Tracking global wealth migration
The relocation of high net worth individuals can have a significant impact on the economic growth of host countries, from the taxes they contribute to the jobs their businesses create. David Sapsted looks at some recent trends.
28 March 2025The latest issue of Think Global People magazine is out now!
Last year saw an increase of 4.4% in the number of people across the world with a net worth of more than $10 million, bringing the total to 2,341,378, according to Knight Frank's 2025 Wealth Report. While all regions across the globe saw increases in numbers of these high net worth individuals (HNWIs), North America continued to lead growth with a 5.2% rise over the year to 970,401. President Donald Trump seems bent on boosting that total even further: soon after his return to the White House in January, he announced his intention to introduce a new golden visa – the so-called Trump Gold Card – for migrant HNWIs with $5 million USD to invest in the US. This would make it one of the most expensive golden visa programmes in the world, second only to Singapore's Global Investor Programme, which offers residency to incomers with $7.78 million USD to invest in new or existing businesses.
Economic growth opportunity
Dr Juerg Steffen, CEO at international investment migration firm Henley & Partners, welcomed Trump’s proposal, saying it would enhance US competitiveness in the global investment migration landscape by providing a clear and attractive investment route to citizenship. “The proposed gold card visa presents an exciting new opportunity for high net-worth investors seeking US residence and citizenship,” he said.“However, maintaining continuity and clarity in investor immigration policies is also crucially important. We encourage US authorities to ensure stability for investors by implementing a well-structured transition that safeguards existing programmes, such as the US EB-5 Immigrant Investor Program.”Dr Steffen maintained that attracting wealthy migrants was critical for economic growth, including in affluent regions such as the US and Europe. “These high-net worth individuals not only bring their wealth, but host countries also benefit from the taxes they pay, the businesses they create, and the jobs they generate,” he said. “The benefits of this migration of wealth and talent are wide-ranging, including foreign exchange revenue from incoming wealth, increased stock market investments, and a boost in local job creation, particularly in high-value sectors such as luxury retail, high-tech, and prime real estate. Furthermore, many relocating millionaires are entrepreneurs and company founders who start new businesses and drive economic activity , reinforcing the long-term economic prosperity of their new home nations.”Read related articles
The American exodus
However, Kristin Surak, an associate professor of political sociology at the London School of Economics and an expert on elite mobility and globalisation whose most recent book was The Golden Passport: Global Mobility for Millionaires, has doubts about the likely efficacy of the Trump Gold Card. “What Trump has missed in launching this new programme is that the tide began to turn several years ago,” she commented. “More US citizens than ever are looking for their own exit routes, spurred on by Covid and the rapid shifts in US politics . Portugal has been running a popular golden visa programme for over a decade. For most of its history, demand was mainly from China. Since 2022, the US has been climbing the charts and it’s now the top source of applicants. The 2024 elections have only driven the trend higher, not only in Portugal but also in countries such as Greece, as more and more US citizens look for an escape route.”Asia’s growing dominance
Liam Bailey, global head of Knight Frank's research department, pointed out that the 2025 Wealth Report forecasts that Asia will outpace North America in wealth creation over the next four years. But he added: “There is no realistic challenge to US dominance. Outside of stock valuations, the much-heralded AI-powered boom has yet to arrive – if it does, the US and China seem poised to benefit more than any other country.”The report found that, over 2024, the number of HNWIs in the Asia Pacific region grew by 5% to 854,465, forecasting that between this year and 2028, the area would account for 47.5% of all wealthy individuals created. “This remarkable growth is not only fuelled by the region’s economic resilience, but also the rise of a new generation of entrepreneurs through technological innovation,” said Christine Li, head of research at Knight Frank Asia-Pacific. “Apart from the Chinese mainland and India, countries like Malaysia and Indonesia are also emerging as key contributors, driven by their young, digitally connected populations and increasing integration into global markets.”The report found that the appetite for risk assets, such as equities, had expanded rapidly in emerging markets such as India, while European and Japanese attitudes to investing tended to be more conservative. India now has 85,698 HNWIs, which puts it fourth behind the US, China and Japan. Meanwhile, the firm sees Africa as a region with emerging wealth creation potential. “While North America and Asia lead the narrative, we believe Africa is poised to outperform in future wealth creation – in growth, if not in absolute terms,” said Bailey. “A fast-growing, young population; rich natural resources; rapidly improving infrastructure; and significant foreign investment provide strong foundations, while the potential for significant growth in consumption from an expanding middle class is creating opportunities for entrepreneurs across manufacturing and services.”
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