Connect with us

Buzz

Millionaires are on the Move Again: The UAE Is the Place to Be while Russia Is the Biggest Loser

LONDON, June 13, 2022 /PRNewswire/ — A tsunami of private capital has left Russia and the Ukraine, the UK has lost its wealth hub crown, and the US is fading fast as a magnet for the world’s wealthy, with the UAE expected to overtake it by attracting the largest net inflows of millionaires globally in 2022, according to the latest Henley Global Citizens Report , which tracks private wealth and investment migration  trends worldwide.
The Q2 report released today by international residence  and citizenship by investment  advisory firm Henley & Partners  exclusively features the latest projected 2022 net inflows and outflows of US dollar millionaires (namely, the difference between the number of HNWIs who relocate to and the number who emigrate from a country) as forecast by New World Wealth .
As expected, Russia has suffered the biggest emigration of millionaires over the past six months, with forecast net outflows of 15,000 by the end of 2022 — a massive 15% of its HNWI population and 9,500 more than in 2019, pre-pandemic. Russia’s invasion is in turn driving a steep spike in outgoing HNWIs from Ukraine, which is predicted to suffer its highest net loss in the country’s history — 2,800 millionaires (42% of its HNWI population) and a net loss of 2,400 more than 2019. No country-specific figures are available for 2020 and 2021 owing to Covid-related lockdowns and travel restrictions.
Projected figures on the Henley Private Wealth Migration Dashboard show the top 10 countries for net inflows of HNWIs in 2022 will be the UAE, Australia, Singapore, Israel, Switzerland, the US, Portugal, Greece, Canada, and New Zealand. Large numbers of millionaires are also expected to move to ‘the three Ms’: Malta, Mauritius, and Monaco. On the flip side, the 10 countries with the highest net outflows are forecast to be Russia, China, India, Hong Kong, Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia.
Dr. Juerg Steffen , CEO of Henley & Partners , says by the end of the year, 88,000 millionaires are expected to have relocated to new countries, 22,000 fewer than pre-pandemic in 2019. “Next year (2023), 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 order.”
According to the latest data, the UK, once touted as the world’s financial center, continues to see a steady loss of millionaires, with net outflows of 1,500 predicted for 2022. This trend began five years ago with the Brexit vote, and it’s estimated that the UK has suffered a total net loss of approximately 12,000 millionaires since 2017.  
America is also notably less popular among migrating millionaires, in part due to the threat of higher taxes. The country still attracts more HNWIs than it loses to emigration, with a net inflow of 1,500 projected for 2022, although this is a staggering 86% drop from 2019 levels, which saw a net inflow of 10,800 millionaires.  
By contrast, the UAE has become the focus of intense interest among affluent investors and is expected to see the highest net influx of HNWIs globally in 2022, with 4,000 forecast — a dramatic increase of 208% versus 2019’s net inflow of 1,300 and one of its largest on record.
Commenting in the Henley Global Citizens Report , award-winning journalist Misha Glenny  says affluent Russians are moving to the UAE and Israel in large numbers. “Well before the imposition of sanctions on the Russian banking system, there was a tsunami of capital leaving the country, largely prompted by the increasingly capricious governing style of President Vladimir Putin and his demands of loyalty made on middle-class and wealthy Russians.”
Prof. Trevor Williams ,  former Chief Economist at Lloyds Bank Commercial, says emerging economies are forecast to boom in the next decade. “The number of HNWIs in Sri Lanka is forecast to increase by 90% by 2031, while India and Mauritius’s millionaire growth is forecast at 80%, and China’s at 50%, compared to just 20% in the USA and 10% in France, Germany, Italy, and the UK.”
Read the full Press Release

Related Topics:
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Buzz

Vikram Vedha to open its advance bookings in 1250 multiplexes from 24th September

Having received an amazing response from the masses for its amazing trailer, the makers of Hrithik
Roshan and Saif Ali Khan starrer Vikram Vedha are currently creating a buzz all around for its electrifying
dance number ‘Alcoholia’. While the audience is eagerly waiting for the film to hit the theaters, the
makers are all set to open the advance booking windows for the Audience.

Undoubtedly Vikram Vedha is one of the most anticipated movies of the year and the craze for the film
among the audience is constantly rising as the film is inching toward its release date. Putting an end to
the audience’s wait, the makers are all set to start the advance bookings of the film today.

Moreover, Vikram Vedha will have the largest international distribution for a Hindi film, with a record-
breaking 100+ countries worldwide. Before its release, the film has sparked worldwide interest and
appeal, and many countries have already begun advance bookings.

