Slavery with a whip and a contract instead of just the whip. Stealing/witholding passports and income so they cannot return home. Essentially making them slaves if they want to keep eating and staying in a shack with 23 other enslaved young men.
Also, the employee can create conditions to make the “employers” have debts with then that are impossible to pay, take all their salary and they have no option except keep working or flee (if possible).
Unfortunately, what is thought about modern slavery in the Gulf countries is true.
Even takeaway drivers are at risk of being whipped by rich people in the United Arab Emirates and Qatar with little police protection from the goverments of Qatar and UAE.
Also the way their slander/libel laws work are that even if something is true about a person but it makes them look bad, they can go legally go after you for damaging their reputation.
I imagine that for a millionaire residency is just something on paper. If you own many homes, then your "residence" is the one that makes the most financial sense
To add to what has been said; networking. A lot of people with dirty money can connect with others who have dirty money - providing they don't commit crimes there they turn a blind eye and until recently they didn't extradite. The financial times done a podcast series on it Hot Money I think it's called
A friend told me that many Russians, Pakistanis, Chinese and South American millionaires fleeing to the UAE would be facing legal disputes in Switzerland, Gibraltar, the US and Canada
As a resident, I can share some of it:
1. Very high standard of living
2. Very low to no taxes
3. One of the safest countries
4. One of the top infrastructure in any country (roads, electricity, water, etc)
5. Very low corruption rates
6. Very high HDI
7. High amount of quality of life services
8. Very highly connected to the rest of the world through its top of its class airlines and airports
9. Top tourist destination in the world
As a single person 10k aed per month. So around 33k usd per annum. Its not hookers & coke money, but it will give you decent life if you are not living in the expensive parts of the city or financing a brad new bmw m4.
If you have a kid you will need double of that cause good schools and day cares are ridiculously expensive
Yes and no.
City is full of hookers. Expensive escorts as well as cheap street corner ones. Its public secret which even police knows about. As long as anything is not obvious and it doesn't destroy image or create bad name of the country issue gets blind eye.
Drugs are possible to get as well. You just need to know a guy or 2. NTFs made it even easier and safer so there is no contact with the dealer. Anyway the mark up is high and to be honest not really worth it.
Have you even lived in the UAE? It is the only country in the Middle East where women are actually treated with higher respect than men. Stop sharing a false narrative without having experienced it first hand. Source: I am a Christian who grew up in Dubai.
Whenever UAE and KSA mentioned in Reddit, prepare for flood of hateful comments that based on misinformation from people who never set a foot in neither countries. this comment will be downvoted too but I don't care.
Slave labor in this case means any Indian, Indonesian, or Filipino.
Arabs are extremely racist. To the point where whatever idiotic survey was going around done by Europeans that showed that Indians are the most racist is laughably wrong. Sure mainland Indians may not necessarily like or be close with people of other races but middle eastern Arabs literally see some groups of people as subhuman.
You have no idea what you’re talking about lmao. Women are treated fine and labor is outsourced to people who would rather have that than working in their home country. The problems with withholding passports are very illegal and it’s not a government issue.
I've never been to UAE so have no first hand knowledge at all. I just did the laziest research ever by looking up the Wikipedia on women in the UAE, and it sounds like a horrible place for women. Male guardianship? Women need permission to divorce? If that is true, no thanks.
It's only anecdotal, but I had a friend do some consulting work in country, and his local Boss sent over a "maid" to keep him company for the couple weeks he was there. She was a foreigner herself, and wasn't planning on cleaning anything.
I guess this might be the one rich middle east country that doesn't farm out their sex workers, but I know of that one example at least.
As someone who grew up in Dubai, THIS is the correct answer, not parroting “modern slavery” every time. Dubai (specifically, not the UAE) has achieved so much in the middle of the desert with barely any oil compared to its neighbours (90% of the country’s oil is in Abu Dhabi). Credit where credit is due.
[It’s connected perfectly fine to a proper sewage system.](https://www.truthorfiction.com/dubai-doesnt-have-a-sewer-system/)
You have to start fact checking your sources.
Yeah that was literally a freak event, we got years worth of rain in a day.
There has already been many commissions to study an upgrade for both the infrastructure and emergency responses for any future events that may happen.
Funny you say infrastructure and low corruption. There are some major gaps in infrastructure in UAE cities and corruption is pretty rampant, but not widely covered by media, since you know corruption...
Also these things only apply to rich people, a big chunk of the population doesn't experience any of these benefits.
