The Henley Private Wealth Migration Report, which examines global wealth and investment migration trends, has predicted a net outflow of 13,500 high-net-worth people (HNWIs) from China in 2023.

The report which was seen by Peoples Gazette on Tuesday, detailed that China’s projected HNWIs outflow surpassed India’s 6,500 net HNWIs loss projection. 

Following behind India is the United Kingdom at 3,200 and Russia at 3,000 net HNWIs loss projection.

For UK, the forecasted HNWI flight is expected to be twice as large as the one from last year when 1,600 millionaires left the country net.

Juerg Steffen, CEO of Henley & Partners, commented on the trend, stating that there has been a steady increase in millionaire migration over the last decade, with global statistics for 2023 and 2024 estimated to be 122,000 and 128,000, respectively.

Mr Steffen said that “wealth migration trends look set to revert to pre-pandemic patterns this year, with Australia reclaiming the top spot for net inflows as it did for five years prior to the Covid outbreak.”

Mr Steffen went on to explain that, as has happened every year for the past ten years, China will have the largest net outflows in 2023.

The UAE drops to second position after its record-breaking influx in 2022, but it is still predicted to enjoy an exceptional net arrival of 4,500 new millionaires this year.

Australia is predicted to draw the biggest net inflow of HNWIs in 2023 at 5,200. Singapore comes in third with the highest-ever net inflow of HNWIs 3,200, followed by the U.S. and its anticipated net inflow of 2,100 millionaires.

Switzerland’s net inflow of 1,800 and Canada’s net inflow of 1,600 are fifth and sixth, respectively, with Greece 1,200, France 1,000 — double last year’s net intake of 500 millionaires — Portugal 800, and New Zealand 700 all making the Top 10 list for net HNWI inflows this year.

Israel is expected to fall out of the Top 10, with its net intake of millionaires nearly halving this year to 600, compared to 1,100 in 2022.

The report focuses exclusively on the most recent net inflows and outflows of millionaires, or the difference between the number of HNWIs with investable wealth of $1 million or more, who move to and the number who emigrate from a country, according to projections made by global wealth intelligence firm New World Wealth, which has been monitoring wealth migration trends for more than ten years. 

The HNWI migration statistics are solely concerned with HNWIs who have actually relocated, that is, who spend more than six months a year in their new nation. To the closest hundred, all HNWI figures have been rounded.