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☆ Dubai set to welcome even more millionaires as wealthy individuals abandon the UK
▼ + stars: | 2024-07-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

The United Arab Emirates is on track to be the world's top wealth magnet for the third year running, according to the Henley Private Wealth Migration Report. "There are push and pull factors for this trend of millionaires opting to relocate to Dubai," Karim Jetha, a longtime regional investor who relocated to the UAE from the U.K. during the pandemic, told CNBC. "Pull factors include Dubai's perception of being extremely safe and visa reforms that encourage migration." The UAE is set to see a record net inflow of 6,700 millionaires from around the world by the end of 2024, according to the Henley report, which was released in June. That's nearly double the second-ranked country on the list, the U.S., which is expected to welcome a net inflow of 3,800 millionaires in the same time frame.

Persons: –, Karim Jetha, Henley, That's Organizations: United, Henley, Wealth, UBS, Labour Party, CNBC, Labour Locations: United Arab Emirates, Swiss, Dubai, sandier, UAE, U.S

☆ Israel is losing its allure for millionaires as war shatters its image as a 'safe haven'
▼ + stars: | 2024-06-20 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

Between 2013 and 2022, Israel attracted a net inflow of over 10,500 high-net-worth individuals, according to Henley & Partners. According to Henley & Partners data, in 2023, inquiries about immigration programs in exchange for investments from Israelis increased by 232%. Despite the recent net outflow of millionaires, Marconi told Business Insider there remains a draw for wealthy individuals. Additionally, as the world's only Jewish state, he said it would always attract wealthy individuals seeking religious refuge. AdvertisementIn an article for Henley & Partners, Marconi also pointed out that Israel had long "stood out as a rare economic bright spot in a turbulent region."

Persons: —, Dan Marconi, Marconi, Israel Organizations: Service, Henley Private Wealth, Henley & Partners, Business, Henley & Partners Israel, Marconi, BI, Israel Locations: Israel, Gaza

☆ Americans could be on a tight budget this summer
▼ + stars: | 2024-06-20 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Americans tend to shell out in the summer as they venture outdoors, book trips and step away from their desks. Consumers plan to spend less on away-from-home entertainment and vacations this summer, according to the 2024 KPMG Consumer Pulse Survey released Tuesday. That’s a contrast to last year when Americans shelled out on the “Barbenheimer” phenomenon, Taylor Swift and Beyoncé concert tickets and getaways. Retailers that offer Americans more bang for their buck including Ross Stores, TJ Maxx and HomeGoods-parent TJX, Dollar General and Walmart have benefitted. Americans are also feeling worse about the economy as they struggle with elevated inflation and high borrowing rates.

Persons: Taylor Swift, It’s, ”, Duleep Rodrigo, TJ Maxx, Mark Thompson, Henley, ” Hannah White, —, OpenAI’s Organizations: CNN Business, Bell, New York CNN, Pulse Survey, Commerce Department, Federal Reserve, Retailers, Ross Stores, Walmart, Abercrombie, Fitch, Williams, University, Michigan’s, Millionaires, Labour, Henley & Partners, Institute for Government, City of, Henley Private Wealth, Nvidia, Microsoft, Apple Locations: New York, Sonoma, Britain, United Kingdom, City of London

☆ The UAE is set to be the No. 1 'wealth magnet' in the world, new report shows
▼ + stars: | 2024-06-19 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +5 min

The UAE expects to see a net inflow of 6,700 millionaires from around the world by the end of 2024, according to new research. The tiny Gulf nation is expected to see an unprecedented net inflow of 6,700 millionaires from around the world by the end of 2024, according to the report released on June 18. That's according to new research by Henley Private Wealth Migration Report . The United Arab Emirates is set to be the world's leading wealth magnet for the third year in a row. The data for the report was supplied by global wealth intelligence firm New World Wealth and features insights on the inflows and outflows of millionaires and their migration patterns globally.

