Highest Millionaire Migration Countries, 2024

The Henley Private Wealth Migration Report 2024 has highlighted a significant trend in global wealth migration, placing Vietnam in the top 10 countries expected to experience a net outflow of millionaires. According to the report, Vietnam is projected to lose 300 millionaires in 2024, underscoring a notable shift in the country’s economic landscape.

Key Findings from the Report

• Rank: Vietnam is ranked 10th in the list of countries projected to see the highest net outflow of millionaires.
• Projected Loss: The report estimates that 300 millionaires are expected to leave Vietnam in 2024.

Reasons for Millionaire Migration

The report sheds light on the factors driving this trend:

1. Tax Optimization: Many wealthy individuals seek jurisdictions with more favorable tax regimes. High tax burdens or complex tax regulations in their home countries often prompt them to relocate to countries with more advantageous tax policies.

2. Quality of Life: Millionaires frequently migrate to improve their quality of life. This includes seeking better healthcare, education, and overall living conditions that are perceived as superior to those available in their current country.

3. Political Stability: Political uncertainty or instability can drive wealthy individuals to move to countries with more stable and predictable political environments. The desire for a secure and stable environment is a significant factor in their decision-making.

4. Business Opportunities: Access to better business opportunities and more favorable economic conditions can also motivate millionaires to relocate. They often look for markets with growth potential and a supportive business climate.

Implications for Vietnam

The projected loss of 300 millionaires highlights several implications for Vietnam:

• Economic Impact: The departure of high-net-worth individuals can impact the country's economy, including potential reductions in investment and philanthropy from these individuals.

• Policy Considerations: The trend may prompt policymakers to review and potentially reform tax policies, improve political stability, and enhance overall living conditions to retain and attract wealthy individuals.

• Competitiveness: Understanding the reasons behind the migration can help Vietnam improve its competitiveness in attracting and retaining high-net-worth individuals in the future.

Conclusion

Vietnam's position in the top 10 for projected millionaire losses in 2024 reflects broader global trends in wealth migration. The report underscores the importance of addressing factors such as tax policies, quality of life, political stability, and business opportunities to mitigate the outflow of wealthy individuals and enhance the country’s attractiveness as a destination for global talent and investment.