Latest news with #highNetWorth
South China Morning Post
3 days ago
- Business
- South China Morning Post
Why are fewer wealthy Chinese likely to emigrate this year?
The number of wealthy mainland Chinese choosing to emigrate is projected to drop to a 10-year low this year thanks to the country's improved business environment and its growing appeal to tech entrepreneurs, according to a report by a London-based advisory firm. Henley & Partners' annual wealth migration report also said that Hong Kong is starting to see steady inflows of millionaire migrants from the rest of Asia, with an anticipated net inflow of 800 this year, including many executives from fast-growing hi-tech companies in neighbouring Shenzhen. A record 142,000 high-net-worth individuals – people with more than US$1 million in investible wealth – are expected to relocate internationally this year, according to the report, which was released on Tuesday. It said the net outflow of mainland Chinese millionaires would drop to 7,800 – down from 15,200 last year and 13,800 in 2023 – ending the country's decade-long run as the world's leading source of wantaway wealthy. The United Kingdom is set to have the largest net outflow of any country, losing 16,500 millionaires this year, the report said. Other European countries such as France, Spain and Germany are likely to be other major sources of outflow, it added. The rise of Chinese tech hubs such as Shenzhen and Hangzhou, alongside rapid growth in the private banking, healthcare and entertainment industries, is giving mainland millionaires new reasons to stay, Henley & Partners said. An emigration consultant and a wealthy Chinese mother said another major reason for the expected reduction in the outflow of mainland millionaires – likely to be the lowest since the Covid-19 pandemic according to the Henley & Partners report – was the growing uncertainty facing Chinese students studying abroad.
Khaleej Times
5 days ago
- Business
- Khaleej Times
UAE to attract over 9,800 millionaires in 2025, many from UK, Pakistan, Iran, Lebanon
The UAE remains the world's top destination for millionaire migration, as it is expected to attract the highest number of high-net-worth individuals in 2025, with more than 9,800 relocating to the Emirates. According to Henley & Partners' study released by international investment migration advisory firm Henley & Partners and global wealth intelligence firm New World Wealth, the UAE is estimated to attract $63 billion (Dh231 billion) in wealth due to the migration of millionaires. The millionaire migration to the UAE nearly doubled, from 98 per cent in 2014 to 2024, it said. "The UAE retains its crown as the world's leading wealth magnet, with a record net inflow of over 9,800 relocating millionaires expected this year — over 2,000 more than the US in second place," the global residency and citizenship company said. The number of millionaires with assets of over $1 million in the UAE is expected to increase to 130,500, while the population of centi-millionaires with assets exceeding $100 million is projected to reach 325. The UAE will be home to 28 billionaires. Stay up to date with the latest news. Follow KT on WhatsApp Channels. "The UAE has engineered perhaps the most successful wealth attraction strategy of the modern era. Forecast to see a net inflow of 9,800 millionaires in 2025, with an estimated collective investable wealth of around $63 billion, the UAE has evolved from regional hub to global wealth nexus through comprehensive policy innovation," said Dr Juerg Steffen, CEO at Henley and Partners. "The UAE's appeal rests on multiple factors beyond its welcoming immigration policy. Zero income tax, world-class infrastructure, political stability, and a regulatory framework that treats capital as a partner rather than a prey have created a compelling proposition. Its 2019 Golden Visa programme, refined in 2022 to expand eligibility and streamline processes, provides structured pathways that complement these broader advantages," he said. Steffen elaborated that the UAE's success represents a holistic approach to wealth attraction encompassing lifestyle, business environment, and strategic positioning. Iran, Lebanon, UK top sources "If one reviews the fastest growing wealth markets in the world over the past decade, it is noticeable that most of these countries are either popular destinations for migrating millionaires — such as Montenegro, the UAE, Malta, the USA, and Costa Rica — or emerging market tech hubs like China, India, and Taiwan. This demonstrates the importance of millionaire migration in driving new wealth formation in a country," said Andrew Amoils, head of research at New World Wealth. Due to geopolitical and economic volatility in Lebanon, Iran and Pakistan, many wealthy individuals are relocating to the UAE and other countries. In terms of their top migration destinations from the UK, most are relocating to the UAE, USA, Italy, and Switzerland, said Dr Juerg Steffen. The study pointed out that affluent individuals are relocating to tax-friendly jurisdictions such as the UAE, Monaco, and Malta, as well as to lifestyle havens including Italy, Greece, Portugal, and Switzerland. "Many high-earning executives are settling in the expanding wealth hubs of Dubai, Florida, Milan, St. Julian's, Lisbon, the Athenian Riviera, Zug, and Lugano." It said the Golden Visa options has also "reinforced the UAE's position as one of the world's most sought-after wealth haven." Globally, a record 142,000 millionaires are projected to relocate internationally this year, with the UK expected to see the largest net outflow of high-net-worth individuals (HNWIs) by any country in the past 10 years. The study noted that the UK is forecast to lose a staggering 16,500 millionaires in 2025 — more than double the anticipated 7,800 net outflows from China, which is ranked second this year after topping the millionaire-loser leaderboard every year over the past decade. "2025 marks a pivotal moment. For the first time in a decade of tracking, a European country leads the world in millionaire outflows. This isn't just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. The long-term implications for Europe and the UK's economic competitiveness and investment appeal are significant," said Dr Juerg Steffen. The UK is not alone in its struggles. For the first time, EU heavyweights France, Spain, and Germany are expected to see net HNWI losses in 2025 — with projected net outflows of 800,0 500 and 400 millionaires, respectively.
