25 Best Countries to Live In for Millionaires

Published on May 11, 2023 at 10:58 am by Hamna Asim in Lists, News

In this article, we discuss 25 best countries for millionaires to live in. If you want to see the top 5 countries for millionaires to reside in, check out 5 Best Countries to Live In for Millionaires.

Millionaires often move to another country to escape insanely high tax brackets, or to find a politically stable country with a supportive macroeconomic environment for their business activities. The head partner at Withers Worldwide, a British law firm that caters to the legal dealings of extremely wealthy individuals, stated that the rich do not have a permanent residence. Their residence is wherever they achieve the most success on reasonable financial terms, and that most wealthy people are becoming highly mobile these days.

Some millionaires prefer to relocate to tax havens like the UAE, Kuwait, Cayman Islands, and the like, and some prefer the quality of life, safety, and healthcare facilities that a country offers over tax savings. It is after all a matter of perspective. According to statistics, Switzerland has the highest proportion of millionaires as of 2021, closely followed by Luxembourg. Even though the income tax rate in Switzerland is 40%, 16.4% of the world’s millionaires reside there as of 2021. It could be because the country boasts one of the highest standards of living in the world, and the scenic beauty of Switzerland is decidedly unmatched.

According to a Credit Suisse’s Global Wealth Report 2022, at the conclusion of 2021, the total amount of wealth worldwide was approximately $463.6 trillion. This represents a 9.8% growth compared to 2020 and is significantly higher than the average yearly growth rate of 6.6% observed since the year 2000. Disregarding the impact of fluctuations in exchange rates, global wealth increased by 12.7% in total, which is the highest annual growth rate ever recorded. Additionally, the wealth per individual continued to rise and reached $87,489 by the end of 2021. Looking at individual countries, the United States had the highest increase in household wealth in 2021. China, Canada, India, and Australia followed suit, in that order. The United States had the largest number of ultra-high-net-worth individuals, with more than 140,000 people having a net worth of over $50 million. China followed with 32,710 such individuals. Credit Suisse estimated that globally, there were 62.5 million millionaires by the end of 2021, which is 5.2 million more than the previous year.

Although some countries may experience slower growth or recession, Credit Suisse believes that it is likely that global wealth will continue to grow in the next five years. While there may be a reversal of the exceptional wealth gains in 2021, Credit Suisse’s five-year outlook predicts a cumulative increase of 36%, equivalent to $169 trillion by 2026. The rise in global wealth is expected to be primarily driven by middle-income countries. Credit Suisse also forecasts that by 2024, the global wealth per adult will exceed $100,000, and the number of millionaires will exceed 87 million individuals over the next five years.

As per a Forbes report dated April 4, 2023, the collective net worth of U.S. billionaires was $4.5 trillion, which is a decrease from $4.7 trillion the previous year due to market declines, setbacks experienced by billion-dollar “unicorn” startups, and investor concerns about rising interest rates. New York City continues to have the highest number of ultra-rich people in the world, with 340,000 high-net-worth individuals in 2022, according to a report by Henley & Partners, cited by Fortune. However, the report also indicates that other cities are attracting more millionaires, and smaller hubs in the US Sunbelt are gaining ground as havens for wealthy retirees and high-flying tech multimillionaires. New York is still the city with the most centi-millionaires, with 724 people worth over $100 million, but it came in second to the Bay Area in terms of the number of billionaires residing there.

Traditionally, millionaires from developing countries have preferred to settle in more developed nations such as the USA, Canada, and the UK, due to better wealth growth opportunities and lower crime rates. However, there has been a recent shift in millionaire migration, with renewed interest in residence by investment programs in Europe and rapidly growing markets. These jurisdictions offer competitive tax rates, offshore opportunities, and a strong economy. In addition, developing countries with natural diversity are also becoming attractive destinations for wealthy individuals looking for an escape.

Another reason for millionaires and billionaires to choose their locations differently from their hometowns is to protect their assets against macroeconomic disturbances. For example, per a Bloomberg report dated July 2022, Shanghai restaurateur Harry Hu, who experienced the chaotic lockdown in Shanghai due to China’s strict Covid-Zero policy, was part of a group of high-net-worth individuals estimated to be around 10,000 in number by investment migration consultancy Henley & Partners. These individuals were looking to move $48 billion out of China in 2022, which was predicted to be the second-largest outflow of wealth and people after Russia. Migration of labor and wealth is becoming more and more common globally, because if people did not relocate permanently or temporarily, the biggest multinationals like Apple, Inc. (NASDAQ:AAPL), Amazon, Inc. (NASDAQ:AMZN), and Nestle (OTC:NSRGY) would never have such a diverse full-time on-premises workforce.

