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 a slowdown in the country's economy and wealth growth rate.

Specifically, according to a report on the movement of money flows 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 the 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 larger 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 second-highest number of HNWIs expected to 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-highest millionaire-losing country 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 flows. About 5,200 millionaires will move to Australia this year. Following the UAE is Singapore in third place, according to Robb Report.

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