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China is set to lose more billionaires than any other country in 2024.
Henley & Partners predicted the country will be the “biggest billionaire loser” again this year. 2024 Personal Asset Movement Report The firm released the findings on Tuesday, drawing on New World Wealth data from a survey of more than 150,000 high-net-worth individuals. The firm publishes the report annually.
According to Henry’s report, the net outflow of people with at least $1 million in liquid investable assets from China will reach 15,200 this year.
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According to a provisional estimate from an investment migration advisory firm, some 128,000 wealthy individuals will pack their bags and move to new countries in 2024, 8,000 more than in 2023.
Henley & Partners reported that the largest net exodus of people with assets of more than $1 million will occur in the following 10 countries, including China:
1. China: Net departures: 15,200
Traffic flows at sunset in Zhongguancun, Haidian District, Beijing, China on May 14, 2024. (Photo by Costfoto/NurPhoto via Getty Images) (Costfoto/NurPhoto via Getty Images / Getty Images)
2. United Kingdom: Net departures: 9,500
The most searched destination for overseas travel in the summer of 2024 was London, England. (iStock/iStock)
3. India: Net departures: 4,300
Residential and commercial buildings in Mumbai, India, Monday, Feb. 19, 2024. India recorded its highest home sales since 2008. Photo by Dheeraj Singh/Bloomberg via Getty Images (Dhiraj Singh/Bloomberg via Getty Images/Getty Images)
4. South Korea: Net departures: 1,200
A train crosses a bridge in Yeouido Financial District in Seoul, South Korea, Sunday, Oct. 22, 2023. South Korea is set to release its gross domestic product (GDP) statistics on Oct. 26. Photo by Sungjun Cho/Bloomberg via Getty Images (Sungjun Cho/Bloomberg via Getty Images/Getty Images)
5. Russia: Net emigration of 1,000 people
A photo taken on February 1, 2022 shows the Kremlin’s Vodovzvodnaya Tower (left) and the Russian Foreign Ministry building (right) in Moscow. (Natalia Kolesnikova/AFP) (Natalia Kolesnikova/AFP via Getty Images) (Photo by NATALIA KOLESNIKOVA/AFP via Getty Images) / Getty Images
6. Brazil: Net departures: 800
Skyline city of Sao Paulo, Brazil. (Photo by Gef Reis/AGB Photo Library/Universal Image Group via Getty Images) (Gef Reis/AGB Photo Library/Universal Image Group via Getty Images/Getty Images)
7. South Africa: 600 net departures
Aerial photo of Cape Town, South Africa. (iStock/iStock)
8. Taiwan: Net emigration of 400 people
The Taipei 101 building and other buildings are illuminated at dusk in Taipei, Taiwan, Tuesday, Jan. 26, 2021. Taiwan is set to release its gross domestic product (GDP) statistics on Jan. 29. Photo by I-Hwa Cheng/Bloomberg via Getty Images (Yi-Hwa Chen/Bloomberg via Getty Images/Getty Images)
9. Nigeria: Net exodus of 300
Skyline of the business district of Lagos, Nigeria’s largest city with a population of over 12 million. West Africa. (Photo by Education Images/Universal Images Group via Getty Images) (Education Images/Universal Images Group via Getty Images/Getty Images)
10. Vietnam: Net emigration of 300 people
LOTTE, HANOI, VIETNAM – 07/02/2015: Aerial view of Hanoi. (Photo by Chau Doan/LightRocket via Getty Images) (Chau Doan/LightRocket via Getty Images)
China has had the world’s largest net loss of wealth for quite some time, including last year, Henry said.
Following this, the UK and India have switched places compared to last year. The UK is projected to see a net outflow of 5,200 people in 2024, while India will see a decline of 800 people compared to 2023, the report said.
“China and India have seen high net outflows because their large economies have been successful in creating new billionaires. But China’s wealth growth has slowed in recent years, meaning sustained losses could become more severe over time,” Hannah White, CEO of the Government Institute, said in a press release.
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Henry said the motivations for millionaires to move range from business opportunities and lifestyle to taxes and safety.
Dominic Borek, head of private clients at Henley & Partners Group, said billionaires are “voting with their feet in record numbers” this year as the world “faces a perfect storm of geopolitical tensions, economic uncertainty and social unrest.”
On the flip side of the countries expected to see the largest net outflows in 2024, the United Arab Emirates (UAE) is the most popular destination for wealthy migrants, with a net outflow of 6,700, the report predicts. The country, which also ranked first in 2022, has policies that are particularly favorable to the wealthy.
A report released in March by Henley & Partners found that the United States is the country with the largest number of billionaires living in the world.
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