S-F/Shutterstock.com

Our Methodology

For this article, our methodology was to primarily rank the countries based on the quality-of-life index score as of 2023. This score is calculated on 8 different indices including purchasing power, safety, healthcare, cost of living, property price to income ratio, traffic commute time, pollution, and climate factors. For each country, we also included the GDP as of 2021. However, the countries are exclusively ranked based on the quality-of-life index, and the other comparison metrics are added for a deeper insight into each country. This is our first attempt in a series of articles to determine the best countries to live in and we will publish other articles in the coming weeks employing different criteria.

With this context in mind, let’s start our list of the 25 best countries to live in for millionaires.

Best Countries to Live in For Millionaires

25. France

Quality of Life Index: 153.6

Western Europe’s nation of France comprises medieval towns, alpine hamlets, and beaches on the Mediterranean. Its capital city, Paris, is famous for its high-end fashion industry, classical art museums, such as the Louvre, and landmarks like the Eiffel Tower. Additionally, the country is known for its refined cuisine and excellent wines. The country ranks 25th on our list of the 25 best countries to live in for millionaires based on the quality-of-life index score of 153.6 and a GDP of $2.95 trillion as of 2021.

24. Croatia

Quality of Life Index: 155.41

The Republic of Croatia, or Croatia in short, is a European country with a high-income ranking from the World Bank, and one of the top countries according to the Human Development Index (HDI). The country’s main sources of revenue are tourism, service and industrial sectors, and agriculture. Croatia is a partly state-controlled economy, with a GDP of nearly $69 billion in 2021. The country ranks 24th on our list based on the quality-of-life index score of 155.41.

23. The United Arab Emirates

Quality of Life Index: 156.94

The United Arab Emirates (UAE) is located in Western Asia, bordering on the Eastern end of the Arab Peninsula. The UAE consists of seven emirates including Abu Dhabi, Dubai, Fujairah, Ras Al Khaimah, Sharjah, and Umm Al Quwain. The UAE offers businesses a strong environment to thrive in, with stable political and macroeconomic conditions, a growth-oriented government, good infrastructure, and increasing adoption of technology. The GDP for 2021 was $415 billion and the country ranks 23rd on our list of the 25 best countries to live in for millionaires based on the quality-of-life index score of 156.94. The income tax in UAE is 0%, also another incentive for millionaires.

The United Arab Emirates is home to some of the biggest offices for multinational giants like Apple, Inc. (NASDAQ: AAPL), Amazon, Inc. (NASDAQ: AMZN), and Nestle (OTC: NSRGY).

22. United Kingdom

Quality of Life Index: 156.94

The 22nd country on our list is the United Kingdom, which is very high ranking in the human development index and has a high-income economy. The UK has a regulated market economy, and its services sector is the main contributor to the GDP. In 2021, the UK had a GDP of over $3 trillion, and it is one of the best countries for millionaires to live in based on the quality-of-life index score of 156.94.

21. Canada

Quality of Life Index: 157.25

The second-largest country in the world by geographical area, Canada remains one of the most diverse nations in the world, housing people of different races, ethnicities, religions, and nationalities. It is a highly developed country with a good ranking in the human development index. In addition to its advanced services sector, Canada’s forestry and petroleum industries are also top contributors to the economy, with a GDP of approximately $2 trillion in 2021. Canada ranks 21st on our list of the 25 best countries to live in for millionaires based on the quality-of-life index score of 157.25.

20. Portugal

Quality of Life Index: 159.83

Located in Southwestern Europe, Portugal has a distinct global influence in terms of culture, language, and beautiful architecture. It is a developed country with a high living standard. The country reported a GDP of $253.6 billion in 2021 and is ranked as the 20th best country for millionaires to live in based on the quality-of-life index score of 159.83.

19. Lithuania

Quality of Life Index: 160.29

Lithuania is situated in the Baltic region of Europe and is a developed country with a high-income economy. With a combination of an open and mixed economy, the country’s top sectors are agriculture, industry, and services. With a very high ranking on the human development index, the country reported a GDP of $66.4 billion in 2021. Lithuania ranks 19th on our list of the 25 best countries to live in for millionaires based on the quality-of-life index score of 160.29.

18. Spain

Quality of Life Index: 163.48

Located in Southwestern Europe, Spain is a developed country with a high-income economy. It tops the charts of the countries with the highest life expectancy. Spain derives its GDP from the agriculture, tourism, energy, petroleum, and automotive sectors. In 2021, the GDP was $1.42 trillion. Spain is the 18th country on our list based on the quality-of-life index score of 163.48.