Persons: Dominic Volek, Hannah White Organizations: Henley Private Wealth, United, Henley & Partners, Henley, Partners, Singapore, Institute for Government, Millionaires Locations: UAE, United States, United Arab Emirates, Henley, States, America, Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal, Japan, East, India, Russia, Africa, United Kingdom, Europe, Asia, China, Kingdom, Korea, Brazil, Taiwan, Taipei, Nigeria, Vietnam

☆ Millionaires are abandoning the UK in their droves, new research shows
▼ + stars: | 2024-06-18 | by ( Katrina Bishop | ) www.cnbc.com time to read: +1 min

LONDON — A record number of millionaires is expected to leave the United Kingdom this year, according to new research, with this year's general election expected to further exacerbate the exodus. The U.K. came second to only China in Henley's ranking, with the eastern Asian giant expected to see net outflows of 15,200 millionaires in 2024. "However, this trend began to reverse around a decade ago as more millionaires began to leave the country and fewer came in," it said in its report. "Notably, during the six-year period from 2017 to 2023 post-Brexit, the U.K. lost a total of 16,500 millionaires to migration. Hannah White, CEO of the Institute for Government think tank, noted that the millionaire exodus could be accelerated by this year's general election.

Persons: Hannah White Organizations: Henley Private Wealth, Henley, Institute, Government Locations: United Kingdom, Britain, China, Henley's, Europe, Africa, Asia

☆ UK millionaires are fleeing Britain in their thousands
▼ + stars: | 2024-06-18 | by ( Mark Thompson | ) edition.cnn.com time to read: +4 min

The continuing exodus from the UK — 16,500 millionaires left between 2017 and 2023 — is part of a global mass migration of the rich that appears to be accelerating. The Henley Private Wealth Migration report found that 128,000 millionaires are set to relocate this year, beating last year’s record by 8,000. By contrast, the ranks of the wealthy have grown in the US, Canada, Australia, Germany and France over the same period. “The outflow of high-net-worth individuals already generated by the economic and political context is now being accelerated by policy decisions ahead of the election,” said White. Still, one very rich couple will apparently be staying, whatever the result on July 4.

Persons: Henley, ” Hannah White, —, ” Dominic Volek, Liz Truss, Keir Starmer’s, Rishi Sunak’s, Starmer, Rachel Reeves, ”, White, Akshata Murty, Sunday Times Rich, King Charles, Sunak Organizations: London CNN, Labour, Henley & Partners, Institute for Government, City of, Henley Private Wealth, European Union, Bank of England, Keir Starmer’s Labour Party, Sunday Times Locations: United Kingdom, City of London, China, Japan, Hong Kong, Canada, Australia, Germany, France, Ukraine, England

☆ Even investors in China are bailing on Chinese markets and putting their money in US assets instead
▼ + stars: | 2023-06-14 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Even investors in China are bailing on Chinese markets and shifting their money overseas. Most of that Chinese money has been flowing into dollar assets, according to Bloomberg. The outflow by Chinese investors is the latest indication that markets are souring on the economy. Last month, foreign investors sold Chinese stocks at a faster rate than in the prior month. In fact, foreign investors have dumped a vast amount of Chinese assets over the last two years, according to the Atlantic Council.

Persons: — Organizations: Bloomberg, Service, PY, Federal Reserve, People's Bank of China, Atlantic Council, Henley, Wealth Locations: China

☆ Millionaires are fleeing China at a faster pace as the post-COVID economic rebound fizzles
▼ + stars: | 2023-06-13 | by ( Jason Ma | ) www.businessinsider.com time to read: +3 min

Millionaires are fleeing China at a faster pace as the post-COVID economic rebound fizzles. China will see a net loss of 13,500 in 2023, up from 10,800 in 2022, the Henley Private Wealth Migration Report said. Meanwhile, the US will see a net gain of 2,100 millionaires, up from 1,500 last year. China will see a net loss of 13,500 high-net-worth individuals in 2023, up from 10,800 in 2022, according to the Henley Private Wealth Migration Report. After China's economy expanded strongly from 2000 to 2017, the growth of millionaires since then has been negligible, he added.

Persons: —, Andrew Amoils, Amoils, Henley, gainers, Juerg Steffen Organizations: Millionaires, Henley, Wealth, Service, Huawei, United, United Arab Emirates, Partners Locations: China, fizzles, Henley, Taiwan, Hong Kong, India, Australia, United Arab, Singapore

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