Switzerland is a great place for millionaires

Switzerland continues to be very attractive to millionaires. As an international study shows, it is one of the most important destination countries for the influx of the so-called rich people.

Despite the Credit Suisse debacle, the country of private banking remains a magnet for the rich, so-called high-net-worth individuals (HNWIs) from around the world. This year, Switzerland will record net immigration of about 1,800 millionaires.

While this represents lower flows than last year, such as Henley Special Report on the 2023 Wealth Migration He maintains, but shows that Switzerland’s appeal to the wealthy has not faltered.

On the best international flight

As one of the “safest and best-governed countries in the world, Switzerland is a great place to live, especially for the very wealthy,” says the study. According to Henley & Partners, a residency and citizenship advisory firm, the Switzerland is among the top five destination countries For the net inflow of millionaires in the current year.

Internationally, it ranks fifth in terms of net immigration of the wealthy and tops the list in the European comparison. Among European countries, Greece, France and Portugal also made it into the top ten globally this year.

Australia is back on top

With 5,200 new millionaires, Australia is expected to attract the most wealthy this year, putting it at the top. Henley defines wealthy individuals as wealthy individuals with investable assets of $1 million or more. Immigration figures refer only to the wealthy who have already moved, i.e. staying in the new country for more than six months of the year.

Although the UAE fell to second place after its record influx in 2022, the Gulf states will still see an impressive net inflow of 4,500 new millionaires. Singapore ranks third in terms of net influx of 3,200 millionaires, the highest in the country’s history, followed by the United States with 2,100 millionaires moving to it.

Britain is lagging behind

Where there are winners, there are also losers. The United Kingdom experiences the largest exodus of millionaires in Europe with 3,200 wealthy individuals. This is twice as much as in the previous year – and even more than the expected net losses of 3,000 in Russia. This makes the UK the third biggest loser among millionaires worldwide after China (net loss of 13,500) and India (net loss of 6,500).