Millionaires Are Moving to These Countries in Droves
2 min
The global migration of high-net-worth individuals has expanded this year, with Australia returning as the top migration destination, according to a report Tuesday from Henley & Partners.
Approximately 120,000 of the world’s millionaires moved to a new country in 2023, according to the consultancy firm, which specialises in residence and citizenship by investment. That’s up from 84,000 in 2022 and expected to rise to 128,000 in 2024, the data showed.
Safety, a lower cost of living, favourable tax regimes and a high quality of life are top reasons for high-net-worth individuals to migrate. The top five destinations for high-net-worth individual migration this year include Australia, the United Arab Emirates, Singapore, the U.S. and Switzerland, according to the report, which defines high-net-worth individuals as those with US$1 million or more of investable wealth.
Meanwhile, China, India, the U.K., Russia and Brazil lead the ranking of countries with the most people leaving for other shores.
Roughly 82,000 high-net-worth individuals moved to Australia between 2002 and 2022, with another 5,200 arriving this year, the data showed. The country was also in the top spot between 2015 and 2019.
“Australia consistently attracts sizeable numbers of millionaires every year, mainly from Asia and Africa, but more recently also from high-income countries such as the U.K.,” according to Andrew Amoils, head of research at New World Wealth, which teamed up with Henley & Partners for the report.
The country’s beautiful beaches and wide-open spaces, a high quality of life and an advanced economy, as well as good healthcare and education opportunities, make it a top pick, Amoils added.
Migration to the U.A.E. in 2023 was one of the highest on record, with around 4,500 millionaires moving there.
“Pre-pandemic, the U.A.E. traditionally saw net inflows of around 1,000 high-net-worths per year,” the report said. “Most incoming millionaires in 2023 are expected to come from India, with large numbers also coming from the U.K., Russia, Lebanon, Pakistan, Turkey, Egypt, South Africa, Nigeria, Hong Kong and China.”
Dubai has been a clear beneficiary of this trend, with home prices in the city rising nearly 20% annually in the third quarter, according to Knight Frank.
Singapore was the Asian city that saw the most millionaires move in last year, while the U.S. saw a steady stream of new residents migrate from Asia. Switzerland remains Europe’s top wealth hub and attracts new residents because of that, the report said.
This article originally appeared on Mansion Global.
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Paramount and California’s attorney general are in advanced settlement talks over the company’s proposed $81 billion merger with Warner Bros. Discovery. Potential concessions include investing $1.5 billion in California production, retaining both studio lots and introducing safeguards for CNN’s editorial independence.
3 min
California’s attorney general and Paramount PSKY -3.86%decrease; down pointing triangle have discussed a series of potential concessions as part of advanced settlement negotiations, including a $1.5 billion investment by the company in production in California, according to people familiar with the discussions.
Paramount executives and a coalition of states that sued to block its $81 billion merger with Warner Bros. Discovery WBD -1.56%decrease; down pointing triangle spent the weekend hashing out the details of a possible settlement. Such an agreement would clear the way for a deal that would bring HBO, CBS, CNN, streaming services and famed movie studios under one owner.
Among the concessions the parties have discussed beyond the sizable production investment: a promise not to sell either studio lot and to stay in the state of California, the people said. The company had explored moving out of the state as the deal faced opposition.
The parties have also considered potential penalties if Paramount doesn’t make good on an earlier pledge to make 30 movies a year after the merger, including having to sell its stake in Miramax, known for such classic movies as “No Country for Old Men” and “Pulp Fiction,” the people familiar with the matter said.
Other measures the sides have explored include the sale of some cable channels and the creation of a board to ensure that CNN retains editorial independence, people with knowledge of the talks said. The network has been a political flashpoint throughout Paramount CEO David Ellison’s fight for Warner. Paramount had been discussing creating such an editorial board before the lawsuit.
A final deal hasn’t been reached, and it is unclear what terms the parties may ultimately agree to.
Ellison has spent the past year fighting to buy Warner in a megadeal that would expand his entertainment empire, but that has drawn opposition from some political and Hollywood figures.
A dozen Democratic-led states led by California Attorney General Rob Bonta sued in July to block the deal on antitrust grounds, arguing that the combination of Paramount and Warner would create too much concentration in the markets for theatrical films and cable television channels.
The Writers Guild of America sued over the merger, saying that the deal would eliminate jobs and career opportunities for Hollywood screenwriters.
About two dozen demonstrators gathered in front of the Elihu M. Harris State Office Building in downtown Oakland on Sunday evening to protest a potential settlement. Holding signs reading “Bonta: Don’t You Dare” and “Block the Megamerger,” they took turns giving speeches urging the attorney general to continue pressing the suit.
“Nothing has changed since he filed the case,” said Annie Leonard, co-founder of the nonprofit Committee for the First Amendment, which advocates for free expression. “He needs to stay as strong as he was in filing it.”
The two sides had come under pressure to settle the matter in recent months, including from California Gov. Gavin Newsom, Los Angeles Mayor Karen Bass, gubernatorial candidate Xavier Becerra, movie theater chains and some Hollywood labor unions.
Paramount’s agreement with Warner also included a “ticking fee” with payments to Warner shareholders of roughly $650 million a quarter, or $7 million a day, beginning next month, until the transaction closes.
Paramount had asked a federal judge to require the states and the Writers Guild to put up a nearly $1.9 billion bond for challenging the acquisition, money that would go to the company if it ultimately won the case.
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