‘Plan B’
According to the report, this move for millionaires isn’t merely ‘migration’ but also a ‘Plan B’. Wealthy individuals aren’t necessarily abandoning their home countries; rather, they are securing residency or citizenship options in other nations to safeguard against future uncertainties.
UAE and USA are Preferred Options
The United Arab Emirates (UAE) and the United States of America (USA) are favourite destinations for millionaires. The UAE’s zero income tax, political stability, infrastructure, and Golden Visa programme are major drivers of this exodus. Meanwhile, the USA’s EB-5 Investor Visa scheme, which has attracted over $50 billion in investment to date, is proving attractive to high-net-worth individuals.
Wealthy Indians Also Planning to Relocate
Approximately 16,500 millionaires are expected to obtain residency in other countries from the UK this year, marking the largest ever ‘wealth outflow’ in history. Around 7,800 millionaires from China (China), approximately 3,500 from India (India), and about 2,400 from South Korea (South Korea) are preparing to secure residency elsewhere. Furthermore, a substantial number of millionaires from France (France), Spain (Spain), and Germany (Germany) are also planning to relocate.