The Great Millionaire Exodus: Why the Wealthy Are Leaving
Published: 2024-11-02
Status:
Available
|
Analyzed
Published: 2024-11-02
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
2024 projected to have the largest movement of millionaires on record.
"this year is projected to see the biggest movement of millionaires on record"
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Approximately 128,000 millionaires expected to relocate to a new country by the end of 2024.
"around 128,000 millionaires will have relocated to a new country and stayed there for more than 6 months by the end of 2024"
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Millionaire migration is increasing at a rate 67% faster than the global millionaire population growth.
"millionaire migration increased at a rate 67% faster than the number of millionaires in the world"
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Russia's millionaire outflow is expected to continue declining into 2025.
"it looks like Russia's millionaire Exodus is largely over and the number of new levers might continue to decline into 2025"
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South Korea's maximum inheritance tax rate is 50%, which is double the OECD average.
"South Korea's maximum inheritance tax rate is 50% double the average of 25% among oecd countries"
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Millionaire migration from South Korea has tripled in the last two years and could lead to significant capital flight if momentum continues.
"although the number of millionaires leaving is still small in absolute terms it's tripled in the last two years and if this momentum continues Capital flight might really be on the cards for South Korea"
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India is projected to lose 4,300 millionaires in the current year.
"India which is expected to lose 4,300 millionaires this year"
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Millionaire outflows from India decreased by 4.3%, from 5,100 in 2023 to 4,300 in 2024.
"the number of levers declined 4 3% in the last year from 5,100 in 2023 to 4,300 in 2024"
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The number of millionaires leaving the UK is projected to more than double from 4,200 to 9,500 in the current year.
"the United Kingdom which is leaking millionaires like crazy the number of millionaires leaving the UK more than doubled from 4,200 last year to a projected 9,500 this year"
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The UK's millionaire population has decreased from 61,700 to 62,500 in the current year.
"the UK's millionaire population is down from 61,7 last year to 62,500 this year a drop of"
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Millionaire migration to/from the UK has increased by 126% year-on-year.
"millionaire migration is up 126% year on-year"
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The end of the non-dom tax regime in the UK is expected to cause some millionaires to leave.
"ending it is bound to cause some to up and leave"
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China is projected to lose 15,200 millionaires in the current year.
"China which is projected to lose 15,200 millionaires this year"
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China's millionaire population increased by 10.6% year-on-year, from 780,000 to 862,500.
"the number of millionaires in China is up 10.6% Year on-year from 780,000 to 862,5kg"
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Global millionaire migration is increasing at a faster rate than the world's millionaire population.
"millionaire migration is increasing at a rate faster than the world's millionaire population"
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The UK and South Korea have lost 8% and 15% of their millionaire populations respectively in the past year.
"the UK and South Korea are standouts for managing to lose 8% and 15% of their millionaire populations in the last year"
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Proposed changes to UK tax laws this year may be contributing to the significant increase in millionaire outflows.
"the proposed changes in the UK's tax laws this year might explain the large uptick outflows"
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South Korea's 50% inheritance and gift tax rate has been in effect since the early 2000s.
"South Korea 50% top rate of inheritance and gift tax has been in place since the early 2000s"
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Millionaire migration is likely to have a contagious effect on other millionaires.
"millionaire migration has a contagious effect"
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Wealth is continuing to concentrate among a smaller group of millionaires and billionaires, with no signs of this trend slowing.
"the trend towards wealth concentrating in the hands of an increasingly small group of millionaires ctim millionaires and especially billionaires is showing no signs of slowing"
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Countries like the UK and South Korea will continue to lose wealth, while destinations like Dubai, Singapore, and major cities in the US, Canada, and Australia will continue to concentrate wealth.
"if current trends continue countries like the UK and South Korea are going to leak money while millionaire magnets like Dubai Singapore and major cities in the US Canada and Australia continue to concentrate massive amounts of wealth"
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Property prices and cost of living are expected to significantly increase in popular millionaire destinations.
"property prices and the cost of living in these destinations are likely to go through the roof"
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Millionaire migration is expected to have a positive impact on financial markets, including cryptocurrency.
"the impact of millionaire migration on financial markets including crypto is is unambiguously positive"
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Increased millionaire mobility is likely to lead to more wealth being stored and moved in stablecoins and Bitcoin (BTC).
"as millionaires become more mobile we're probably going to see more wealth being stored and moved around in assets like stable coins and BTC"
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Capital flight and millionaire migration are considered bullish indicators for the cryptocurrency market.
"Capital flight millionaire migration whatever you want to call it it's looking bullish for crypto"
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