High net-worth individuals (HNWIs) globally are on the transnational move, with Canada ranking among the top 10 states to have experienced an inflow of millionaire migrants; while it stood ninth on the list last year, it climbed to the number six spot in 2023.
Moreover, the trend in question is predicted to continue into the near future, as 2023 alone is supposed to break records in terms of HNWI migration (with a record-setting 125,000 millionaires anticipated to migrate this year). Most of these transnational millionaires originate from Russia, China, India, Hong Kong, and Ukraine, but a growing number of migrants are coming from countries with strong passports, such as the UK and USA. Cumulatively, in fact, Canada received 1,000 HNWIs last year alone.
But why Canada?
When HNWIs are choosing a new home, they consider their destination’s quality of life, socio-politico-economic stability, and immigration policy. Canada has favorable conditions under all these criteria, making it a popular landing place for the transnational wealthy. Its robust “financial, legal, and regulatory environment” combines with world-class healthcare and education to produce a country suitable for both the business and social world.
Furthermore, this trend – of more wealthy individuals than ever securing assets in new countries and settling down – is exacerbated as a result of eased border restrictions following COVID-19.
“Many affluent individuals who saw their movements highly constrained” during those two years have been on the road to “diversifying their wealth” and gaining “greater flexibility” and risk management, said the report. The wealthy are hence looking to target the Canadian start-up visa program, under which those who create a qualifying business, meet the language requirements, and receive a letter of support from a designated organization can immigrate to Canada.
The major Canadian cities of Montreal, Toronto, Vancouver and Calgary are the top destinations for transnational millionaire immigrants; of these, Toronto holds the highest wealth concentration, ranking 12th out of 97 cities globally that make up Henley and Partner’s World’s Wealthiest Cities Report 2023. The scale of millionaire migration is such that of the 40 million residents of Canada, 367,500 are HNWIs; it is predicted that Canada is set to further witness a 30 percent increase in its HNWI population during the coming decade, thus foreseeing an unprecedented injection of private capital into its economy.
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