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☆ 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

☆ New York City was home to the most billionaires in 2022—here's the full list of global cities
▼ + stars: | 2023-06-11 | by ( Celia Fernandez | ) www.cnbc.com time to read: +2 min

New York City topped the list as the city home to the most billionaires, according to Wealth X. Alexander Spatari | Moment | Getty ImagesTop 10 cities around the world with the most billionairesNew York City Hong Kong San Francisco Moscow London Beijing Los Angeles Singapore Shenzhen Mumbai New York City topped the list with 136 billionaires in 2022. Hong Kong is home to 112 billionaires, according to the Wealth X report. Yang Liu | Corbis Documentary | Getty ImagesLike New York, Hong Kong had a similar dip of just 2 billionaires — they now total 112. According to an ECA International survey, Hong Kong is also considered one of the most expensive locations for expats in the world. San Francisco is home to 84 billioanires, according to the Wealth X report.

Persons: WealthX, Alexander Spatari, it's, Yang Liu, —, San Francisco, Dan Kurtzman Organizations: New, New York, New York City Hong Kong San Francisco Moscow London Beijing, New York Stock Exchange, Nasdaq, ECA, San Francisco, San, Henley & Partners Locations: New York City, New York City Hong Kong San Francisco Moscow, New York City Hong Kong San Francisco Moscow London Beijing Los, Singapore Shenzhen Mumbai New York City, New York, New, U.S, Hong Kong, York, San, San Francisco

☆ California Builds the Future, for Good and Bad. What’s Next?
▼ + stars: | 2023-05-30 | by ( Laila Lalami | ) www.nytimes.com time to read: +2 min

I remember my first glimpse into the future. In August 1992, when I arrived in California as a student, I discovered during orientation that the university required all incoming students to have something called an email account. To access it, I had to call up a text-based mail client on Unix, using a series of line commands. That fall, the incoming Clinton administration announced a plan to invest billions of dollars into civilian research and technology. Now I carry in my pocket a tiny device that, in addition to everything the Classic II did, can play movies, deliver the news, give directions, send money, book airline tickets and check my royalty statements.

☆ Americans flocked to Portugal for cheaper, more peaceful lives, but newcomers also brought crowds and drove up the cost of living
▼ + stars: | 2023-05-24 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +10 min

Americans have been moving to Portugal for years, and the pandemic accelerated the trend further. The Bagbys are part of a wave of Americans who have moved to Portugal, a country roughly the size of Indiana. "It's a very reasonable cost of living," Zaretsky told Insider. Zaretsky paid 600,000 euros for the house in Portugal after selling her Austin, Texas, home for $676,000. Portugal has a strong tourism economy, and its shoulder season draws large crowds, making the petite coastal country feel tight.

☆ Massive city growth and climate change are twin opportunities, says manager of $40 billion fund
▼ + stars: | 2023-05-11 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +6 min

"Investing in infrastructure, climate-related technology is the future," Wahba told CNBC in a video interview in May. The road is made of bitumen," a derivative of an oil product, Wahba told CNBC. Each stage of that process poses an infrastructure climate problem. "There are very, very attractive returns," Wahba told CNBC. Of course, some climate investments are risky.

☆ These are the 10 wealthiest cities in the world—3 of them are in the U.S.
▼ + stars: | 2023-04-26 | by ( Celia Fernandez | ) www.cnbc.com time to read: 1 min

In April, Henley & Partners released its annual report on the world's wealthiest cities. The report's findings are based on just how fast the millionaire population has grown in the past 10 years in major cities across the globe. New World Wealth, a global intelligence firm, collected data from 97 cities across nine regions worldwide. The report ranked the cities based on the spending habits of over 150,000 high-net-worth individuals, emphasizing those with over $10 million in investable assets. It's important to note that Henley & Partners' report primarily focused on wealthy individuals who have titles at work that include founder, chairperson, CEO, and director.

