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June 29, 2023
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Top 10 countries wealthy people choose to live in

People with a net worth of $1 million or more are still on a global migration spree. Australia, the UAE, the US, Singapore, and several European countries are currently popular destinations.

Look into the places where high‑net‑worth individuals choose to live in and how to join them.

Alevtina Kalmuk
Alevtina Kalmuk

Author and editor of articles about investment citizenship and residency

Residence permit and citizenship in Europe and the Caribbean for real estate investment

Top 10 countries wealthy people choose to live in

New business and economic opportunities, high tax rates, political fluctuations, and the overall quality of life are the typical reasons behind the migration of the wealthy.

383 US residents with a net worth of more than $2,000,000 left the country in 2023. They move to Italy, Portugal, Greece, and other European Union states. At the same time, high‑net‑worth individuals and investors from other countries relocate to the US, albeit at a slower rate.

The best countries for rich people are primarily English-speaking ones since it is easier to integrate into society there.

Business and wealth management opportunities are also significant. For example, Switzerland and the US are major business and banking hubs. Cosmopolitans tend to move to places where their capital is stored.

Top 10 countries where wealthy people moved to in 2023

Country

How many people migrated

au-flag Australia

5,200

ae-flag UAE

4,500

sg-flag Singapore

3,200

us-flag US

2,100

ch-flag Switzerland

1,800

ca-flag Canada

1,600

gr-flag Greece

1,200

fr-flag France

1,000

pt-flag Portugal

800

nz-flag New Zealand

700

Source: New World Wealth

Australia is currently the best country for the rich, primarily due to its point-based migration system. It gives an advantage to skilled professionals, entrepreneurs, and the wealthy.

Other reasons to move to Australia include low crime rates, well‑developed health and education systems, and economic growth and development levels. The tax system is also essential: the rates are quite high, but no inheritance tax exists. The environment, climate, and low population density also attract cosmopolitans.

Top 10 cities in the world with the most billionaires

Some cities with a significant high‑net‑worth population are in countries outside global wealth migration lists. These are mostly megalopolises and capitals that serve as local and international industrial and financial hubs.

China, India, the UK, and Russia are currently outside the countries with many billionaires. Yet their major cities lead global rankings.

Cities with the most billionaires in 2023

City

Number of high-net-worth billionaires

us-flag

New York, US

101

hk-flag Hong Kong

70

cn-flag

Beijing, China

68

cn-flag

Shanghai, China

65

gb-flag

London, UK

63

ru-flag

Moscow, Russia

61

in-flag

Mumbai, India

56

cn-flag

Shenzhen, China

54

sg-flag

Singapore

46

in-flag

Delhi, India

37

us-flag

San Francisco, US

37

Source: Forbes

How to move abroad quickly

Expats obtain residence permits to settle in another country, followed by permanent residency and citizenship. Government investment programs typically provide the easiest and fastest way: the new status can be obtained in a few months.

Real estate purchase is the most common investment option. Others may include philanthropic donations, business launching, or capital transfers.

Some countries have migration programs for the financially independent instead of investors. These programs usually require earning a certain passive income, transferring assets, and renting or buying a house.

Below are the residence opportunities available in the countries popular with high‑net‑worth individuals:

  1. The UAE Golden Visa comes with a 10‑year residence permit. Applicants must invest at least AED 2,000,000, or approximately $545,000, in real estate.

  2. The US EB‑5 Immigrant Investor Program provides permanent residence with the chance to get citizenship in 5 years. To get an EB‑5 visa, an applicant invests at least $800,000 in a US commercial enterprise and creates at least 10 full‑time jobs for US workers.

  3. Switzerland Residence Permit. Applicants must pay at least ₣450,000 as a lump sum tax to the canton where they live. Depending on the canton, a tax agreement can be signed for 1 or 5 years.

  4. Greece Residence Permit. The minimum investment starts at €250,000: applicants can buy residential or commercial real estate. Investors can get citizenship after 7 years of living in the country.

  5. The Portugal D7 Visa leads to a residence permit in 4 months and possible citizenship in 5 years. Applicants must be financially independent, earn at least €760 a month as passive income, and buy or rent a residential property in the country.

Immigrant Invest is a licensed agent for government programs in the European Union and the Caribbean. If you want to obtain a new residence permit in a European country or the UAE, consult our investment program experts.