Economy

Millionaires flock to UK and Singapore in global migration trends

Melinda Oliver /

High net worth individuals (HNWI) have flocked to the UK, Singapore and the US in the last decade, a report looking at the migration of millionaires reveals.

The New World Wealth study of World City Millionaire Rankings, March 2014, found that 114,100 HNWI migrated to the UK, bringing the number to 815,000. They were likely to come from Europe, China and India, as well as Russia, the Middle East and Africa.

Singapore was the second most popular place to benefit from millionaire migration, with 45,000 HNWI moving there, to bring the number to 225,000. HNWI moving to Singapore were likely to come from China, Indonesia, India and Europe.

In third place was the USA, with 42,400 HNWI migrating there, bringing the number to 4.3 million. Migrants to the US were predominantly from UK, Europe, India and Russia.

Australia was fourth most popular with HNWI migrants, with 22,200 making it home, bringing the figure to 158,300. They predominantly came from the Asia-Pacific region, as well as the UK, Europe and South Africa.

Other countries to see HNWI individuals make it their home included Hong Kong with 19,700, Canada with 13,600 and the UAE with 10,100 arriving.

The countries to see the biggest outflow of HNWIs were China, with 76,200 leaving, predominantly for Hong Kong, Singapore and the UK.

India was second, with 43,400 departing, predominantly to the UK, US and Australia. French millionaires were also keen to leave France, with 31,700 moving out, predominantly to the UK and Switzerland.

The most millionaires in the world live in the US, followed by Japan, the UK, Germany and China. Australia ranked 14th on the list of having the most millionaires, with 158,300.

The top cities for worldwide millionaires were London at 339,200, New York City at 300,100, Tokyo at 226,500 and Singapore at 225,000. Sydney ranked 23rd on the list for millionaires, with 59,800, while Melbourne ranked 29th with 38,000.

New World Wealth tracked the migration of millionaires form 2003 to 2013. A HNWI was classified as having net assets of US $1 million or more, excluding their primary residence.

SmartCompany recently reported on the millionaire Olympians taking part in the 2014 Sochi Winter Olympics, as well as the millionaires driving in the Melbourne Formula One Grand Prix 2014.

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