Vikram Vedha is presented by Gulshan Kumar, T-Series, and Reliance Entertainment in association with
Friday Filmworks and Jio Studios and a YNOT Studios Production. The film is directed by Pushkar and
Gayatri and produced by Bhushan Kumar, S. Sashikanth and Reliance Entertainment. Vikram Vedha will hit the big screens globally on 30th September 2022.

Continue Reading

Buzz

Manoj Bajpayee will take 1 week off from his schedule to attend all the rituals on his fathers 1st death Anniversary day.

Three times National Film Awards and the Padma Shri winning actor Manoj Bajpayee who has completed three decades in the showbiz business and Juggling with multiple projects between different genres, characters and mediums. Manoj Bajpayee is a powerhouse actor when it comes to Indian cinema. Even if you haven’t seen many of his movies, you will have heard of talented actor Manoj Bajpayee’s name because of his brilliant performances in his films. The finest actor has become synonymous with content-driven subjects who also have been consistently working in multiple film industries.

The finest actor of Hindi cinema Manoj Bajpayee who has several movies lined up this year, will be taking 1 week off from his current project, which is directed by Apurva(Aspirant fame & produced by Vinod Bhanushali in mid september and will be leaving for his home town with his wife and daughter to attend all the puja rituals on his father’s 1st death anniversary day. Manoj Bajpayee’s father RK Bajpayee passed away at 83, last year in Delhi.

The actor believes that a family is a very important & priority in his life, in spite of his erratic schedules or no matter where he is, it is his first priority to always be with his family with all his support & spend time with them in any situations.After finishing all the rituals puja and family work,Manoj will immediately resume his shoot to finish his project on time without taking any time for himself.

Manoj Bajpayee has recently finished his 3 upcoming projects, one with Ram Reddy’s untitled film, which also has talented actor Deepika Dobriyal in the film. After that he finished RSVP’s Despatch, (A investigative thriller set in the world of crime journalism.) directed by Kanu Behl. Abhishek Chaubeys’s film which also has star cast like Konkana Sen, Sayaji Shinde,Naseer sir and some well known talented actors from south. Fox Stars Studios,Chalkboard Entertainment, Autonomous Works film, Gulmohar directed by Rahul Chittella ( who was assistant of Meena Nair) working with Veteran actress Sharmila Tagore, and Amol Palekar along with Suraj Sharma (Life of Pi) and Simran Rishi Bagga in pivotal roles.

Continue Reading

Buzz

Here comes the title of Jackky Bhagnani’s Jjust Music upcoming RVD’s soulful creation ‘Raaz’

Jackky Bhagnani’s Jjust Music has been coming up with some really amazing songs one after the other and now they are here with the title of their upcoming heart-touching melody by RVD, a soulful creation ‘Raaz’. It’s a melodious song by an Indie rap artist, RVD that evokes his potential lover to become his secret as that way she’ll go down to the grave with him and stay with him forever. 

The song captures a glimpse of feelings that brings a boy close to the emotions of his lover encapsulating his zest for involving her in his life a secret that will stay with him for life. Jotting down his deepest emotions learn from his life, RVD beautifully communicates through his art in music a feeling of true happiness that can only be appreciated and enjoyed in privacy as the unconditional bond they share is completely sacred which the world won’t understand as they’re not in our shoes. 

Moreover, the artist in a true sense, RVD is an artist who’s been given all the love by the world but battles and deals with his own loneliness by making music, he talks about how he has learned ‘you can’t be lonely if you’re comfortable being alone’ in the process, and through only music, he can express these thoughts. He is an artist who makes modernized music with a blend of cultural touches in Urdu and Punjabi languages, which makes him stand out from the general crowd.

RVD, is an Indie rap artist from Kolkata, West Bengal who’s been making much sound on the east side. Performed alongside pan India artists like Mohit Chauhan, Dino James, Zareen, Kayan, Gully Gang, etc. With tracks like ‘Riha’ and ‘Iteyhaas’ which have done extremely well, RVD has even caught a lot of attention and traction in the general crowd and the gaming world on a pan-India basis.

Meanwhile, Jjust Music made it to the headlines for it’s first PAN India music video Mashooka starring bold and quirky Rakul Preet. The song turned out to be a huge success and was received well by the audience.

https://www.instagram.com/reel/Ci2B4nfA-K6/?igshid=ODBkMDk1MTU=

Continue Reading

Trending