China lost the most millionaires this year?

Bloomberg news agency cited a newly published report showing that China will continue to lose more millionaires this year, amid signs of economic decline and the country's wealth growth rate.

Specifically, according to a report on the state of money flow movement published by Henley & Partner (UK) on June 13, China will lose 13,500 high-net-worth individuals (HNWI) with investable assets exceeding 1 million USD by 2023.

Buildings in Shanghai Financial Center, China

China’s economic policies and prolonged Covid-19 prevention rules are seen as potential reasons for wealthy people to leave the country, the report said, adding that the prolonged lockdown has given the wealthy more reasons to move abroad.

“Overall wealth growth in China has slowed over the past few years, meaning that recent outflows may be higher than usual,” said Andrew Amoils, head of research at South African wealth tracker New World Wealth. He added that while the country’s economy saw significant growth between 2000 and 2017, that expansion was not accompanied by an increase in the number of wealthy people.

The country expected to see the second-highest number of HNWIs leave is India, with a projected exodus of 6,500, according to the report. Meanwhile, the number of HNWIs leaving the UK is likely to double, making it the third-largest millionaire-loser globally, followed by Russia. The US’ appeal to the wealthy is also waning due to higher taxes in the wake of the Covid-19 pandemic.

On the other hand, Australia is expected to overtake the United Arab Emirates (UAE) as the top destination for HNWI capital inflows. About 5,200 millionaires will move to Australia this year. Singapore is in third place after the UAE, according to Robb Report.

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