17. United States of America

Quality of Life Index: 163.6

The United States of America is a highly developed country and contributes about one-fourth of the global GDP. It has the largest share of global wealth and is a hub of political, scientific, and cultural forces. America is the largest importer in the world and the second-largest exporter. In 2021, the GDP of the country was $23.3 trillion. The USA is the 17th country on our list based on the quality-of-life index score of 163.6.

16. Japan

Quality of Life Index: 164.06

The 16th country on our list is Japan, an island country in East Asia. Japan is one of the most developed economies in the world and is a global market leader in the automobile and electronics industries. The country ranks very high on the human development index and has made significant contributions to science and technology. In 2021, the GDP of Japan was $4.94 trillion. It earned its place on our list based on the quality-of-life index score of 164.06.

15. Slovenia

Quality of Life Index: 165.74

Slovenia is a highly developed Central European country with a high-income economy, and top-ranking in the HDI. The GDP in 2021 came in at $61.7 billion, which was mainly derived from the services, tourism, and energy industries. Slovenia is the 15th country on our list based on the quality-of-life index score of 165.74.

14. Oman

Quality of Life Index: 173. 08

The Sultanate of Oman is the oldest independent state in the Arab world, located in Western Asia. A huge portion of its economy is fuelled by tourism and agricultural trade. With a GDP of $88.1 billion in 2021, Oman is the 14th country on our list based on the quality-of-life index score of 173.08 and an income tax rate of 0%.

13. Sweden

Quality of Life Index: 172.18

The Kingdom of Sweden is a Nordic North European country with a high standard of living, great education, healthcare, civil rights, economic liberties, and all-around prosperity. An export-centric mixed economy, the GDP for Sweden in 2021 was $635.6 billion. It is the 13th best country for millionaires to live in based on the quality-of-life index score of 172.18.

12. Estonia

Quality of Life Index: 171.16

The Republic of Estonia is a North European country with a high-income advanced economy. It ranks very high on the HDI, and enjoys economic freedom in addition to superior standards of living. In 2021, the GDP of Estonia was $37 billion, and it is the 12th country on our list based on the quality-of-life index score of 171.16.

11. Norway

Quality of Life Index: 171.72

Norway is a North European Nordic country that is very advanced and has a high-income economy. Ranking consistently on top at the HDI, the country offers free healthcare to its residents. The Norwegian mixed economy is dominated by the industrial, petroleum, and energy sectors. The GDP in 2021 was $482.1 billion, and it ranks 11th on our list based on the quality-of-life index score of 171.72.

10. Luxembourg

Quality of Life Index: 171.81

Situated in Western Europe, Luxembourg is a small landlocked country with a thriving and highly developed economy. It boasts one of the highest GDP per capita globally, according to the International Monetary Fund and World Bank. Luxembourg was instrumental in founding organizations such as the European Union, OECD, the United Nations, NATO, and the Benelux. In 2021, Luxembourg’s GDP came in at $85.5 billion, and it is one of the best countries for millionaires to live in based on the quality-of-life index score of 171.81.

9. New Zealand

Quality of Life Index: 173.6

New Zealand is a highly developed country that tops many international comparison charts in terms of economic performance, prosperity, happiness, and standard of life. The advanced market economy is thriving because of extractive industries like sealing, whaling, gold, and timber. In 2021, the GDP for New Zealand was $249.8 billion, and it ranked as the 9th country best country for millionaires to live in based on the quality-of-life index score of 173.6.

8. Germany

Quality of Life Index: 175.24

Germany is located in Central Europe and is one of the most advanced economies in the world. The country boasts free education and is a market leader in several industrial, scientific, and technological sectors. In 2021, the GDP for Germany was $4.26 trillion. Germany is the 8th country best country for millionaires to live in based on the quality-of-life index score of 175.24.

Germany is one of the best places for a fast paced life that is enjoyed by many businessmen and millionaires, and the country offers individuals exposure to many multinational companies like Apple, Inc. (NASDAQ:AAPL), Amazon, Inc. (NASDAQ:AMZN), and Nestle (OTC:NSRGY).

7. Austria

Quality of Life Index: 176.36

Austria is a landlocked country in the southern region of Central Europe. It has remained one of the richest countries in the world consistently, is highly developed, and the people enjoy a superior standard of living. Tourism accounts for a significant portion of Austria’s total GDP, which was $489.3 billion in 2021. Austria is ranked as the 7th best country for millionaires to live in based on the quality-of-life index score of 176.36.

6. Iceland

Quality of Life Index: 177.64

Iceland is one of the most sparsely populated countries in Europe. The country runs on a Nordic social welfare system, where universal healthcare and tertiary education are the basic rights of its citizens. With a high HDI ranking, the country’s GDP stood at $25.6 billion in 2021. Iceland is ranked as the 6th best country for millionaires to live in based on the quality-of-life index score of 177.64.

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