Korea 4th in world for net outflow of millionaires: Report

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Korea saw a record net outward migration of 1,200 high-net-worth individuals in 2024, a report said Friday. This places the country fourth globally in millionaire outflow.

The country’s manufacturers and high-tech industries have for decades helped mint new millionaires, according to The Henley Private Wealth Migration Report 2024. The explosion of Korea’s music, film and drama on the global stage has created new wealth as well.

However, the reality of a nuclear-armed North Korea next door has contributed to the draw of migration for even the wealthiest of citizens, it added.

“The number of millionaires leaving Korea has accelerated over the past few years,” author Curtis S. Chin said in a section of the report titled “Crazy Rich Moves: Asia’s Millionaire Migration Flows Unpacked.”

The United Arab Emirates and the U.S. took the top two places for millionaire inflow, while Singapore — an international finance and trading hub — ranked third with a projected net gain of 3,500 high-net-worth individuals in 2024.

Alongside Korea, Taiwan and Vietnam joined the top 10 in the millionaire outflow list.

“In a sign of the uncertain, if not troubled, times in which the world finds itself in 2024, for the first time Korea, Taiwan and Vietnam make the Top 10 list of places with the highest projected net millionaire outflows,” the report said.

In eighth place, Taiwan was projected to see a net loss of 400 high-net-worth individuals in 2024.

Despite a vibrant, democratic and progressive environment and a world-class food scene, worsening tensions between mainland China and Taiwan may well have contributed to the recent uptick in millionaire flows out of Taiwan.

However, the report added that Taiwan’s dominance in the most sophisticated parts of the global semiconductor market has contributed to a highly resilient economy, with more than 60,000 high-net-worth individuals still residing there.

“By some measures, the chips that power everything from mobile phones to electric cars constitute 15 percent of Taiwan’s GDP.”

The fifth Asian entry in the Top 10 list for projected net outward millionaire migration in 2024 is Vietnam, which placed ninth on the list with a net loss of 300 high-net-worth individuals.

“Vietnam’s appearance on the list is somewhat of a contradiction, however, as the nation is currently the fastest growing wealth hub in the world, with millionaire growth of 98 percent recorded over the past decade.”

More wealth and millionaires are being created by the “rise of Vietnam,” as some relocate abroad for better quality of life, the report said.

“Wealth creation is also likely to continue to benefit from Vietnam’s having become a vital link in supply chains as businesses increasingly pivot from China.”

The report cites the Asian Development Bank’s assessment that growth has been resilient in much of Asia this year and last, despite uncertain external prospects.

Still, based on International Monetary Fund projections, the forecast for global growth five years from now is at 3.1 percent, the lowest in decades.