China is expected to lose more wealthy people via emigration than any other country this year, with an anticipated net exit of 15,200 millionaires. The country's stuttering economic recovery, real estate crisis, high levels of local government debt, youth unemployment, and lukewarm consumer demand have contributed to this trend [69ed8de2]. Chinese President Xi Jinping's crackdown on displays of wealth and tighter grip on the Chinese economy have also impacted wealth accumulation [69ed8de2]. China's economy has slowed, leading to a decrease in the number of Chinese billionaires. Credit rating agencies Fitch and Moody's have downgraded China's sovereign credit outlook from stable to negative [69ed8de2].
New data from the 2024 Wealth Report reveals that Beijing has entered the top ten richest cities in the world, while Shenzhen has experienced a significant increase in wealth [9725eed5]. According to the report, Hong Kong ranks as the 9th richest city globally, with five other Chinese cities also making it into the top 50 [9725eed5]. Beijing is ranked 10th, Shanghai 11th, Shenzhen 27th, Hangzhou 36th, and Guangzhou 46th [9725eed5]. The number of millionaires in Beijing has grown by 90%, while Hangzhou and Guangzhou have seen increases of 125% and 110% respectively [9725eed5]. However, Shenzhen has experienced the fastest growth in the number of billionaires, with a staggering increase of 140% [9725eed5].
China has surpassed the US as the richest country in the world by GDP, with a GDP of $35.29 trillion as of 2024 [0d6ef896]. Japan's GDP has plunged, losing its position as the third-largest economy. The United Kingdom has been surpassed by India, Russia, Indonesia, and Brazil as the richest countries in the world by GDP [0d6ef896]. China's economy is backed by a large manufacturing capacity as it is the largest manufacturing country in the world [0d6ef896]. China's economic growth is projected to be 5% in 2024 and 4.5% in 2025, while the US economy is projected to have a growth rate of 2.7% in 2024 and 1.9% in 2025 [0d6ef896].
In April, China's export and import data showed some improvement, with exports growing by 1.5% and imports increasing by 8.4% [9725eed5]. While Chinese state media sees these figures as a positive sign for the country's foreign trade, analysts remain cautious about the future outlook [9725eed5]. However, it is not mentioned in the article which country is the top choice for wealthy people to live in [38c5be09].
Despite its economic challenges, China's wealth distribution and the presence of billionaires highlight its significance in the global economy. However, the country still faces long-standing economic challenges, including a real estate crisis, local debt issues, an aging population, and wealth inequality [9725eed5] [38c5be09]. The US economy is suffering from interest rate hikes and high inflation. China and the US have been competing economically, with China's growth rate almost double that of the US. However, China is facing a property crisis that has affected its real estate market. The global economy is projected to continue growing at 3.2% during 2024 and 2025. India is expected to be the leading economy with a growth rate of 6.8% and 6.5% in 2024 and 2025, respectively [0d6ef896].
China saw the world's biggest outflow of high-net-worth individuals last year and is expected to see a record exodus of 15,200 in 2024, dealing a further blow to its economy [61e523b6] [69ed8de2]. Uncertainty over China's economic trajectory and geopolitical tensions are top of mind for many Chinese millionaires, in dollar terms, who choose to leave their country [61e523b6]. The U.S. stands out as the top destination for Chinese millionaires. China last year saw 13,800 high-net-worth individuals depart, mostly to the U.S., Canada, and Singapore [61e523b6]. Rich Chinese paused their efforts to move themselves and their fortunes offshore during the COVID-19 pandemic but quickly resumed their emigration after draconian restrictions on travel were lifted [61e523b6]. Singapore has traditionally attracted rich Chinese due to its proximity to China, cultural links, and use of Mandarin [61e523b6]. The United Arab Emirates remains the most attractive destination for the world's rich with its zero income tax, luxury lifestyle, and 'golden visas' for investors [61e523b6]. Hong Kong lost around 500 high-net-worth individuals last year, amid growing concerns over freedom as authorities crack down on dissent [61e523b6]. The U.K. is expected to see the second-biggest net loss in 2024 after China this year, at 9,500. South Korea is projected to see a net outflow of 1,200, while Taiwan is forecast to lose 400 [61e523b6]. Dominic Volek, group head of private clients at Henley & Partners, said 128,000 millionaires are expected to relocate globally in 2024, a record for wealth migration [61e523b6].
According to a report by Henley & Partners, Nigeria is projected to lose 300 millionaires to another country in 2024. The report states that approximately 128,000 millionaires worldwide are projected to migrate to a new country in 2024, with the United Arab Emirates (UAE) and the United States of America (USA) being the top destinations [84d5e2e6]. Nigeria is listed as number nine out of the top 10 countries projected to lose a significant number of millionaires. The report also mentions that religious tensions, high crime rates, and currency weakness are factors contributing to Nigeria's worst-performing market in Africa. Popular destinations for millionaires leaving Nigeria include the UAE, UK, South Africa, and many countries in Europe [84d5e2e6].
India is projected to have 4,300 millionaires leaving the country in 2024, compared to 5,100 in the previous year. The success of India's economy in generating new millionaires has contributed to the high net outflows. However, the outflows are not concerning as India continues to produce more high net worth individuals (HNWIs) than it loses to emigration. India has seen an 85% increase in the number of millionaires in the last decade, ranking 10th in the world. The UK is expected to experience a net loss of 9,500 millionaires in 2024, second only to China. A total of 128,000 millionaires are expected to relocate worldwide this year, surpassing the previous record of 120,000 in 2023. Opportunities for overseas investments are opening up for wealthy Indians, particularly in Australia and the US. Korea is projected to see a net outflow of 1,200 high-net-worth individuals, ranking fourth in the world in net loss [df145a5c]. Popular destinations for Korean millionaires include the United States, Australia, and Canada. China is projected to have the highest net outflow of millionaires with 15,200, followed by the United Kingdom with 9,500 and India with 4,300. A record 128,000 millionaires globally are expected to relocate this year, seeking more favorable tax systems, social securities, financial benefits, or investment opportunities. The United Arab Emirates is the most popular destination for high-net-worth individuals, followed by the United States, Singapore, and Canada. The relocation of wealthy individuals has rebounded since 2022 and is expected to reach 135,000 in 2025. Dominic Volek, group head of private clients at Henley & Partners, stated that this millionaire migration signals a profound shift in the global landscape and has far-reaching implications for the nations they leave behind or make their new home [df145a5c] [69ed8de2].
Italy has launched the "Residency in the Mountains" program, offering grants ranging from €10,000 to €30,000 (US$10,720 to US$32,161) to encourage people to move to rural Tuscany and fix up a home there. The program aims to stabilize the country's dwindling population and revitalize mountain areas. The grants will cover 50% of the costs of home renovations in 76 Tuscan cities with fewer than 5,000 residents. The program is open to Italians, EU residents, and non-EU citizens with long-term residency of at least 10 years. Applications close on July 27 [a3026aeb].