☆ The 27 most popular places around the world where the ultra-wealthy are snapping up second homes
▼ + stars: | 2023-04-23 | by ( Hannah Towey | Jordan Hart | ) www.businessinsider.com time to read: +2 min

Over 700 "centi-millionaires" live in Miami and The Hamptons during peak holiday months. From South Africa to Italy, see 27 places around the world attracting affluent seasonal residents. Come summertime, that number skyrockets to over 700, according to the latest wealth report from London-based consulting firm Henley & Partners. The data compares the number of primary residents to seasonal homeowners during peak holiday months, which varies by location. From beach towns in California and Portugal to mountain retreats in Switzerland and Colorado, these are the world's top 27 seasonal destinations where millionaires are snapping up second homes.

☆ The 9 US cities with the most billionaires, from famous glitzy locales to newer hot spots for ultrarich residents
▼ + stars: | 2023-04-20 | by ( Dan Latu | ) www.businessinsider.com time to read: +2 min

The US is home to 770 billionaires, according to London-based consulting firm Henley & Partners. Here, the 9 US cities with the most billionaires, from the San Francisco Bay Area to Austin, Texas. Some of America's richest residents, though, choose quieter cities for their home bases. And one of America's fastest-growing cities — Austin, Texas — has emerged as a relatively new billionaire hot spot, counting nine as residents. Check out the full list of the US cities where the most billionaires live.

☆ These are the 10 cities worldwide where the number of millionaires is rising the fastest. 3 American cities made the list.
▼ + stars: | 2023-04-19 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

The Chinese city topped Henley & Partners' list of cities where the number of millionaires is rising the fastest. Two further Chinese cities, three US cities, and two Indian cities, also ranked in the top ten. The top ten also includes two further Chinese cities, three US cities, two Indian cities, and one city in each Vietnam and the United Arab Emirates. Austin, meanwhile, is the highest-ranking US city on Henley & Partners' list, coming second. New York City, meanwhile, has the most residents worth $1 million or more, at around 340,000, per Henley & Partners' report.

☆ These are the 10 fastest-growing millionaire hotspots worldwide — and three are in the U.S.
▼ + stars: | 2023-04-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Hangzhou in China is one of the cities where wealth has grown the fastest in the past decade, a new report says. Hangzhou in China comes out on top of the list assessing the fastest-growing millionaire hotspots. Two further Chinese cities, Shenzhen and Guangzhou are also in the top 10, coming in third and seventh place respectively. Andrew Amoils, head of research at wealth intelligence firm New World Wealth, which worked on the report with Henley & Partners, links the jumps to various factors. "The US's dominance over the global tech sector has probably played a role in European cities struggling.

☆ The 'Robinhood of passports' says it's a mistake to ban golden visas — make them fund affordable housing and refugee programs instead
▼ + stars: | 2023-04-12 | by ( Hannah Towey | ) www.businessinsider.com time to read: +8 min

Portugal and Ireland recently announced they are shutting down their "golden visa" programs. Their less-advantageous siblings, "golden visas," provide temporary residence permits in exchange for investment, as opposed to permanent citizenship. A golden taxInstead of banning golden passports and visas outright, countries should adjust the investment requirements to match their current needs, Arton says. A scandalous historyBut golden passports don't only raise the issue of inequality, the European Commission argues, they also pose a threat to national security. Last year, 282 of Ireland's 306 golden visa applications came from Chinese citizens, The Irish Times reported.

☆ Interest in 2nd passports among the uber-wealthy is at 'an all-time high' amid mounting political uncertainty, an investor network boss said
▼ + stars: | 2023-03-13 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

The chair of a network of ultra-wealthy investors said interest had reached an "all-time high." Golden passports and visas allow the rich to get citizenship or residency in exchange for investment. But as interest in golden passport and visa schemes soars, some countries are shutting down their programs. Portugal and Ireland both announced in February that they were ending their golden visa schemes. The European Commission argues that both golden passport and visa schemes "pose serious risks, in particular as regards security, money laundering, tax evasion and corruption."

