A new report indicating the migration patterns of high earning individuals between 2003 and 2013 has been released. The report stated that the Britain, specifically the United Kingdom, has the largest number of inflow of high net worth individual. On the other hand, the largest number of outflow was from China. Moreover, due to the high number of wealthy people from Australia, the inflows of high net worth individuals from the Asia Pacific region increased.
According to the International Consultancy firm called the New World Wealth, “high net worth individuals” are those people who earn 1 million US dollars or more. They also stated that these high earning individuals total to up to 144,100. Most of these individuals came from Europe, India, and China. However, the countries in Russia, Africa, and the Middle East were also featured and mentioned in the report.
In first place came the United Kingdom with an inflow far higher than that of the Singapore who came in second place with a net inflow of 45,000. Most of the inflow in Singapore was from China, India, Indonesia, and Europe. Third place went to the United States of America (USA) with a net inflow of 42,400. This may be a drawback to the USA because their net inflow from previous records was astoundingly high due to the country being a destination of choice. Next in line was Australia who admitted a 22,200 net inflow. The bottom of the list included two countries which are Hong Kong with 19,700 net inflows mostly coming from China, and the United Arab Emirates (UAE) with 10,100. This means that the Hong Kong and the UAE may not be a destination of choice for the past decade. But certain factors are still to be considered.
On the other hand, when it comes to the number of outflow, China dominated for the past decade. According to the report, 76,200 high net worth individuals emigrated from China and most of these emigrants went to Hong Kong, Singapore, and the United Kingdom. Came in second place is India with 43,400 outflows wherein emigrants preferred Australia, United Kingdom, and the United States as their primary destinations. Next in line are the French millionaires. Furthermore, the report suggested that most people from Switzerland left their home due to them being declared as threats to their own country for tax purposes. These people were reported to migrate to Singapore, United Kingdom, or the UAE.
The report stated that currently, US got the top spot as the country with the highest number of millionaire citizens with it having over four million millionaires. It was followed by Japan with slightly above one million and then Britain with approximately 815,000 millionaires. By metropolis, the city with the highest number of high net worth individuals were from the United Kingdom with 339,200 millionaires followed by New York with 300,100 and then Tokyo with 226,500.
Based on the report, United Kingdom was the most preferred destination by numerous people in the world. It can then be concluded that this circumstance may be good for the UK but may also be a drawback for them due to a large number of individuals entering a limited location.