Greece appears to be attracting more millionaires ranking seventh on a list of countries expected to welcome the world’s wealthiest people, found a report released this week by residence and citizenship advisory firm Henley & Partners.
More specifically, according to the Henley Private Wealth Migration Report 2023 which tracks wealth and investment migration trends across the globe, Greece is gaining in popularity among the world’s rich expected to welcome 1,200 this year up from 1,000 a year ago. The country moved up a spot from last year when it was ranked eighth. Analysts partly attribute the interest to Greece’s golden visa program which offers which grants five-year residency rights for third country nationals who purchase property in Greece valued at a minimum of 250,000 euros – set to rise to 500,000 euros for some areas in August.
At the same time, Greece is among the world’s top 10 luxury destinations this summer, according to the “Holiday Habits Luxury Travelers Guide 2023” released by Condé Nast Johansens and to luxury travel experts Virtuoso.
Henley & Partners: Top 10 countries attracting millionaires
The Top 10 list of countries to lure the world’s wealthiest people also includes the US in fourth spot with an expected net influx of 2,100 millionaires, Switzerland (1,800), Canada (1,600), Greece (1,200), France (1,000 — double last year’s net intake of 500 millionaires), Portugal (800), and New Zealand (700).
Meanwhile, the report notes that the UK will be the third-biggest loser of millionaires globally after China (net loss of 13,500) and India (net loss of 6,500). Last year, the UK saw a net exodus of 1,600 millionaires, this year it is expected to see a net outflow of 3,200 high-net-worth individuals (HNWIs).
According to Juerg Steffen, CEO Henley & Partners, there’s been a steady growth in millionaire migration over the past decade, with global figures for 2023 and 2024 expected to come to 122,000 and 128,000, respectively.
“In general, 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, and China seeing the biggest net outflows as it has each year for the past decade. The notable exceptions are former top wealth magnets, the UK and the US.”
At the same time, Henley & Partners said investment migration program enquiries in Q1 this year had increased by 36%, the highest number on record, compared to the previous quarter and up by 47 percent over the same period in 2022. The top two nationalities are Indians and Americans.