☆ Austin is the No. 1 fastest-growing U.S city for millionaires—see where else made the list
▼ + stars: | 2023-03-01 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

Henley and Partner's 2023 wealth report found that America's fastest growing cities for millionaires all experienced a 70% millionaire growth from 2012 to 2022. According to Henley and Partner's 2023 wealth report, cities like Austin, Texas, and Scottsdale, Arizona, are gaining millionaire residents, while bigger cities like Chicago, and New York City are losing them. 1 city on the list is Austin, Texas. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report.

☆ COVID showed the rich that they can't just go wherever they want, so now millionaires are rushing to get 2nd passports: report
▼ + stars: | 2023-03-01 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Lockdowns shattered the wealthy's belief that their mobility was foolproof, per consultancy Knight Frank. As such, ultra-high-net-worth-individuals are now increasingly pursuing citizenships or residencies overseas, London-based consultancy Knight Frank said in its 2023 report released Wednesday. "US citizens have a 'good passport' with many travel privileges, but COVID threw these out the door," Surak wrote. "The result has been a huge increase in the number of Americans looking into investment migration options," she added. Many are looking at overseas homes where they can live for a few months per year, or places that offer good healthcare, Surak wrote.

☆ Top 10 U.S. towns where millionaires are buying second homes—3 of them are in Florida
▼ + stars: | 2023-02-25 | by ( Celia Fernandez | ) www.cnbc.com time to read: 1 min

For many of America's most affluent people, having a second or third home is the norm. And according to a new report, they prefer properties in beachfront areas like Boca Raton or near the Rocky Mountains. Henley and Partner's 2023 wealth report ranked the top 10 U.S. towns where centi-millionaires — those with a wealth of $100 million or more — own second homes. Data collected by New World Wealth, a global intelligence firm, showed the number of centi-millionaires living in these towns fluctuating depending on the time of year. In December 2022, the peak holiday season, the number of centi-millionaires increased exponentially, which suggests more vacation homeowners in these areas.

☆ How China's millionaire crowd stacks up against America's, in wealth, spending, and how they made their fortunes
▼ + stars: | 2023-02-22 | by ( Matthew Loh | ) www.businessinsider.com time to read: +1 min

China has 780,000 millionaires, while the US has nearly 7 times that. Visual China Group via Getty Images/Visual China Group via Getty ImagesWhile China and the US are comparable in nominal GDP, there are far more wealthy individuals in America than in China. That data came from a wealth report by the consultancy Henley & Partners, published in 2023. "America is in a league of its own, with three times the total wealth of China and seven times as many dollar millionaires," the report said. The US has 9,630 centimillionaires, or people with a net worth of $100 million or higher, and 770 billionaires, according to the firm.

☆ America's millionaires are flocking to smaller cities. Take a look at the top 5 emerging hotspots for the country's richest people.
▼ + stars: | 2023-02-17 | by ( Matthew Loh | ) www.businessinsider.com time to read: +1 min

Austin, Texas6th Street in Austin, Texas. No state income tax and lots of space in the Texan city of around 1 million people has boosted its luxury real estate sector, wrote Nikki Greenberg, the founder of consultancy Real Estate of the Future, in the report. Tech giants like Amazon, Google, and Meta have recently expanding there. And in November 2019, Apple announced a new $1 billion campus in Austin. However, the city has seen somewhat of a hit with mass layoffs now ripping through the tech industry, Greenberg wrote.

☆ The top 10 most popular US towns where millionaires are snapping up second homes
▼ + stars: | 2023-02-17 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +1 min

Some of the wealthiest Americans are flocking to real estate hotspots across the US to purchase vacation homes. Miami Beach, a location where many of these vacation homes are located. Many of these millionaires purchase their vacation homes in beachfront areas and towns near the Rocky Mountains. Take a look at 10 of the most popular towns for centi-millionaires to purchase a second home in. These towns are arranged according to the number of centi-millionaires living there in December 2021.

