While streams of migrants fleeing poverty dominate the headlines, wealthier migrants are also on the move and tend to have similar aims, according to a new report by The Economist Intelligence Unit sponsored by Arton Capital. The report is released today at the Global Citizen Forum in Monaco.
The survey-based report finds that high net worth individual (HNWI) migrants, like poorer ones, tend to be motivated by quality-of-life considerations and by a wish to improve opportunities for their children. Here are some of the report’s key findings:
- Fully 75% of respondents to a survey of HNWIs say a “better overall quality of life” was among their top three reasons for migrating; 64% cite “a safer physical environment” and 42% “better opportunities for my children”
- When choosing among specific destination countries, however, HNWIs surveyed tend to be swayed most by the business opportunities in different countries (81%)
- A destination country’s tax environments (76%) is also an important selection criterion, as are the travel opportunities it offers (77%), for example by providing a passport that is widely accepted
- HNWIs who obtain an additional nationality but do not relocate tend to be motivated more by financial and career goals than by quality of life considerations. Some 94% of these HNWIs surveyed cite “business opportunities” among their main reasons
- Nearly all of the HNWIs surveyed who have already migrated say their expectations have been fulfilled, and a strong majority say there were no unexpected downsides to the relocation decision. Results are similar for HNWIs who received an additional nationality but did not relocate
- Nonetheless, mainly due to cultural and social integration issues, about half (51%) of HNWI migrants surveyed say they expect eventually to return to their countries of origin. Another 17% would return under certain circumstances
Aviva Freudmann, the editor of the report, said:
“The flow of wealthy individuals across borders is occurring against a backdrop of growth in private wealth across the globe. Sender countries are likely to continue to be those in developing regions, where a lot of new wealth is being created, but where the rule of law can be weak. A growing self-perception by wealthy individuals as “global citizens” who are not necessarily tied to a particular geography may be accelerating the trend.”
Press enquiries:
Mathew Hanratty, corporate communications manager
+44 (0)20 7576 8546, [email protected]
Aviva Freudmann, project director
+49 (0)69 71 71 88 162, [email protected]
Notes to editors
About the research
The study, The Wealthy Migrant, is based on an original survey of 213 high net worth individuals (HNWIs)—those with investable assets of $1m or more, excluding real estate—who have migrated from their countries of origin or plan to do so within the next three years. The survey also polled individuals who have sought or received an additional nationality, or plan to do so within the next three years, but without physically relocating. Of the 213 HNWIs surveyed, 164 are current or future migrants and 62 are holders of, or seekers of, an additional nationality without migrating; 13 respondents fell into both categories.
The survey polled at least 20 HNWIs now living in each of the following 10 countries: US, Russia, Mexico, India, Germany, China, Saudi Arabia, Canada, UK, Spain. The countries of origin of the HNWIs clustered in India (50), Mexico (23), US (21), and Spain (19).
In addition to the survey, the EIU carried out in-depth interviews with 13 individuals, including experts in the field of migration among the wealthy and HNWIs representing a range of origin- and destination countries.
About The Economist Intelligence Unit
The Economist Intelligence Unit is the world leader in global business intelligence. It is the business-to-business arm of The Economist Group, which publishes The Economist newspaper. As the world's leading provider of country intelligence, The Economist Intelligence Unit helps executives make better business decisions by providing timely, reliable and impartial analysis on worldwide market trends and business strategies. More information about The Economist Intelligence Unit can be found atwww.eiu.com or follow us on www.twitter.com/theeiu.
About Arton Capital
Arton Capital, a member of the Arton Group, is a global financial advisory firm specialising in investor programs for residence and citizenship. Its operations are spread in over 12 offices around the world and have helped attract over US$2.5bn in foreign direct investment to destination countries. The Arton Group includes fully licensed international banking, financial advisory and investment consulting companies whose services are tailored to the needs of high net worth individuals.
