The UAE is expected to attract the largest net inflows of millionaires globally in 2022, overtaking many rich nations, according to the latest Henley Global Citizens Report.

A tsunami of private capital has left Russia and the Ukraine, the UK has lost its wealth hub crown, and the US is fading fast as a magnet for the world's wealthy, says the report, which tracks private wealth and investment migration trends worldwide.

The Q2 report released today by international residence and citizenship by investment advisory firm Henley & Partners exclusively features the latest projected 2022 net inflows and outflows of US dollar millionaires -- namely, the difference between the number of high net worth individuals (HNWIs) who relocate to and the number who emigrate from a country -- as forecast by New World Wealth.

Projected figures on the Henley Private Wealth Migration Dashboard show the top 10 countries for net inflows of HNWIs in 2022 will be the UAE, Australia, Singapore, Israel, Switzerland, the US, Portugal, Greece, Canada, and New Zealand.

The UAE has become the focus of intense interest among affluent investors and is expected to see the highest net influx of HNWIs globally in 2022, with 4,000 forecast -- a dramatic increase of 208% versus 2019's net inflow of 1,300 and one of its largest on record.

Large numbers of millionaires are also expected to move to 'the three Ms': Malta, Mauritius, and Monaco. On the flip side, the 10 countries with the highest net outflows are forecast to be Russia, China, India, Hong Kong, Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia.

As expected, Russia has suffered the biggest emigration of millionaires over the past six months, with forecast net outflows of 15,000 by the end of 2022 -- a massive 15% of its HNWI population and 9,500 more than in 2019, pre-pandemic.

Russia's invasion is in turn driving a steep spike in outgoing HNWIs from Ukraine, which is predicted to suffer its highest net loss in the country's history -- 2,800 millionaires (42% of its HNWI population) and a net loss of 2,400 more than 2019.

No country-specific figures are available for 2020 and 2021 owing to Covid-related lockdowns and travel restrictions.

Dr Juerg Steffen, CEO of Henley & Partners, says by the end of the year, 88,000 millionaires are expected to have relocated to new countries, 22,000 fewer than pre-pandemic in 2019.

"Next year (2023), the largest millionaire migration flows on record are predicted -- 125,000 -- as affluent investors and their families earnestly prepare for the new post-Covid world order."

According to the latest data, the UK, once touted as the world's financial centre, continues to see a steady loss of millionaires, with net outflows of 1,500 predicted for 2022. This trend began five years ago with the Brexit vote, and it's estimated that the UK has suffered a total net loss of approximately 12,000 millionaires since 2017.

America is also notably less popular among migrating millionaires, in part due to the threat of higher taxes. The country still attracts more HNWIs than it loses to emigration, with a net inflow of 1,500 projected for 2022, although this is a huge drop from 2019 levels, which saw a net inflow of 10,800 millionaires.

Commenting in the Henley Global Citizens Report , award-winning journalist Misha Glenny says affluent Russians are moving to the UAE and Israel in large numbers.

"Well before the imposition of sanctions on the Russian banking system, there was a tsunami of capital leaving the country, largely prompted by the increasingly capricious governing style of President Vladimir Putin and his demands of loyalty made on middle-class and wealthy Russians."

Prof Trevor Williams, former Chief Economist at Lloyds Bank Commercial, says emerging economies are forecast to boom in the next decade. "The number of HNWIs in Sri Lanka is forecast to increase by 90% by 2031, while India and Mauritius's millionaire growth is forecast at 80%, and China's at 50%, compared to just 20% in the USA and 10% in France, Germany, Italy, and the UK."