China tops globally in millionaires relocation this year: report

The figure rose 10% from 2023, according to the Henley Private Wealth Migration Report 2024 released by investment migration advisory firm Henley & Partners.

Slowing growth, geopolitical tensions, and the lure of overseas opportunities prompt many Chinese high-net-worth individuals to seek pastures new.

China is followed by the U.K., India, South Korea and Russia.

"Both China and India are seeing high net outflows because of the success of their sizeable economies in generating new millionaires, although slowing wealth growth in China in recent years could mean sustained losses become more damaging over time," said Hannah White, a researcher who collaborated with Henley & Partners in the report.

China last year saw 13,800 high-net-worth individuals depart, mostly to the U.S., Canada and Singapore, the firm found.

An unprecedented 128,000 millionaires are expected to relocate in 2024, eclipsing the previous record of 120,000 set in 2023, the report said.