The net churn of 13,500 millionaires in 2023

According to a survey by Henley & Partners, China will experience the highest net migration of billionaires in the world this year as national wealth growth slows.

China would lose 13,500 millionaires with an investment fortune of at least $1 million, followed by India with 6,500 and the UK with 3,200.

Australia becomes the first country to attract an influx of HNWI.

Due to President Xi Jinping’s desire for shared prosperity, Chinese businesspeople have recently been moving to friendlier locations like Singapore or creating backup plans.

According to Andrew Amoils, head of research at New World Wealth, “Overall wealth growth in China has been slowing over the past few years, meaning the recent outflow could be more harmful than usual.”

With roughly 5,200 millionaires migrating there, Australia is predicted to overtake the United Arab Emirates as the first nation to see an influx of HNWIs, with Singapore coming in third.

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