☆ Wealthy Americans are racing to get the EU's last remaining 'golden passport' before it's gone
▼ + stars: | 2023-02-17 | by ( Hannah Towey | ) www.businessinsider.com time to read: +6 min

For the first time, Americans are applying for "golden passports" more than any other nationality. For the first time, Americans are applying for golden passports and visas more than any other nationality, according to Henley & Partners' 2023 USA Wealth Report, released Thursday. Henley & Partners' Head of North America Mehdi Kadiri said Malta's golden passport scheme was the second-most sought-after program among Americans, in part because Malta's program is accessible through real estate investment. Former Google CEO Eric Schmidt reportedly applied for European citizenship in 2020 through Cyprus' now-defunct golden passport program. Following Russia's invasion of Ukraine, golden passports and visas faced global scrutiny for allowing sanctioned oligarchs access to the UK.

☆ The 8 US colleges that produce the most multi-millionaires, ranked
▼ + stars: | 2023-02-17 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +1 min

Eight US universities produced 35% of the country's centi-millionaires, a new wealth report shows. There were currently 9,630 centi-millionaires in the US as of December 2022, per Henley & Partners. Loading Something is loading. 65% come from the country's other colleges, it said. The report said there were 9,630 centi-millionaires — people with $100 million or more — living in the US as of December 2022.

☆ America's millionaires aren't leaving the US to avoid taxes — they're trying to find the American Dream somewhere else, report says
▼ + stars: | 2023-02-16 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

American millionaires are moving overseas, and it's not to dodge taxes, a consultancy firm says. They're simply chasing the American Dream elsewhere, he wrote. wrote Opdyke. "But today, for many, the American Dream is on life support." At the same time, the middle class is growing outside the US, with nearly 430,000 new consumers joining the middle class in the developing world every day, Opdyke wrote added.

☆ Leaked Oracle org chart shows the top execs reporting to Larry Ellison after cloud leader Don Johnson's abrupt departure
▼ + stars: | 2023-01-30 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +2 min

Oracle's internal org chart shows the eight executives who report to chairman and CTO Larry Ellison. An internal Oracle organization chart shows the executives left reporting to cofounder Larry Ellison after cloud and health leader Don Johnson left the company. Johnson spent four years running Oracle's cloud business, Oracle Cloud Infrastructure, before stepping back in the last year. Larry Ellison Executive chairman and chief technology officer Andy Mendelsohn Executive vice president, Oracle Database Clay Magouyrk Executive vice president, Oracle Cloud Infrastructure Edward Screven Executive vice president and chief corporate architect Jeff Henley Executive vice chairman Juan Loaiza Executive vice president, Mission Critical Database Technologies Steve Miranda Executive vice president, Applications Development T.K. Anand Executive vice president, Analytics Maddie Giammona Executive assistantDo you work at Oracle or have insight to share?

☆ The 10 most powerful passports in the world in 2023
▼ + stars: | 2023-01-21 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +2 min

The Henley Passport Index ranks the most powerful passports in the world for visa-free travel. US passport holders can access 186 countries globally without a visa, putting it in seventh place among world passports on the global mobility spectrum, according to the 2023 Henley Passport Index. The US shared its seventh place ranking with Belgium, the Czech Republic, New Zealand, Norway, and Switzerland. Of the top 50 best passports for international travel in 2023, only eight countries offer citizenship-by-investment programs, in which applicants can obtain passports in exchange for an approved investment within the country, Insider reported. Below are the countries with the most powerful passports, ranked by ascending number of visa-free travel options.

☆ Japan has the No. 1 most powerful passport in the world for 2023—see where the U.S. lands on the list
▼ + stars: | 2023-01-19 | by ( Celia Fernandez | ) www.cnbc.com time to read: 1 min

This month, the International Air Transport Association released the 2023 Henley Passport Index, which reveals the world's most powerful passports. The Henley Passport Index measures visa-free access to 227 destinations across the world. A key finding from the index is what they call the "direct link between passport strength and access to the global economy." For example, the Japanese passport gives visa-free access to 193 destinations, which accounts for a whopping 98% of the global economy. On the other end, citizens of the index's lowest-ranking countries such as Afghanistan, Iraq (visa-free score of 29), and Syria (visa-free score of 30) are effectively shut out of various opportunities for economic mobility and growth.

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