Courting migrant millionaires | eKathimerini.com
[Stelios Volitakis/Intime News]
Greece is becoming a destination of choice for wealthy migrants, as it is expected to welcome 1,200 “millionaire immigrants” this year.
The country is among the top 10 countries for high-income people looking for another permanent place to live, according to data from Henley & Partners, a firm that helps wealthy clients migrate. The company’s data captures the flow of wealth around the world, as millionaires are back on the move, after a pandemic-induced stagnation.
Wealthy investors and their families are preparing for the consequences of the pandemic, adapting to the emerging new world order and reacting to climate change. The result is that 88,000 millionaires are expected to move to a foreign country by 2022. That number is expected to rise to 125,000 next year, making 2023 the year with the most millionaire migrants yet.
Henley & Partners figures show that a tsunami of capital is leaving Russia and Ukraine, that the UK has ceased to be the world’s center of wealth and that the US is becoming less and less attractive to the world’s millionaires.
As Henley & Partners points out, the Greek Golden Visa program is growing in popularity, which implies certain benefits for the country and its economy. According to the analysis, Greece will welcome 1,200 millionaires this year, with the total high-income population in the country standing at 43,800.
It’s a vote of confidence in the prospects of Greece and its economy, with the help of tax and other incentives to attract wealthy investors, digital nomads, and more. According to Andrew Amoils, head of research at New World Wealth, who compiled the data for Henley & Partners, “very wealthy and high-income people are showing extremely high mobility of late.” Basically, “their movements and choices regarding their country of settlement are a harbinger of future trends in countries,” he said: “Countries that attract wealthy individuals and families who immigrate there- lows tend to be strong, with low crime rates, competitive tax rates and attractive business opportunities.