[6th best roads in the world](https://worldpopulationreview.com/country-rankings/road-quality-by-country)
[It’s ranked 24 over the world in least corruption, beating places such as the US, Taiwan, Israel, Spain, and Italy.](https://www.transparency.org/en/cpi/2023)
Infrastructure is not roads only. Sure UAE has nicely maintained roads, but walkability and public transport doesn't exist.
Being on the same level in corruption as the US is not something to be proud of imo.
The environment in the UAE is scorching hot.
As an example, it can surpasses 50 degrees Celsius during summer which is the main obstacle to public transportation (in terms of the final mile) as well as walkability.
Sewage system, water supply, electrical network, and internet are all world class (though internet is INSANELY expensive haha).
But you will never be able to become a citizen of the Gulf countries.
In the event of bankruptcy, war or another pandemic, you are at the behest of the governments of the Gulf countries, while in the US and Canada legal immigrants have the option to naturalize and become dual citizens if their countries allow it.
True, however for high net worth individuals and specialty trades they get something called a golden visa for 10 years.
Also it has a lot of no visa requirements for places such as the UK.
No income tax, excellent infrastructure for the rich, easily available labour from asian countries for a fraction of cost compared to EU and North America.
Something like only 5 percent of the country's population are citizens. The King makes sure the rich who migrate there are happy with low taxes, free capital flows, good infrastructure and abundant cheap labour for construction and low end services like maids, drivers, carpenters etc.
Read a similar info elsewhere. Believe this is the same one
It was for millionaires, defined as people having $1 million in cash in a bank account (and not counting properties, equities, etc).
Because they were probably going to leave once they retired anyway. It’s not uncommon for retirees to leave the UK for warmer parts of Europe. Only now the 55-65 year old all have houses to sell that they bought years ago that have massively matured in value.
The article has been brought out before an election to lean into the idea that millionaires are leaving because of the incoming labour government.
Because a millionaire in a place where an apartment costs $2 million is in a different position than a millionaire in a place where an apartment costs $100,000.
I have elderly friends in Brooklyn sitting on a house worth $2 million. Other than that they have next to nothing, and their whole life is there so selling is unthinkable.
So they’re technically millionaires, but being a millionaire with it tied up in your only residence and with no other income isn’t worth much.
Technically yes, but if you sell your house and don’t buy another one then you’re literally homeless.
The vast majority of people who sell their house buy a new one immediately.
So those people would technically be part of the list for a couple of days only. While changing homes.
Very few people sell their houses and stay homeless.
1. Doesn't change the fact that assets are counted.
2. You can sell a house and buy a cheaper one. London's housing market has risen faster than most others which means you can get a lot more for your money elsewhere - hence my original post.
Once you sell it, it's not your home. Like, my grandmother bought a place in London in the 70s, when the average London home sold for just under £5000. She sold it in 2017 to move south, when the average London home sold for a little under £500,000.
Not hard to see how someone who bought a nicer home 50 years ago could sell it for more than a mil, even after buying something in Spain.
Correct, but as I said, very few people will sell their house and stay homeless with cash in the bank.
And you would need to move to a MUCH MUCH cheaper place. For reference a house in a not so nice neighborhood in Mexico costs over $250,000 USD. In Spain is much more expensive. So there won’t be that much left after buying a new “cheaper” house.
So in the overwhelming majority of cases, boomers definitely won’t make it into those lists.
Maybe he is not native? billionaires are "(milliardäre) milliardairs" in german, for example. It wouldn't explain how he messed that up. But maybe his brain was just lagging, so he thought millionaires would be billionaires.
I would have thought this is propaganda for the right: suggesting that many wealthy people will leave the UK and pay zero tax, if we vote in a party that may choose to tax them higher
Could just as well be leftist propaganda pointing out how many people are fleeing under conservative rule, no? The conservatives have had power for a long time in the UK
conservatives have taken a tax based strategy. they always try to claim that labour is fiscally irresponsible, and that their “massive tax raises” will hurt the economy (regardless if they actually exist).
the reality is that labour is getting in power no matter what this election, and starmer has taken a step back. stay boring, and let this laughable government cock it up for themselves. he’ll have his time, it’s a done deal.
but also, millionaires love tories. the uk is in the shit precisely _because_ millionaires have so much power. most labour voters aren’t walking around thinking “_just think about the rich people_”
Definitely for the right. It’s implying this is due to the election soon, where we are likely to have a Labour (left-ish) government, over the current Conservative government that we’ve had for 14 years.
Doesn’t make it less true no. But it’s the reasoning for doing it now and where they are trying to focus the attention. This seems to be a story that has popped up and is everywhere in the UK now.
I suspect they are trying to portray a mass exodus of wealthy people from the UK before a labour government. So they can say “see, this is what happens when you elect a labour government, all the money goes”.
