by Naturalisation for Exceptional Services by Direct Investment—allowing foreign individuals and their families to obtain citizenship through contributions to the country’s economic development—remains a top choice. In the Caribbean, Antigua and Barbuda’s Citizenship by Investment Program and Grenada’s Citizenship by Investment Program continue to draw affluent individuals and their families seeking global mobility.
As Volek concludes in the report, “Countries with the greatest growth in high-net-worth individuals are those that have implemented policies specifically designed to attract millionaires. Nine of the Top 10 countries drawing the most millionaires in 2024 have formal investment migration programs and actively encourage foreign direct investment in exchange for residence or citizenship rights.”
Why millionaire migration matters?
Millionaire migration trends serve as a key indicator of a country’s economic health, particularly in terms of outflows. When a nation is experiencing a significant loss of millionaires, it often signals underlying economic challenges. On the other hand, countries that attract wealth and talent benefit from increased foreign exchange revenue, new business opportunities, boosted stock markets, and job creation.
The figures presented in the graphic are provisional estimates for the entire year of 2024, based on year-to-date HNWI movements up until June 2024. The numbers are rounded to the nearest 100, and “millionaires” or “HNWIs” refer to individuals with liquid investable wealth of USD 1 million or more.
To read the full Henley Private Wealth Migration Report 2024, visit the online version.