South China Morning Post
6 days ago
- Business
- South China Morning Post
US, mainland China, Hong Kong lead rush for New Zealand's ‘golden' visas
New Zealand said on Monday there had been a rush in applications for its new foreign investor migrant visa as the centre-right government looks to lure more high-net-worth individuals to the country to stimulate economic growth. The government in April relaxed rules for the visa, including lowering the minimum required funds for the category that focuses on higher-risk investments to NZ$5 million (US$3 million) from NZ$15 million and removing the English language requirement People watch a lion dance during an event celebrating Dragon Boat Festival in Auckland, New Zealand, last month. Photo: Xinhua '[There has been] a flood of formal interest in the new 'golden' visa,' Immigration Minister Erica Stanford said. 'New applications under the scheme represent a potential NZ$845 million (US$503 million) of new investment in New Zealand business.' In a statement, Stanford said the government had received 189 applications in less than three months for the Active Investor Plus visa, compared with 116 submissions over more than two-and-a-half years under the previous settings. People take pictures of Aurora Australis, or the 'Southern Lights', at Lake Ellesmere on the outskirts of Christchurch, New Zealand, on June 1. Photo: AFP
Yahoo
6 days ago
- Business
- Yahoo
Big Spenders Are Losing Their Appetite for Luxury
LONDON — Since the pandemic ended, ultra high-net-worth customers have been the driving force behind luxury sales as the less-affluent, aspirational shoppers put the brakes on spending. But the enthusiasm of those high-net-worth individuals may be waning, according to a report by Bernstein based on a survey by Agility Research and Strategy, a consulting firm that focuses on the habits of high-net-worth individuals, or HNWI. More from WWD CEO TALKS: Bang & Olufsen's Kristian Teär on Amplifying Its Design Potential, Retail Expansion Hermès Creates Immersive Mystery Game in Downtown Manhattan Hermès to Open Store at Plaza del Lago in Wilmette, Ill. in 2026 This will be a blow for the luxury groups and retailers which have been courting the HNWI cohort for years with special trips, events and 'money-can't-buy' experiences as overall luxury spending has slowed. Bernstein said macroeconomic uncertainty has started to 'weigh on the spending intentions' of the high-net-worth group, with global economic uncertainty lingering amid U.S. President Donald Trump's trade policy, and the yoyo-ing financial markets. Agility's data, it added, shows a 'sharp deterioration' in luxury spending intention among the wealthiest consumers, and across income groups, in the first half of the current year. 'Notably, HNWI panellists are now less optimistic than 'affluent,' or less wealthy peers, a contrast to prior surveys where they were consistently above. We would expect this to translate to slower luxury spending growth in the near-term,' Bernstein said. By geography, Bernstein said that U.S. consumers seem to be the hardest hit. 'HNWI panellists are now skewed towards a pessimistic outlook in aggregate. Other consumer sentiment surveys in the U.S. similarly suggest that the cushion of optimism that had buoyed the most affluent over 2024 has now largely deflated.' As reported, the latest Saks Global Luxury Pulse survey shows that consumers' optimism about the U.S. economy is in decline, driven by economic uncertainty and market volatility. According to Saks, America's affluent have been affected by market volatility, flip-flopping tariffs, and the prospect of a recession, which is impacting their spending on luxury. According to the Bernstein report, Chinese customers are opting for expensive jewelry over ready-to-wear, and have generally become more discerning shoppers. It added that the share of Agility's interviewees in China who intend to purchase jewelry in the next 12 months has increased consistently since 2023, even as interest in fashion and rtw fell. Demand for handbags seems to have stabilized, the report said. Despite the decline in spend among the rich, there is an upside for the brands, and for some consumers who've been waiting for years to get their hands on a Birkin, a Ferrari Purosangue SUV or a Rolex Daytona. Bernstein said that slowing demand will likely result in shrinking waiting lists. 'Luxury — even in the ultra-high-end — is still cyclical.' Brands like Hermès, Ferrari and Rolex 'bank excess demand when times are good and draw on them when times are tougher.' The brands have been bracing themselves for harder times, according to Bernstein. Hermès has already 'balanced leather inventories' to a lower level of demand growth, particularly in Asia. In addition, first-half auction prices for smaller handbag models such as the Birkin and Kelly 25 have settled at around 1.8 times that of their retail price. The 1.8 figure is 'slightly higher' than in 2020, but below peak pandemic multiples of double, or triple, the retail price. The price of larger models such as the Birkin 30 or the Kelly 28 have slipped further, reflecting a structural shift toward smaller handbags, although they're still hovering around 1.3 times the retail price. At Hermès, demand continues to exceed supply, while the company has also started to move beyond leather to build rtw and jewelry into 'standalone engines for future growth,' Bernstein said. Best of WWD The Definitive Timeline for Sean 'Diddy' Combs' Sean John Fashion Brand: Lawsuits, Runway Shows and Who Owns It Now What the Highest-paid CEOs at U.S. Fashion and Retail Companies Make Confidence Holds Up, But How Much Can Consumers Take?
Bloomberg
21-06-2025
- Business
- Bloomberg
Why Taxing the UK's Rich Less May Make Sense
The Laffer Curve does exist. You may not want it to, but it does. The UK's political class is in the process of learning this lesson. One of the first things Chancellor of the Exchequer Rachel Reeves did was to make the global assets of those living in the UK but domiciled elsewhere for tax purposes (the 'non-doms') subject to UK inheritance tax. Those people have responded to that incentive exactly as one might expect. They are leaving. Exact numbers aren't available, but many financial advisers will tell you of their fast-vanishing high-net worth clients—heading for the United Arab Emirates, Italy, Spain, Switzerland, Malta and maybe even the US (there are some 70,000 applications for information on the new ' gold Trump card ' visa, apparently). Henley and Partners, a global relocation company, backs this up. It reports that inquiries on how to become a resident elsewhere were three times higher in the first three months of 2025 than the same period in 2024.
