Mission Statement: to assist the integration of foreign residents living in Spain
By Letara Draghia •
Published: 07 Nov 2024 • 22:24
• 1 minute read
High-net-worth individuals (HNWIs) are flocking to Portugal, according to data by New World Health and cited by The Henley Private Wealth Migration Report 2024. Portugal ranks in the top 10 global destinations for millionaire migration this year.
About 128,000 millionaires are expected to move internationally this year, with Portugal set to attract around 800 of them.
Why is Portugal so popular with millionaires?
Wealthy people from Europe, the UK, Brazil and the USA are most attracted to Portugal.
The Portugal News reports that Portugal’s Golden Visa continues to allure affluent individuals, many of whom are enticed by over 300 days of sunshine annually, a relaxed lifestyle, and political stability.
Top European destinations for millionaire migration
Portugal sits alongside other European nations including Italy, Switzerland, and Greece, all of which are attracting an influx of HNWIs.
In stark contrast, the UK is facing a record net loss of 9,500 millionaires this year. The report highlights how, traditionally, the UK was a top choice for wealthy individuals, particularly in London. However, recent years have seen a reversal, with many citing Brexit and changing economic policies as reasons for departure. As the report notes, “countries with policies that actively encourage foreign investment are seeing the greatest growth in high-net-worth individuals.”
High-net-worth migration serves as an indicator of economic health and investor confidence. Countries attracting affluent individuals see benefits in foreign exchange revenue, job creation, and economic expansion. Conversely, a significant outflow, as seen in the UK, often signals underlying challenges.
By choosing countries like Portugal, millionaires are not only relocating for lifestyle but also investing in communities, contributing to economic stability, and driving future growth.
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Part-time writer, wife, and mother from the UK. Living an enjoyable life in southern Spain.
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