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China to lose most HNWIs in 2023, says wealth migration report


China is forecasted to lose 13,500 high-net-worth individuals (HNWIs) this year, marking the highest net loss globally, according to the 2023 Henley Private Wealth Migration Report. India and the UK follow with an expected outflow of 6,500 and 3,200 HNWIs respectively. These outflows, coupled with China's slowed wealth growth and the "common prosperity" policy, could have significant implications, warns New World Wealth. Hong Kong anticipates a decrease in outflows, with an expected loss of 1,000 HNWIs, while the UK sees an uptick due to Brexit and tax changes. Australia is projected to attract the most HNWIs in 2023, surpassing the UAE, with Singapore and the US trailing behind due to potential tax hikes and lingering COVID-19 impacts.

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