Nations Experiencing Millionaire Exodus

There are high net worth individuals (HNWIs) all over the world, but which countries are losing most of their millionaires? Patrick Brusnahan writes

GlobalData analysed which countries are losing the most millionaires with some surprising results.

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Venezuela came top with 34%, followed by Nigeria (33.6%), Cyprus (27.3%), Hungary (26.1%), and Greece (20.9%). The top ten in completed by Ukraine (19.7%), Turkey (17.7%), India (16.8%), Ireland (16.5%), and New Zealand (16.5%).

Why are millionaires leaving their countries?

While Venezuela does not have the highest sample of HNWIs, GlobalData found 37 in 2021, there are plenty of reasons to leave.

The country is expected to post a 2.4% growth in 2022, but this follows eight straight years of recession. Venezuela was ranked 188th out of 190 by the World Bank's doing business ranking with 20 procedures to start a business compared to the average of 8.1 in South America and Caribbean.

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In addition, innovation remains low. The country has received very few patents as compared to Argentina and Mexico. The number of patents received by Venezuela was just 4 in 2020, compared to Argentina’s 111 and Mexico’s 394 in the same year, according to the USPTO.

There is huge opportunity with oil in the country, but these come at the cost of US sanctions. According to government, oil exports from Venezuela doubled in December 2021, compared to December 2020 as the country raises production of revenue-generating hydrocarbons defying US sanctions. Sanctions placed on Venezuela have effectively made it unable to export significant amounts of oil to its major exporter partners. As it is barred from international financial and diplomatic organisations, Venezuela has been pushed into deep isolation.

Another of the top countries losing millionaires is Nigeria, but for different reasons. It is home to 3,629 HNWIs, 23% of which are aged 40 and below.

Economic growth in Nigeria contracted in 2020, with the country’s GDP declining by 1.8%. However, with economic activities gaining traction, GDP increased by 2.7% in 2021. To date the government has rolled out fiscal support of around $22.7bn (4.8% of GDP) to support the economy.

Top 10 countries losing millionaires:

  1. Venezuela
  2. Nigeria
  3. Cyprus
  4. Hungary
  5. Greece
  6. Ukraine
  7. Turkey
  8. India
  9. Ireland
  10. New Zealand