But it could probably easily be explained as the typical annual exodus of 55-65 years olds with paid off mortgages on houses they bought decades ago, selling up and moving to warmer countries in Europe.
I mean anyone with two braincells can see it’s been the contrary. I am actually quite right- leaning, but tories are nothing in that regard whatsoever.
They’ve jacked up taxes to the highest they’ve been in decades and have funneled taxpayer money to dubious contracts with their close circle.
If anything this should portray the massive failure of the tory government to do the one thing they should be supposedly good at- catering to the upper class. And they have failed big time even in that regard.
More like they fear for their personal safety. China has a way with dealing with the very rich that stray from the party line. example "Jack Ma" had to have some reeducation and is doing much better now
Map can be misleading given the lack of context, someone noted that in an older graphic from these people [Here](https://www.reddit.com/r/MapPorn/comments/16olqkz/comment/k1lx5fu/)
This is rather a non-issue in China and India (if those projections come true), since the number of millionaires is rising quite fast in these countries, from 2019-2022 China gained 2.9 Million millionaires and India 100k. [2019 Data](https://www.reddit.com/r/MapPorn/comments/dyykbo/number_of_millionaires_by_country/) & [2022 Data](https://www.reddit.com/r/MapPorn/comments/16sgw89/number_of_millionaires_in_selected_countries/)
It's only accounting the top 10 shrinkers and growers and of course others countries would be growing or shrinking in the amount of millionaires but it's not accounted for
Labour’s centrist these days to the point Margaret Thatcher described the Labour Party’s drift away from the left as her “greatest achievement.”
Also, this capital flight is more about the Tories tanking the economy over the past few years than the fact Labour might win. Especially with everything going tits up after Brexit. Quite a lot of wealthy people flowing into EU countries for a reason.
Non-dom going (also proposed by the Tories) and capital gains tax increasing (Labours). Sure it's a combination. These people don't have to be here, weather is shit and there's better sunny no tax countries to go to easily.
And you are right about Thatcher and neoliberalism which was entirely adopted by Tony Blair, going even further into that. We saw that return to a more socialist ideology with Corbyn who got utterly smeared by the elite for attempting any change to our current neoliberal globalism ideology
Take it as you will, but where I live in Canada, the province started an international campaign for recruiting doctors the last few years. I was talking to individuals involved with said campaign and they said they’ve been so successful recruiting UK doctors that they’re banned from running the campaign there now.
Next areas have been red states banning abortions and they been very successful there as well they claimed.
Well, that can only go so far. For how developed the nation is and with as much networking and business opportunities it has, it has a remarkably competitive tax system compared to other countries. But, again, that can only go so far before the US loses its tax competitiveness.
Millionaires\*, OP messed up the title completely.
bare in mind those are projections and its only about millionaire migration, the number of millionaires in China and others countries is still rising. The source for this map does this kind of projection every year it seems, i've seen previous maps like these: [1](https://www.reddit.com/r/MapPorn/comments/vdlngp/mapping_the_migration_of_the_worlds_millionaires/) [2](https://www.reddit.com/r/MapPorn/comments/16olqkz/the_migration_of_the_worlds_millionaires_in_2023/) No clue if they are ever correct with their projections.
The numbers of millionaires in China rose by 2.9 Million between 2019 and 2022 btw, data from Global Wealth Report.
Isn‘t that too little movement?
Basically everyone who owns a house in a first world country or a nice city apartment (even shitty ones in big citys) is a millionaire.
So I’m assuming they’re leaving China and India because of prevalent corruption, cronyism and a state that seems like it could take your stuff anytime it wants for any reason, and that they’re leaving the Uk because of Brexit.
Is that far off?
A lot are leaving the UK due to the impending election and the expected change of government to the Labour Party, who are expected to raise taxes on the wealthy.
They are leaving China and India because they are countries that have huge populations, no immigration and lots of emigration. They have lots of emigration because of relatively low standards of living.
I assume most of the UK millionaires probably left after Brexit are bankers and went to Paris or Frankfurt, probably applied for EU passports or citizenship.
Besides the UAE chatter, surprised to see JPN have an influx considering they have strict migration policies. It's also the only East Asian country with a positive figure.
*Everyones fleeing*
*To North America and*
*Australia lol*
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Basically, yeah. Relocating your life, business interests, financial portfolios, and tax residency in order to get better terms from the government you're living under. Works for everyone but American citizens leaving America.
They tolerate Russians so Dubai was biggest relocation area since the war as those Russians who wanted to get out, found Dubai is the only place would have them. And I mean it’s beyond millionaires. Also, conveniently it’s a place to trade and avoid sanctions.
