Singapore Ranks Third Among the World's Top Investment Destinations! This Year, 3,500 Millionaires Will Move In.

Where Do the World's Wealthy Prefer to Migrate in 2024?

Recently, the investment advisory firm Henley & Partners released the "Henley Private Wealth Migration Report 2024." According to the report, Singapore will attract 3,500 millionaires, making it the top destination in Asia for wealthy migrants.

The UAE is expected to be the top global destination for the wealthy for the third consecutive year, with a record-breaking 6,700 millionaires predicted to move there by the end of the year.

The United States ranks second in attracting high-net-worth individuals, with an estimated influx of 3,800 millionaires this year.

Other countries attractive to the wealthy, in order of preference, include Canada, Australia, Italy, Switzerland, Greece, Portugal, and Japan.

Predictions of Millionaire Inflows and Outflows

The report forecasts the net inflows and outflows of millionaires this year, primarily based on the difference between the number of high-net-worth individuals with investable wealth of $1 million or more moving into and out of a country.

Reasons Behind Wealth Migration

The analysis indicates that the migration of personal wealth is driven by more than just the pursuit of a better material life. Deeper motivations often include social stability, policy environment, and personal lifestyle needs. This wealth migration reflects significant changes and clashes in the global economy, society, and values.

The Wealth Threshold for the Top 1% in Singapore

In February this year, Knight Frank released its latest "Wealth Report 2024," detailing the thresholds for the top 1% of wealthy individuals in various regions. According to the report, the threshold in Singapore is the highest in the Asia-Pacific region.

In the Asia-Pacific region, the thresholds for the top 1% of wealthy individuals are as follows:

• Australia: $4.673 million
• New Zealand: $4.574 million
• Hong Kong SAR: $3.094 million
• Japan: $1.971 million
• Mainland China: $1.074 million

The report also noted that the threshold to be considered an ultra-high-net-worth individual (UHNWI) is $30 million, significantly higher than the threshold for the top 1% in various regions.