The rich are on the move… and not where you might expect. In 2024, thousands of millionaires are packing their bags and leaving their home countries behind. These aren’t just isolated cases.
The numbers tell a story of economic worries, political shifts, and changing opportunities worldwide. Below are the countries seeing the biggest exodus of high-net-worth individuals this year.
10. Vietnam
Vietnam starts out the list with a projected loss of 300 millionaires in 2024. Even as the country becomes a growing manufacturing hub, many of its affluent citizens are looking for better lifestyle and investment options abroad.
9. Nigeria
Nigeria is also on track to lose 300 millionaires this year. Wealthy Nigerians often relocate to countries with better healthcare, education, and financial systems. Political instability and economic challenges have contributed to this outward flow.
8. Taiwan
Taiwan is expected to see 400 millionaires move abroad in 2024. While Taiwan remains a hub for tech and innovation, rising regional tensions—especially with mainland China—are pushing some of the island’s richest to consider life elsewhere.
7. South Africa
South Africa will likely lose 600 millionaires this year. This continues a trend of wealth migration driven by concerns over safety, political stability, and economic outlook. High-net-worth individuals are increasingly turning to countries with stronger infrastructure and perceived safety.
6. Brazil
Brazil is forecast to see 800 millionaires leave in 2024. The country continues to face economic volatility and political tension, which often motivates wealthy individuals to look for stability elsewhere. Many Brazilian millionaires have long favored destinations like Portugal, the U.S., and Spain.
5. Russia
Russia, still reeling from ongoing international sanctions and geopolitical isolation, is projected to lose 1,000 millionaires in 2024. Many wealthy Russians have already moved their money and lives elsewhere, especially in Europe and the Middle East, and the trend shows no signs of slowing down.
4. South Korea
South Korea is expected to lose 1,200 millionaires this year. This isn’t a massive number compared to China or the UK, but it’s still a clear sign that some wealthy South Koreans are seeking greener pastures. The reasons may include investment opportunities abroad and interest in more diversified global lifestyles.
3. India
India will likely see 4,300 millionaires depart in 2024. While India’s overall economy is growing, many of its richest citizens are choosing to live abroad. Factors like tax concerns, education opportunities, and lifestyle upgrades are part of the equation. Many are relocating to countries that offer residency or citizenship by investment.
2. United Kingdom
The UK is expected to lose 9,500 millionaires this year. This comes after it already lost 16,500 in the six years following Brexit. For a country that once attracted rich families from all over the world, this shift is dramatic. The political and economic fallout from Brexit continues to ripple through the British economy, and the wealthy are clearly feeling it.
1. China
China tops the list with a projected loss of 15,200 millionaires in 2024. That’s more than any other country by a wide margin. A combination of economic uncertainty and geopolitical tensions has wealthy Chinese citizens looking for more stable ground. This trend has been building over the past few years, and 2024 is shaping up to be a record-breaking year for millionaire outflows.
Bottom line? The global elite are voting with their passports. While some countries are emerging as havens for the wealthy, others are struggling to hold on to their richest residents. Keep an eye on these trends—where millionaires go, economic power often follows.