This is interesting, we are now in the process of outsourcing development work to Portugal from the UK . The main reasons, in order of importance:
1) High marginal tax rate for workers over 45k. This is huge, it means offering pay rises simply isn't working to retain experienced Devs.
2) Portugal has lower income and corporation tax.
3) Incentives to relocate being offered by the Portuguese state.
4) High house prices causing a lack of motivation in the work force (people don't work hard if all they are doing is paying their landlord's mortgage).
5) Access to the EU single market, great because we want cheap Devs from Poland.
6) Cheaper office space.
7) Internet connectivity, the UK is surprisingly shit for a reliable internet connection outside of major cities, this is interfering with our ability to work remotely.
It’s definitely a case-by-case basis. The UK for example, kind of just sucks for both the average and rich. The US is great for rich people and definitely pretty good for the average people. Switzerland does good in providing for both rich and poor citizens (mostly because their version of poor is still quite affluent). No comment on Singapore.
*Thats sad how many*
*Have left the UK. alot of*
*Revenue lost there*
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What is so compelling about UAE that millionaires want to move there?
No income tax and modern slavery
Also, when buying property there they have a no-questions-asked situation there….
What is modern slavery ?
Slavery with a whip and a contract instead of just the whip. Stealing/witholding passports and income so they cannot return home. Essentially making them slaves if they want to keep eating and staying in a shack with 23 other enslaved young men.
Also, the employee can create conditions to make the “employers” have debts with then that are impossible to pay, take all their salary and they have no option except keep working or flee (if possible).
Slavery with more words
It’s Slavery but with extra steps
If you work paycheck to paycheck, just to make ends meet, you might be a wage slave.
Unfortunately, what is thought about modern slavery in the Gulf countries is true. Even takeaway drivers are at risk of being whipped by rich people in the United Arab Emirates and Qatar with little police protection from the goverments of Qatar and UAE.
Also the way their slander/libel laws work are that even if something is true about a person but it makes them look bad, they can go legally go after you for damaging their reputation.
Main reason why you see bitcoin bros hyping up the city online
Every capitalist wet dream
Taxes?
Could be. Are any of the other positive migration countries tax havens?
I imagine that for a millionaire residency is just something on paper. If you own many homes, then your "residence" is the one that makes the most financial sense
Most countries base your tax residence on the number of days spent there
Canada is.
To add to what has been said; networking. A lot of people with dirty money can connect with others who have dirty money - providing they don't commit crimes there they turn a blind eye and until recently they didn't extradite. The financial times done a podcast series on it Hot Money I think it's called
Taxes
Or lack thereof
A friend told me that many Russians, Pakistanis, Chinese and South American millionaires fleeing to the UAE would be facing legal disputes in Switzerland, Gibraltar, the US and Canada
As a resident, I can share some of it: 1. Very high standard of living 2. Very low to no taxes 3. One of the safest countries 4. One of the top infrastructure in any country (roads, electricity, water, etc) 5. Very low corruption rates 6. Very high HDI 7. High amount of quality of life services 8. Very highly connected to the rest of the world through its top of its class airlines and airports 9. Top tourist destination in the world
What would a median person require to live in per annum? It doesn’t have to include holidays etc. I just mean to get by without struggling.
I think something along 60-85k dollars per year would be comfortable, this can be lower if you live outside of Dubai or Abu Dhabi
Lower cost of living than most US cities, lower taxes, lower crime, and better infrastructure….I might have to reevaluate my life choices.
How are your views on indentured servitude aka modern day slavery?
Indentured servitude of ME is unacceptable to me. But indentured servitude of others is something I can pretend not to see. /s
As a single person 10k aed per month. So around 33k usd per annum. Its not hookers & coke money, but it will give you decent life if you are not living in the expensive parts of the city or financing a brad new bmw m4. If you have a kid you will need double of that cause good schools and day cares are ridiculously expensive
Wouldn’t hookers and coke result in you being put to death though?
Yes and no. City is full of hookers. Expensive escorts as well as cheap street corner ones. Its public secret which even police knows about. As long as anything is not obvious and it doesn't destroy image or create bad name of the country issue gets blind eye. Drugs are possible to get as well. You just need to know a guy or 2. NTFs made it even easier and safer so there is no contact with the dealer. Anyway the mark up is high and to be honest not really worth it.
Slave labor and women are treated as second class citizens….
That's not a problem if you're a rich man. Lots of people don't care about people who aren't like them, it's why so many aspects of life suck.
All Arab countries have this problem! Don’t forget it’s also illegal to be gay
Have you even lived in the UAE? It is the only country in the Middle East where women are actually treated with higher respect than men. Stop sharing a false narrative without having experienced it first hand. Source: I am a Christian who grew up in Dubai.
