Millionaires seeking to invest their money are choosing Greece among 10 countries, according to the Henley Global Citizens Report for Q2, with the UAE set to take the lead this year attracting the largest net inflows globally.
More specifically, according to the Henley Global Citizens Report which tracks private wealth and investment migration trends worldwide, Greece is among the Top 10 countries attracting high-net-worth individuals (HNWIs), which are investors with at least 1 million dollars in cash or assets that can easily be converted into cash.
At the same time, Greece’s Golden Visa Program, is among the Top 5 most popular investor programs together with the Portugal Golden Residence Permit Program which is ranked first, followed by the St Kitts and Nevis Citizenship by Investment Program, Canada’s Start-Up Visa Program, and the Antigua and Barbuda Citizenship by Investment Program.
The report goes on to note that countries drawing wealthy individuals and families tend to be robust, with low crime rates, competitive tax rates, and attractive business opportunities.
According to the report, the Top 10 countries in terms of net inflows of HNWIs in 2022 are: the UAE, Australia, Singapore, Israel, Switzerland, the US, Portugal, Greece, Canada, and New Zealand. Large numbers of millionaires are also expected to move to Malta, Mauritius, and Monaco.
The UAE is expected to see the highest net influx of HNWIs globally in 2022, up by 208 percent to 4,000 compared to 2019’s net inflow of 1,300.
The report’s analysts cite the UAE’s improved Henley Passport Index ranking over the past decade thanks to a focus on tourism and trade through a mutually reciprocated visa waiver program. It also boasts a competitive and flexible immigration regulations aimed at attracting private wealth, capital, and talent.
“The 2022 forecast reflects an extremely volatile environment worldwide. By the end of the year, 88,000 millionaires are expected to have relocated to new countries, 22,000 fewer than in 2019 when 110,000 moved. Next year, the largest millionaire migration flows on record are predicted – 125,000 – as affluent investors and their families earnestly prepare for the new post-Covid world,” said CEO Henley & Partners Juerg Steffen.
According to Head of Research at New World Wealth, Andrew Amoils, HNWI migration figures are an excellent barometer for the health of an economy.
“Affluent individuals are extremely mobile, and their movements can provide an early warning signal into future country trends,” he said.
Additionally, according to the latest data, destinations that traditionally attracted wealthy investors are failing to do so, Indicatively, the UK, considered the world’s financial center, is seeing a steady loss of millionaires, with net outflows of 1,500 predicted for 2022.
The US is also less popular among migrating millionaires today than pre-Covid, perhaps owing in part to the threat of higher taxes.
Henley & Partners said that in the first quarter of the year, it received the highest number of investment migration program enquiries on record up by 55 percent compared to the previous quarter.
The top four nationalities driving demand are Russians, Indians, Americans, and Brits, and for the first time ever, Ukrainians entering the Top 10 globally.
“Recent turmoil is causing this to shift – more investors are considering relocating their families to other countries for a range of reasons, from safety and security, to education and healthcare, to climate resilience and even crypto-friendliness. It is important to note that nine of the top ten countries for forecast net HNWI inflows in 2022 host formal investment migration programs, which encourage foreign direct investment in return for the right to reside or citizenship. Investors can now see the value of diversifying their domicile portfolios as the ultimate hedge against both regional and global volatility,” said Dominic Volek, group head of Private Clients at Henley & Partners.
On the downside, the Top 10 countries seeing millionaires departing are Russia, China, India, Hong Kong, Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia.