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Where millionaires are moving—and fleeing—around the world
Money moves around the world faster than ever. And millionaires, it turns out, are becoming just as global.
According to a new study from global real estate consultant Knight Frank with Fragomen, the immigration specialist for the wealthy, more millionaires than ever are looking for homes in other countries.
Their overseas interests range from pied-a-terres and beach homes to a place where they can house their children while they attend school overseas. A growing number are also looking for primary residences to move their families entirely and obtain new citizenship.
So where are millionaires moving from and going to to?
According to the study, they're leaving China in the largest numbers, with 76,200 Chinese millionaires exiting the country between 2003 and 2013. That's 15 percent of its total millionaire population, according to the report.
The second largest millionaire loser is India, which saw 43,400, or 27 percent of its millionaires, leave the country in those 10 years. France ranked third, losing 31,700, or 13 percent of its total.
And while Russia gets most of the attention for exiled oligarchs, it ranked fifth, losing 17 percent, or 14,000 millionaires. The country did, however, rank first for the percentage of millionaires who plan to permanently change their country of residence.
The most popular place for millionaires to land is the United Kingdom. According to the study, the U.K. gained 114,100 millionaires between 2003 and 2013, making up 14 percent of the country's millionaire total.
Singapore gained 45,000, or 20 percent of its total, while the U.S. gained 42,400, representing 1 percent of its millionaires. Australia gained 22,200, or 14 percent.
Australian millionaires are also the happiest in the world when it comes to their home country. Only 4 percent said they would ever want to leave, and very few send their children overseas for school.
Money moves around the world faster than ever. And millionaires, it turns out, are becoming just as global.
According to a new study from global real estate consultant Knight Frank with Fragomen, the immigration specialist for the wealthy, more millionaires than ever are looking for homes in other countries.
Their overseas interests range from pied-a-terres and beach homes to a place where they can house their children while they attend school overseas. A growing number are also looking for primary residences to move their families entirely and obtain new citizenship.
So where are millionaires moving from and going to to?
According to the study, they're leaving China in the largest numbers, with 76,200 Chinese millionaires exiting the country between 2003 and 2013. That's 15 percent of its total millionaire population, according to the report.
The second largest millionaire loser is India, which saw 43,400, or 27 percent of its millionaires, leave the country in those 10 years. France ranked third, losing 31,700, or 13 percent of its total.
And while Russia gets most of the attention for exiled oligarchs, it ranked fifth, losing 17 percent, or 14,000 millionaires. The country did, however, rank first for the percentage of millionaires who plan to permanently change their country of residence.
The most popular place for millionaires to land is the United Kingdom. According to the study, the U.K. gained 114,100 millionaires between 2003 and 2013, making up 14 percent of the country's millionaire total.
Singapore gained 45,000, or 20 percent of its total, while the U.S. gained 42,400, representing 1 percent of its millionaires. Australia gained 22,200, or 14 percent.
Australian millionaires are also the happiest in the world when it comes to their home country. Only 4 percent said they would ever want to leave, and very few send their children overseas for school.