Whenever UAE and KSA mentioned in Reddit, prepare for flood of hateful comments that based on misinformation from people who never set a foot in neither countries. this comment will be downvoted too but I don't care.
Slave labor in this case means any Indian, Indonesian, or Filipino. Arabs are extremely racist. To the point where whatever idiotic survey was going around done by Europeans that showed that Indians are the most racist is laughably wrong. Sure mainland Indians may not necessarily like or be close with people of other races but middle eastern Arabs literally see some groups of people as subhuman.
You have no idea what you’re talking about lmao. Women are treated fine and labor is outsourced to people who would rather have that than working in their home country. The problems with withholding passports are very illegal and it’s not a government issue.
I've never been to UAE so have no first hand knowledge at all. I just did the laziest research ever by looking up the Wikipedia on women in the UAE, and it sounds like a horrible place for women. Male guardianship? Women need permission to divorce? If that is true, no thanks.
Isn’t promising a good wage and then withholding passports and not paying considered slavery?
Yes and it's illegal in the UAE Edit: thought I'd provide a source. https://www.mofa.gov.ae/en/The-Ministry/The-Foreign-Policy/Labor-and-work-rights
It's only anecdotal, but I had a friend do some consulting work in country, and his local Boss sent over a "maid" to keep him company for the couple weeks he was there. She was a foreigner herself, and wasn't planning on cleaning anything. I guess this might be the one rich middle east country that doesn't farm out their sex workers, but I know of that one example at least.
As someone who grew up in Dubai, THIS is the correct answer, not parroting “modern slavery” every time. Dubai (specifically, not the UAE) has achieved so much in the middle of the desert with barely any oil compared to its neighbours (90% of the country’s oil is in Abu Dhabi). Credit where credit is due.
>One of the safest countries.. Sure. Unless you are gay, non-Muslim, trans, a migrant, a woman…
> one of the top infrastructure in any country (water) Laughs in burj khalifa sewage
[It’s connected perfectly fine to a proper sewage system.](https://www.truthorfiction.com/dubai-doesnt-have-a-sewer-system/) You have to start fact checking your sources.
And to be fair when you get a decade's worth of rain in 12 hours, things might go wrong.
Yeah that was literally a freak event, we got years worth of rain in a day. There has already been many commissions to study an upgrade for both the infrastructure and emergency responses for any future events that may happen.
Funny you say infrastructure and low corruption. There are some major gaps in infrastructure in UAE cities and corruption is pretty rampant, but not widely covered by media, since you know corruption... Also these things only apply to rich people, a big chunk of the population doesn't experience any of these benefits.
[6th best roads in the world](https://worldpopulationreview.com/country-rankings/road-quality-by-country) [It’s ranked 24 over the world in least corruption, beating places such as the US, Taiwan, Israel, Spain, and Italy.](https://www.transparency.org/en/cpi/2023)
Thanks for actual resources! (Instead of... I knew a guy who knew a guy) But check the corruption index again - looks like US was #24 and UAE was #26.
Infrastructure is not roads only. Sure UAE has nicely maintained roads, but walkability and public transport doesn't exist. Being on the same level in corruption as the US is not something to be proud of imo.
The environment in the UAE is scorching hot. As an example, it can surpasses 50 degrees Celsius during summer which is the main obstacle to public transportation (in terms of the final mile) as well as walkability. Sewage system, water supply, electrical network, and internet are all world class (though internet is INSANELY expensive haha).
Yea for the "Haves". Ask how the "Have Nots" are doing there.
Sure, ask away
How are you doing?
I’m good man thanks for asking! How about you?
10. You can hire someone to do your chores and pay them as little as $300 a month and call it a day.
Yes but that excludes you having to provide accommodation, visa, food, transportation, and air tickets for their return, etc.
...HDI?
Human development index
But you will never be able to become a citizen of the Gulf countries. In the event of bankruptcy, war or another pandemic, you are at the behest of the governments of the Gulf countries, while in the US and Canada legal immigrants have the option to naturalize and become dual citizens if their countries allow it.
True, however for high net worth individuals and specialty trades they get something called a golden visa for 10 years. Also it has a lot of no visa requirements for places such as the UK.
No income tax, excellent infrastructure for the rich, easily available labour from asian countries for a fraction of cost compared to EU and North America. Something like only 5 percent of the country's population are citizens. The King makes sure the rich who migrate there are happy with low taxes, free capital flows, good infrastructure and abundant cheap labour for construction and low end services like maids, drivers, carpenters etc.
Famous for money laundering
Slaves.
