150,000 millionaires will move to other countries this year. Why are they leaving and who are the European states ready to receive them

Nearly 150,000 millionaires will move to another country this year, more than any previous year, according to Henley & Partners estimates, which provide consultancy to rich in immigration issues. The United Arab Emirates, USA, Italy, Switzerland and Saudi Arabia are at the top of the list of destinations.

Of the European states in the top 10 in the preferences of moving to the millionaires, there are countries: Greece, Portugal, Switzerland and Italy

The benefits of this wealth migration and talents to these countries are extensive and include:

Foreign currency income : Migrace millionaires are a vital source of income, because they tend to take wealth with them when they move to a new country. For example, a migrant that brings $ 10 million is equivalent to a country that generates $ 10 million in export revenues

New business : Many people with a large net wealth moving (about 15%) are entrepreneurs and founders of companies, who often set up business in their new country, thus creating local jobs. This percentage increases to over 60% for billionaires.

Stock marketsE: millionaires stimulate the local stock market through their investments in actions. Also, some business owners with a large net wealth can list their companies to the local stock exchange.

Creating jobs : Perhaps the most important thing, people with high net fortunes indirectly create thousands of well-paid jobs in high value sectors, such as luxury hotels, luxury restaurants, luxury retail, luxury fashion, top real estate, hi-tech

Multiplier effect: The migration of wealth inside the country can have a multiplier effect on increasing wealth due to the propagation effect on asset prices. For example, 100 people with high net wealth moving to a country can lead to an increase in the rich population, which leads to increased prices of local assets and, therefore, to increase the wealth of locals.

Stimulates the middle class : The business founded by millionaires and billionaires have a significant positive propagation effect on the middle class, because they create a large number of well paid jobs in their country of origin. Probably the best example in this regard is Microsoft, who has created thousands of jobs in the US and has also contributed to America's domination in the global technological space for over 30 years.

Trader silhouette with digital tablet and virtual screen with financial graphics and candles

“The 8 safe shelters”

The benefits of wealth migration within the country are particularly visible in the main safe markets in the world, namely Switzerland, Singapore, United Arab Emirates, Malta, Monaco, New Zealand, Australia and Mauritius, who have positively transformed their rich people to move there.

A “safe refuge” is a country with high levels of safety and security that remains largely protected by political and economic challenges.

Frequent reasons for which millionaires move

Families with high net wealth choose to move for several reasons, including: safety and security, retirement, business opportunities, lifestyle (including climate, nature and landscapes), health, living level and last but not least, the level of taxes.

The tax differences between countries are often the main factor in the migration of millionaires. The tax on capital earnings and succession tax are traditionally the main taxes that wealthy people consider when they migrate.

It is worth noting that most of the top destinations for global millionaires do not impose successor taxes. These include Australia, Austria, Bermuda, Canada, Cayman Islands, Costa Rica, Cyprus, Hong Kong, Israel, Mauritius, Malta, Monaco, New Zealand, Panama, Saudi Arabia, Singapore and United Arab Emirates. In Italy and Portugal, the rates are relatively low (4% and 10% respectively) and several Swiss cantons also maintain low or negligible rates of the succession tax.

Among the notable jurisdictions without taxes on capital earnings are Bermuda, Cayman Islands, Hong Kong, Mauritius, Singapore and United Arab Emirates, all being traditionally popular for millionaires, especially for those operating in the financial services sector.