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Laxman Pai, Opalesque Asia: The UK is expected to see a net outflow of 3,200 high-net-worth individuals (HNWIs) in 2023 - higher than the projected 3,000 net loss for Russia, said a study.
This will make the UK the third-biggest loser of millionaires globally after China (net loss of 13,500) and India (net loss of 6,500), according to the Henley Private Wealth Migration Report 2023, which tracks wealth and investment migration trends worldwide.
As it has for the past decade, China continues to lose the largest number of dollar millionaires each year to migration. Andrew Amoils, Head of Research at New World Wealth, explains that "general wealth growth in China has been slowing over the past few years, which means that the recent outflows could be more damaging than usual.
Although the second-biggest loser globally, India's net exit numbers are predicted to drop to 6,500 in 2023 compared to last year (7,500) and as Amoils points out, "these outflows are not particularly concerning as India produces far more new millionaires than it loses to migration."
The UK (3,200) and Russia (3000 vs 8,500 in 2022 following its invasion of Ukraine) sit in 3rd and 4th place respectively, with Brazil (1,200), Hong Kong (SAR China) (1,000 - less than half the actual net outflow in 2022), South Korea (800 - double the net outflow in 2022), Mexico (700), South Africa (500), and Japan (300 compared to last year's net loss of 100) making up the rest of the To...................... To view our full article Click here
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