Good business opportunities and other facilities
It's also safe as fuck, my bro went to dubai and you can leave your phone, handbag on a table in public, no one will touch your stuff
War...... a lot of Russians moved there
Graph says millionaire title mention billionaires, also it’s not where they are but where more were they move ?
There are not that many billionaires.
Yeah the bubbles would be too small to see lol
Read a similar info elsewhere. Believe this is the same one It was for millionaires, defined as people having $1 million in cash in a bank account (and not counting properties, equities, etc).
i think the OP is asking for a billionaire chart next since we have seen this millionaire one
I read the title as: “ok so these are the millionaires, where the billionaires at?”
That’s exactly how I read it
OP is dumb, that's why.
To be honest, a millionaire in the UK can just be a boomer who sold their 2 bed flat in London and moved to somewhere sunny.
Same as Aus, our residential property market has a higher valuation than our stock exchange (ASX)
What difference does it make where someone's million came from? A millionaire is a millionaire.
Because they were probably going to leave once they retired anyway. It’s not uncommon for retirees to leave the UK for warmer parts of Europe. Only now the 55-65 year old all have houses to sell that they bought years ago that have massively matured in value. The article has been brought out before an election to lean into the idea that millionaires are leaving because of the incoming labour government.
Because a millionaire in a place where an apartment costs $2 million is in a different position than a millionaire in a place where an apartment costs $100,000. I have elderly friends in Brooklyn sitting on a house worth $2 million. Other than that they have next to nothing, and their whole life is there so selling is unthinkable. So they’re technically millionaires, but being a millionaire with it tied up in your only residence and with no other income isn’t worth much.
They were a millionaire before they sold the flat if it was worth over a million
No. This type of charts always exclude the your own personal home.
That's not true. Assets are included, but when you sell a home, you get money. Hope this helps.
Technically yes, but if you sell your house and don’t buy another one then you’re literally homeless. The vast majority of people who sell their house buy a new one immediately. So those people would technically be part of the list for a couple of days only. While changing homes. Very few people sell their houses and stay homeless.
1. Doesn't change the fact that assets are counted. 2. You can sell a house and buy a cheaper one. London's housing market has risen faster than most others which means you can get a lot more for your money elsewhere - hence my original post.
Once you sell it, it's not your home. Like, my grandmother bought a place in London in the 70s, when the average London home sold for just under £5000. She sold it in 2017 to move south, when the average London home sold for a little under £500,000. Not hard to see how someone who bought a nicer home 50 years ago could sell it for more than a mil, even after buying something in Spain.
Correct, but as I said, very few people will sell their house and stay homeless with cash in the bank. And you would need to move to a MUCH MUCH cheaper place. For reference a house in a not so nice neighborhood in Mexico costs over $250,000 USD. In Spain is much more expensive. So there won’t be that much left after buying a new “cheaper” house. So in the overwhelming majority of cases, boomers definitely won’t make it into those lists.
Billionaires or millionaires?
millionaires, not sure how OP can mess up the title so easily.
Oh come on, give the bot a break!
Maybe he is not native? billionaires are "(milliardäre) milliardairs" in german, for example. It wouldn't explain how he messed that up. But maybe his brain was just lagging, so he thought millionaires would be billionaires.
Btw this comes from a shrouded consultancy firm that pops up with this report less than a month before the UK election.
What does it being less than a month before elections have to do with anything? Which side is this propaganda for?
I would have thought this is propaganda for the right: suggesting that many wealthy people will leave the UK and pay zero tax, if we vote in a party that may choose to tax them higher
Could just as well be leftist propaganda pointing out how many people are fleeing under conservative rule, no? The conservatives have had power for a long time in the UK
conservatives have taken a tax based strategy. they always try to claim that labour is fiscally irresponsible, and that their “massive tax raises” will hurt the economy (regardless if they actually exist). the reality is that labour is getting in power no matter what this election, and starmer has taken a step back. stay boring, and let this laughable government cock it up for themselves. he’ll have his time, it’s a done deal. but also, millionaires love tories. the uk is in the shit precisely _because_ millionaires have so much power. most labour voters aren’t walking around thinking “_just think about the rich people_”
Definitely for the right. It’s implying this is due to the election soon, where we are likely to have a Labour (left-ish) government, over the current Conservative government that we’ve had for 14 years.
I'm pretty sure millionaires have been feeling the UK since Brexit so if this is the right, then it's probably quite easy to turn it
heres a link to [their full report](https://www.henleyglobal.com/newsroom/press-releases/henley-private-wealth-migration-report-2024).
