Wooing migrant millionaires

Greece is becoming a top destination for wealthy migrants, as it is expected to welcome 1,200 “millionaire immigrants” this year.

This country is among the top 10 preferred countries for high-income earners looking for another place of permanent residence, according to data from Henley & Partners, a company that helps wealthy clients migrate. The company’s data capture the flow of wealth around the world, as millionaires are back on the move, following a pandemic-induced stagnation.

Wealthy investors and their families are preparing for the aftermath of the pandemic, adapting to the emerging new world order and responding to climate change. The result is that 88,000 millionaires are expected to settle in a foreign country by 2022. The number is expected to rise to 125,000 next year, making 2023 the year with the most millionaire migrants to date.

Figures from Henley & Partners show that a tsunami of capital is leaving Russia and Ukraine, the UK has ceased being the global center of wealth, and the US is becoming less and less attractive to the planet’s millionaires.

As Henley & Partners points out, the Greek Golden Visa program is showing increasing popularity and this implies some benefits for the country and its economy. According to the analysis, Greece will welcome 1,200 millionaires this year, with the country's total population of high-income earners coming to 43,800.

This is a vote of confidence in the prospects of Greece and its economy, with the help of tax and other incentives to attract wealthy investors, digital nomads, etc. According to Andrew Amoils, head of research at New World Wealth, which compiled the data for Henley & Partners, “people with large amounts of wealth and high incomes are showing extremely high mobility lately.” Crucially, “their moves and choices regarding their country of establishment are an early warning sign of future trends in the countries,” he said: “Countries that attract wealthy people and families who immigrate there tend to be strong, with low crime rates, competitive tax rates and attractive business opportunities.”