China is projected to see the largest number of high-net-worth individuals (HNWIs) leave this year out of any country globally, according to the 2023 Henley Private Wealth Migration report.

In March, China finally abandoned all its Covid-related restrictions, although this seemingly has not been enough to stem the outflow of millionaires from the Middle Kingdom.

The report from Henley & Partners, a global leader in residence and citizenship by investment, forecasts that China is set to see 13,500 HNWIs, defined as individuals with more than $1m in investable assets, leave, up from 10,800 in 2022.

India was second with net outflows of 6,500 versus 7,500 the year before, while Australia led the way with net inflows forecast at 5,200, up from 3,800 the year before.

Meanwhile, Singapore appears to be winning the battle between the Asian financial hubs in securing talent. Hong Kong is forecast to see net migration of 1,000 HNWIs, albeit this is down from 2,400 the year before. Singapore has a forecast net inflow of approximately 3,200 HNWIs.

Henley & Partners noted in its report that this was despite the fact that Singapore had recently increased requirements for its much sought-after Global Investor Programme, while it had also tightened rules around the establishment of family offices.

Overall, China still ranked third in terms of number of HNWIs at 780,000, behind Japan with 952,000 and the US in first place.