Millionaires Are Moving to These Countries in Droves

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.

Italian fine wines are gaining momentum among Australian collectors and drinkers, with new data from showing a surge in interest driven by value, versatility and a new generation of producers.

Long dominated by France, the premium wine conversation is beginning to shift, with Italy increasingly positioned as a compelling alternative for both drinking and collecting.

According to Langtons, the category is benefiting from a combination of factors, including its breadth of styles, strong food affinity and more accessible price points compared to traditional European benchmarks.

“Italy has always offered fine wine fans an incredible range of wines with finesse, nuance, expression of terroir, ageability, rarity, and heritage,” said Langtons General Manager Tamara Grischy.

“There’s no doubt the Italian wine category is gaining momentum in 2026… While the French have long dominated the fine wine space in Australia, we’re seeing Italy become a strong contender as the go-to for both drinking and collecting.”

The shift is being reinforced by changing consumer preferences, with Langtons reporting increased demand for indigenous Italian varieties and lighter, food-first styles such as Nerello Mascalese from Etna and modern Chianti Classico.

This aligns with the broader rise of Mediterranean-style dining in Australia, where wines are expected to complement a wider range of dishes rather than dominate them.

Langtons buyer Zach Nelson said the category’s versatility is central to its appeal.

“Italian wines often have a distinct, savoury edge making them an ideal pairing for a variety of cuisines,” he said.

The move towards Italian wines also comes as prices for traditional French regions continue to climb, particularly in Burgundy, prompting collectors to look elsewhere for value without compromising on quality.

Italy’s key regions, including Piedmont and Etna, are increasingly seen as offering that balance, with premium wines available at comparatively accessible price points.

Nelson said value is now a defining factor for buyers in 2026.

“Value is the key driver for Australian fine wine consumers… Italian wines are offering exactly that at an impressive array of price points to suit any budget,” he said.

The category is also proving attractive for newer collectors, offering what Langtons describes as “accessible prestige” and a more open entry point compared to the exclusivity often associated with Bordeaux.

Wines such as Brunello di Montalcino and Nebbiolo-based expressions are increasingly being positioned as entry points into cellar-worthy collections, combining ageability with relative affordability.

At the same time, a new generation of Italian producers is reshaping the category, moving away from heavier, oak-driven styles towards wines that emphasise site expression and vibrancy.

“There’s definitely a ‘new guard’ of Italian winemaking… stripping away the makeup… to let the raw, vibrating energy of the site speak,” Nelson said.

Langtons is also expanding its offering in the category, including exclusive access to wines from family-owned producer Boroli, alongside a broader selection spanning Piedmont, Veneto, Sicily and Tuscany.

The company will showcase the category further at its upcoming Italian Collection Masterclass and Tasting in Sydney, featuring more than 50 wines from 23 producers across four key regions.

For collectors and drinkers alike, the message is clear: Italy may have been overlooked, but it is no longer under the radar.

Millionaires Are Moving to These Countries in Droves

Italian wines are emerging as a serious contender for Australian collectors, offering depth, rarity and value as French benchmarks continue to climb.