China to see biggest millionaire exodus in 2024 as many head to U.S.
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China saw the world's biggest outflow of high-net-worth individuals last year and is expected to see a record exodus of 15,200 in 2024, dealing a further blow to its economy. Uncertainty over China's economic trajectory and geopolitical tensions are top of mind for many Chinese millionaires, in dollar terms, who choose to leave their country. The U.S. stands out as the top destination for Chinese millionaires. China last year saw 13,800 high-net-worth individuals depart, mostly to the U.S., Canada, and Singapore. Rich Chinese paused their efforts to move themselves and their fortunes offshore during the COVID-19 pandemic but quickly resumed their emigration after draconian restrictions on travel were lifted. Singapore has traditionally attracted rich Chinese due to its proximity to China, cultural links, and use of Mandarin. The United Arab Emirates remains the most attractive destination for the world's rich with its zero income tax, luxury lifestyle, and 'golden visas' for investors. Hong Kong lost around 500 high-net-worth individuals last year, amid growing concerns over freedom as authorities crack down on dissent. The U.K. is expected to see the second-biggest net loss in 2024 after China this year, at 9,500. South Korea is projected to see a net outflow of 1,200, while Taiwan is forecast to lose 400. Dominic Volek, group head of private clients at Henley & Partners, said 128,000 millionaires are expected to relocate globally in 2024, a record for wealth migration.
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https://asia.nikkei.com/Business/Markets/Wealth-Management/China-to-see-biggest-millionaire-exodus-in-2024-as-many-head-to-U.S
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