Although the impact of the Covid-19 pandemic has now subsided, it has left many economic impacts. So far in 2022, Russia, China and India are the top three countries that have lost the highest number of billionaires, according to recent studies. These countries lost 15,000, 10,000 and 8,000 billionaires respectively, according to a report by global consultancy Henley.
For India, this is not something to worry about right now. Because many new millionaires are emerging in large numbers in India. There has also been an increase in the return of affluent individuals living abroad to India. As the country’s standard of living improves, the wealthy decline in large numbers, they say.
India’s high net worth per capita population is expected to grow by 80 percent by 2031. It will become one of the fastest growing wealth markets in the world during this period. And China’s Huawei 5G service has been banned by several major markets such as Australia, the UK and the US, a major setback for the country.
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Huawei is the crown jewel of China’s hi-tech industry. It could have emerged as the world’s largest technology company had it not been for global intervention. “China’s deteriorating relationship with Australia and the United States is a long-term concern,” Henley said in a statement.
Hong Kong SAR, Ukraine, Brazil, Mexico, the U.K., Saudi Arabia and Indonesia are the countries with the highest net outflow of billionaires in 2022, the report said. High net worth per capita migration figures are a good measure of the health of a country’s economy. The migration of millionaires has been increasing over the past decade, but has slowed in 2020 due to the Covid-19 pandemic, and no country-specific figures are available for 2020 and 2021. It could not be detected due to the Corona period lockdown.
By the end of 2022, 42 percent of Ukraine’s high-net-worth individuals are expected to leave the country. It is also said that this is most likely due to the invasion of Russia. During this period of 2022, the arrival of millionaires will increase in UAE, Israel, USA, Portugal, Canada, Singapore, Australia, New Zealand, Greece and Switzerland.
Almost 80,000 millionaires have moved to Australia in the last two decades. By 2022, 3,500 people have settled. Also, the highest number of millionaires are likely to move to three countries: Malta, Mauritius and Monaco. UAE is expected to have the largest net inflow of high net worth individuals in 2022. Almost 4,000 millionaires are expected to move to the Emirates this year. Most of them will be from Russia, India, Africa and the Middle East.
Notably, Singapore is emerging as a top wealth management hub in Asia, which is expected to drive many affluent individuals to relocate there in the future.
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