Analysis: Why Millionaires Are Fleeing These Countries in 2024

Assumpta Udochukwu
By Assumpta Udochukwu 5 Min Read

Imagine this: a secret exodus involving some of the world’s richest people is taking place right now. Their destination? Anywhere but home.

According to the latest data from New World Wealth, the top 10 countries projected to lose the most millionaires in 2024 paint a vivid picture of shifting global wealth and stability tides. This migration isn’t just a series of high-profile relocations; it’s a sign of deeper issues bubbling beneath the surface.

Read further as we analyze this data and uncover some reasons the wealthy are packing their bags.

1. China: 15,200 Millionaires

Image source: Wikipedia

The numbers are staggering. China is set to lose a jaw-dropping 15,200 millionaires this year. The reasons are as complex as they are alarming. Political uncertainties, strict government control, and regulatory crackdowns push China’s wealthy to seek safer havens. It’s like a modern-day gold rush, but in reverse—where the gold leaves the land.

2. United Kingdom: 9,500 Millionaires

Image source: Wikipedia

The UK is next on the list with 9,500 millionaires projected to depart. The Brexit aftermath, coupled with political and economic instability, has made the country less appealing. Imagine the impact: wealthy individuals, the backbone of the economy, decide it’s time to go. It’s a silent alarm bell ringing through the corridors of power.

3. India: 4,300 Millionaires

Image source: India

India’s loss of 4,300 millionaires highlights the struggles within its borders. High taxes, bureaucratic red tape, and better opportunities abroad are drawing the wealthy away. It’s like a high-stakes game of Monopoly where the richest players are suddenly leaving the board.

4. South Korea: 1,200 Millionaires Departing

Image source: Wikipedia

South Korea’s projected loss of 1,200 millionaires speaks volumes about its high inheritance taxes and the pressure cooker of its education system. Wealthy families are choosing to relocate to places where their children can breathe easier and their assets are more secure.

5. Russia: 1,000 Millionaires

Image source: Wikipedia

Russia’s political landscape is pushing 1,000 millionaires to seek refuge elsewhere. International sanctions and fears of government appropriation have made the wealthy uneasy. Picture a grand chess game where the most valuable pieces are being strategically moved off the board.

6. Brazil: 800 Millionaires

Image source: Wikipedia

Brazil is set to lose 800 millionaires, driven away by economic instability and political corruption. It’s a clear signal that the affluent no longer feel their wealth is safe. The country’s elite are voting with their feet, leaving behind a landscape of uncertainty.

7. South Africa: 600 Millionaires

Image source: Wikipedia

South Africa’s high crime rates and political instability are prompting 600 millionaires to leave. It’s a significant loss for a nation grappling with economic inequality and social unrest. Imagine the pillars of the community deciding they no longer feel secure in their own homes.

8. Taiwan (Chinese Taipei): 400 Millionaires

Image source: Wikipedia

Taiwan faces the departure of 400 millionaires, driven by geopolitical tensions and limited investment opportunities. The constant shadow of conflict with China is pushing the wealthy to seek more stable environments.

9. Nigeria: 300 Millionaires

Image source: Wikipedia

Nigeria’s projected outflow of 300 millionaires is a symptom of its political instability and security issues. The affluent are leaving in search of peace and prosperity, highlighting the country’s need for reform and stability.

10. Vietnam: 300 Millionaires

Image source: Wikipedia

Finally, Vietnam’s economic transformation sees 300 millionaires looking for better opportunities abroad. The country’s rapid development brings growing pains, and the wealthy are seeking more stable grounds to safeguard their fortunes.

Why This Matters

This mass migration of millionaires is more than just a curious trend—it’s a critical indicator of a country’s health. When the wealthy leave, they take significant economic contributions with them, impacting investment, job creation, and overall economic stability. For the countries left behind, it’s a wake-up call to address the underlying issues driving their most affluent citizens away.

As we watch these numbers unfold, one thing is clear: the world is in the midst of a dramatic shift, and where the millionaires go, much more than money follows. The decisions they make today will shape the economic landscapes of tomorrow. Will countries rise to the challenge and turn the tide? Only time will tell.

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Assumpta Udochukwu
Posted by Assumpta Udochukwu
Assumpta is a Professional Accountant, Brand Strategist, Writer and Digital Data Storyteller with extensive experience in Finance, Digital Marketing and Business Administration. She is the Chief Analyst and Editor at, she is passionate about telling data stories in an entertaining and engaging manner.
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