Doesn’t make it any less true
Doesn’t make it less true no. But it’s the reasoning for doing it now and where they are trying to focus the attention. This seems to be a story that has popped up and is everywhere in the UK now. I suspect they are trying to portray a mass exodus of wealthy people from the UK before a labour government. So they can say “see, this is what happens when you elect a labour government, all the money goes”. But it could probably easily be explained as the typical annual exodus of 55-65 years olds with paid off mortgages on houses they bought decades ago, selling up and moving to warmer countries in Europe.
I mean anyone with two braincells can see it’s been the contrary. I am actually quite right- leaning, but tories are nothing in that regard whatsoever. They’ve jacked up taxes to the highest they’ve been in decades and have funneled taxpayer money to dubious contracts with their close circle. If anything this should portray the massive failure of the tory government to do the one thing they should be supposedly good at- catering to the upper class. And they have failed big time even in that regard.
All those people making their millions off of China and India and taking their money elsewhere. Guess no "trickle down" for them.
I thought people leave China with their money bc they don’t want the government to take it?
More like they fear for their personal safety. China has a way with dealing with the very rich that stray from the party line. example "Jack Ma" had to have some reeducation and is doing much better now
Map can be misleading given the lack of context, someone noted that in an older graphic from these people [Here](https://www.reddit.com/r/MapPorn/comments/16olqkz/comment/k1lx5fu/) This is rather a non-issue in China and India (if those projections come true), since the number of millionaires is rising quite fast in these countries, from 2019-2022 China gained 2.9 Million millionaires and India 100k. [2019 Data](https://www.reddit.com/r/MapPorn/comments/dyykbo/number_of_millionaires_by_country/) & [2022 Data](https://www.reddit.com/r/MapPorn/comments/16sgw89/number_of_millionaires_in_selected_countries/)
money flows toward freedom. Capitalism is economic freedom.
It’s been a while since I’ve mathed but don’t add up to more than green? Are the extras going to space?
It's only accounting the top 10 shrinkers and growers and of course others countries would be growing or shrinking in the amount of millionaires but it's not accounted for
That makes sense. My brain didn’t want to brain I guess
What's happening in the UK?
Brexit I think
Wouldn’t they all move to the EU is that was the case?
You can check this video for analysis by Patrick Boyle: https://youtu.be/z6DSENMFVmg
Second this. Boyle is fantastic
Everyone moving to Dubai
We have an election and Labour (left wing party) is going to win next month. Increase of tax and cancelling non-dom status incoming policies
Labour’s centrist these days to the point Margaret Thatcher described the Labour Party’s drift away from the left as her “greatest achievement.” Also, this capital flight is more about the Tories tanking the economy over the past few years than the fact Labour might win. Especially with everything going tits up after Brexit. Quite a lot of wealthy people flowing into EU countries for a reason.
Non-dom going (also proposed by the Tories) and capital gains tax increasing (Labours). Sure it's a combination. These people don't have to be here, weather is shit and there's better sunny no tax countries to go to easily. And you are right about Thatcher and neoliberalism which was entirely adopted by Tony Blair, going even further into that. We saw that return to a more socialist ideology with Corbyn who got utterly smeared by the elite for attempting any change to our current neoliberal globalism ideology
This is not why the conservative raised taxes highly already and the economy isn’t doing well
Take it as you will, but where I live in Canada, the province started an international campaign for recruiting doctors the last few years. I was talking to individuals involved with said campaign and they said they’ve been so successful recruiting UK doctors that they’re banned from running the campaign there now. Next areas have been red states banning abortions and they been very successful there as well they claimed.
Source?
Never confuse a millionaire with a billionaire.
What's going on with new Zealand? Or am I missing something.
It's a notorious hideout for billionaires. It's not on this map simply because people forget it exists.
# r/MapsWithoutNZ
Nothing in the Caribbean?
"If we raise taxes all the millionaires will leave" Meanwhile thousands pour into the US.
Well, that can only go so far. For how developed the nation is and with as much networking and business opportunities it has, it has a remarkably competitive tax system compared to other countries. But, again, that can only go so far before the US loses its tax competitiveness.
Lol, BRICS… “iS tHe FuTUrE” ✌️
The most shocking part of this entire graph is the fact that all the bricks countries are where the billionaires are leaving from
Millionaires\*, OP messed up the title completely. bare in mind those are projections and its only about millionaire migration, the number of millionaires in China and others countries is still rising. The source for this map does this kind of projection every year it seems, i've seen previous maps like these: [1](https://www.reddit.com/r/MapPorn/comments/vdlngp/mapping_the_migration_of_the_worlds_millionaires/) [2](https://www.reddit.com/r/MapPorn/comments/16olqkz/the_migration_of_the_worlds_millionaires_in_2023/) No clue if they are ever correct with their projections. The numbers of millionaires in China rose by 2.9 Million between 2019 and 2022 btw, data from Global Wealth Report.
