There is an infographic floating around at the moment that maps the migration of millionaires in 2022. I have not dug through the data to see if everything in the infographic is accurate, but as I think most people would presume: it shows loads of wealth holders are making their way into the western world from Russia, China, India, Ukraine (you can predict the others net negative countries).
However what's got my mind going is that loads of wealth holders are also leaving the UK. What's this all about? Perhaps post Brexit jitters?
I mean, it doesn't really make me contemplate existence, but I guess I just didn't expect my lifetime to include a UK that's incapable of holding on to its wealthy citizens. (Maybe I'm overlooking an obvious explanation?)
The city of London is now outside the EU. A lot of those who worked in it have moved to Frankfurt etc, to be back on the inside; quite a few of those are loaded.
This feels like absolute unfair BS and it grinds my gears so much.
Someone gets rich in some crappy-to-live locale with bad human rights, etc. often by exploiting weak governance, regulations, exploitation protections. And then they take all that wealth and move to Canada or wherever, that's a delight to live and raise a family in. They get their cake and eat it too.
Honestly at this point it's almost worth excluding housing. You have a generation from about 45-60 who bought their London houses for around the 50-200k mark who have an asset worth 0.8-2.5M and are earning 200-300k a year. You then have those a bit younger with similar incomes but who had to "buy high".
Both are "rich" but I would probably only classify the former group as "wealthy" as they're sitting on huge assets.
Only on Hacker News is possible to read comment that unironically ask if being a millionaire is wealthy? Look at the percentile, look at the median and average income, median and average wealth, look at the distribution of wealth: in whatever way you look at it, yes, the equation millionaire = wealthy is true.
I guess we're getting into semantics here, but I would imagine someone with a net worth above a million USD would be considered to have above average wealth in a majority of countries.
A million, whether dollars or pounds, in NET wealth is being a wealthy citizen in the UK and I suspect all Western countries. It's probably far better than the top 10%.
The report mentions that they are HNWI. Defined in Wikipedia by: High-net-worth individuals (HNWIs): People or households who own liquid assets valued between $1 million and $5 million.
I assume liquid assets doesn't account for Real-Estate?
That graphic shows ~44k HNWI emigrating, and ~20k HNWI immigrating. I skimmed the underlying text and didn't see an explanation, so are we to assume the other ~24k HNWI immigrated to the rest of the world's countries in relatively low numbers per country?
I suppose another answer might be that it's easier to track HNWI leaving countries than it is to track them entering other countries?
While funny, California as a whole has (according to Wiki) 8.5% of million dollar net worth families. There are almost 10million of them in the US. That's on the order 1 in 10 people belonging to a family in that bracket in the US and thus a whole bunch of people. So that's not really just some tech bro's in the valley...
But I think when you extend the sample to the spectrum of all humanity (as the infographic does), $1 million USD becomes quite clearly a fitting benchmark of wealth.
However what's got my mind going is that loads of wealth holders are also leaving the UK. What's this all about? Perhaps post Brexit jitters?
I mean, it doesn't really make me contemplate existence, but I guess I just didn't expect my lifetime to include a UK that's incapable of holding on to its wealthy citizens. (Maybe I'm overlooking an obvious explanation?)
Edit: a kind person in this thread found the image~ https://www.visualcapitalist.com/migration-of-millionaires-w...