M


illionaire migration is expected to


top


128,000 this year, up from 2023’s total of


120,000, itself well over twice the figure recorded a decade earlier. And as the years have passed, so has the choice of nations grown. While the US used to be the default option for many – and remains home to 37% of people globally with more than $1 million of liquid investable assets – the attraction of other nations has grown progressively in recent years. “The ‘American dream’ was


built by migrants and the world’s millionaires continue to flock to its shores, although net inflows for 2023 were well below the likes of Australia, Singapore and the UAE,”


says Mehdi Kadiri, managing partner and head of North America at Henley & Partners, the global consultancy in residence and citizenship by investment. “While the USA saw a dip in high-net-worth individual inflows during the pandemic, 2023 marked a recovery with a net inflow of 2,200 millionaires compared to 1,500 in 2022. 2024 is projected to see another net rise in excess of 3,500 based on current trends. However, all these figures still fall short of peak levels of 5,000-plus per year seen prior to 2019.” Mr Kadiri said that the US


remained a top attraction for wealthy tech entrepreneurs and engineers, especially from Asia, Europe and the UK. But


he added: “Recent years have exposed cracks in the facade. Civil unrest and brazen political attacks on democracy and the rule of law, coupled with eroding social cohesion, raise tough questions about America’s future stability and ability to attract global talent over the longer term.”


GOLDEN VISAS The forecast that HNW migration was set to reach a new high this year might have come as something of a surprise at a time when an increasing number of countries are abolishing or imposing restrictions on so-called ‘golden visas’ – visas that offer wealthy foreigners the right to residency if they invest minimum amounts in the local economy.


57


GLOBAL MOBILITY


MIGRATION


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