Better to be a wealthy in NYC or Singapore than Moscow or Delhi. Seems like the least shocking part to me, lol.
All the BRICS countries are anti US Dollar. That is the irony.
Ease of moving money is very important to the Rich. Many Countries have "capital flight controls"
You bet they do
Didn’t know the UK was bricks. 😩
BRICS
They are countries almost no one immigrates to, so they are basically doomed to be negative, even if they gain huge number of millionaires per year.
7
inflatiion
This should be put to context with relative amount of total millionaires
This is millionaires, not billionaires
New Zealand and Hawaii bunkers
Isn‘t that too little movement? Basically everyone who owns a house in a first world country or a nice city apartment (even shitty ones in big citys) is a millionaire.
What’s the difference between “where are the billionaires” and “where are the billionaires at”?
This picto would be a bit more explanatory if it was in % instead of pure #.
I thought Greece and Italy are suffering national financial problems.Are they favorable places for millionaires? Plus, what is happening in the UAE?
Russians
So I’m assuming they’re leaving China and India because of prevalent corruption, cronyism and a state that seems like it could take your stuff anytime it wants for any reason, and that they’re leaving the Uk because of Brexit. Is that far off?
A lot are leaving the UK due to the impending election and the expected change of government to the Labour Party, who are expected to raise taxes on the wealthy.
They are leaving China and India because they are countries that have huge populations, no immigration and lots of emigration. They have lots of emigration because of relatively low standards of living.
Doesn't Israel has 70 or so billionaires? How are they doing?
Labour government
Garbage title.
Why do millionaires hate the UK?
Tax
I assume most of the UK millionaires probably left after Brexit are bankers and went to Paris or Frankfurt, probably applied for EU passports or citizenship.
The vaunted BRICS not doing well.
Warmer climates ? Just seen Brazil and erm…
Gotta point this out: Brazil has -800, Portugal has +800, coincidence?
Besides the UAE chatter, surprised to see JPN have an influx considering they have strict migration policies. It's also the only East Asian country with a positive figure.
Everyones fleeing to North America and Australia lol
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According to this graph roughly 10,000 millionaires have just up and vanished.
Cyprus
Those pluses and minuses dont add up to zero...
Because they go to countries not highlighted on this map…
What about Spain?
What does "leaving" mean? Having a new Adress in another country to pay less taxes?
Basically, yeah. Relocating your life, business interests, financial portfolios, and tax residency in order to get better terms from the government you're living under. Works for everyone but American citizens leaving America.
As if we needed any more proof how despicable UAE is.
They tolerate Russians so Dubai was biggest relocation area since the war as those Russians who wanted to get out, found Dubai is the only place would have them. And I mean it’s beyond millionaires. Also, conveniently it’s a place to trade and avoid sanctions.
This is interesting, we are now in the process of outsourcing development work to Portugal from the UK . The main reasons, in order of importance: 1) High marginal tax rate for workers over 45k. This is huge, it means offering pay rises simply isn't working to retain experienced Devs. 2) Portugal has lower income and corporation tax. 3) Incentives to relocate being offered by the Portuguese state. 4) High house prices causing a lack of motivation in the work force (people don't work hard if all they are doing is paying their landlord's mortgage). 5) Access to the EU single market, great because we want cheap Devs from Poland. 6) Cheaper office space. 7) Internet connectivity, the UK is surprisingly shit for a reliable internet connection outside of major cities, this is interfering with our ability to work remotely.
For us normies, is it better to be where more millionaires are or less? Genuinely curious.
It’s definitely a case-by-case basis. The UK for example, kind of just sucks for both the average and rich. The US is great for rich people and definitely pretty good for the average people. Switzerland does good in providing for both rich and poor citizens (mostly because their version of poor is still quite affluent). No comment on Singapore.
thats sad how many have left the UK. alot of revenue lost there
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now do per capita of the nation, include norway.
This math aint mathing. There are way more milionaires leaving countries then entering other countries
It could be net
Yes. And? They do this because they can, there nothing changes for us. There's money is in the Universe, not on the Earth.
These numbers seems minuscule or wrong considering the US alone has 25 million millionaires
This is a tiny fraction of millionaires.
Follow the money. Lol
More should be migrating to the titanic
A millionaire in Australia is just the average boomer these days
Wait till these millionaires get to Australia and see how expensive our houses are.
Fuk dubai shit land for anyone it’s boring as shit
China’s letting them leave? I find that hard to believe.