The U.S. has plummeted to 6th place in the top ten countries globally in terms of net inflows and outflows of millionaires projected for 2022, according to forecast high-net-worth-individual (HNWI) figures published in the latest Henley Global Citizens Report, which tracks private wealth and investment migration trends worldwide.
Indian nationals top the charts globally for the number of residence and citizenship by investment program enquiries, U.S. citizens are next in line.
The data assessment includes HNWI growth data, using a 10-year forecast growth, the past year’s growth, and the past 10 years’ growth along with demographic and wealth population data for the world’s 10 wealthiest countries.
For many this situation in the U.S. is an encouraging sign as it represents a shift towards a slightly more balanced and equal society. However, the alteration does not redress this significantly. The U.S. remains the largest wealth market in the world, accounting for 32 percent of total global private wealth and 36 percent of the world’s millionaires (based on the U.S. dollar).
Inequality in the U.S. remains a major issue and one that is responsible for a stark, uneven distribution of resources and which exacerbates class conflict. In 2021, the top 10 percent of the citizenship held nearly 70 percent of the wealth, a proportion up from about 61 percent at the end of 1989. Inequality erodes trust, increases anxiety and illness, (and) encourages excessive consumption, according to The Equality Trust.
In addition, the share held by the next 40 percent fell correspondingly over that period. The bottom 50 percent (roughly sixty-three million families) owned only 2.5 percent of wealth in 2021.
Inequality is set to continue. Going forwards the U.S. is still forecast to attract more HNWIs than it loses to emigration. A net inflow of 1,500 is projected for 2022, although this is drop from 2019 levels.
For a different comparator, Canada is 9th in the top ten globally in terms of projected net HNWI inflows for 2022 (after Portugal), with a net plus 1,000 millionaires expected. This also represents a fall compared to 2019.
The data has been compiled by a firm called Henley & Partners from a global review of net inflows and net outflows.
In terms of forecast HNWI growth over the next decade, the survey finds the number of dollar millionaires and billionaires will increase by 20 percent in the U.S., compared to emerging economies in Africa such as Mauritius, Uganda, and Nigeria, which are forecast to grow by anywhere between 40 percent and 80 percent over the next 10 years. With further examples, India’s HNWI growth is also projected to be 80 percent by 2031, while Sri Lanka’s growth projection is at 90 percent.
