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With the invasion of Ukraine and the subsequent sanctions, Russia is expected to lose a large sum of its private capital. It is expected to lose 15,000 HNWIs (people with wealth of USD 1 million or more) this year, which is 15% of its HNWI population and 9,500 more than in 2019.

China is at the second spot with a projected loss of 10,000 HNWIs in 2022. Third, India is expected to lose approx 8,000 HNWIs in 2022, up 14% since 2019 when the net loss was 7,000. However, India produces more new millionaires than it loses to migration each year.

UAE is expected to see the highest net influx of HNWIs, with 4,000 in 2022 — a dramatic increase of 208% versus 2019’s net inflow of 1,300 and one of its largest on record. 


(No country-specific figures are available for 2020 and 2021 owing to pandemic-related lockdowns and travel restrictions)

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