Millionaires are flocking to these 5 countries, a new study has found.

Where will all the millionaires go? I think they're going to Australia. According to new data from London-based investment migration consultancy Henley & The report, which defines HNWIs as those with at least $1 million in assets, notes that approximately 120,000 millionaires have moved to a new country this year, and that number will rise to 128,000. Over the past two decades, 82,000 new residents have moved to Australia and this year some 5,200 millionaires are expected to make the country their new home.

"Australia consistently attracts a significant number of millionaires each year, mainly from Asia and Africa, but more recently also from high-income countries such as the UK," explained Andrew Amoyles, head of research at New World Wealth, which collaborated with Henley & Partners on the report.

The report states that Australia's attractiveness stems from its safety, low tax rates, healthcare system and developed economy. Of course, the country's high quality of life, vastness and natural beauty are also attractive.

The Emirates, Singapore, Switzerland and the United States

are also among the top five countries with the largest influx of millionaires in 2023. There are approximately 4,500 high net worth individuals registered in the Emirates, most of whom are attracted by the prestigious real estate and safe haven status.

According to the report, about 2,100 new wealthy immigrants have arrived in the US.

Countries such as the UK, China, India, Russia and Brazil

are seeing the largest outflow of millionaires. The UK has seen a 3,500 decrease in HNWIs this year, while in China the situation is unchanged from 2017. "Overall wealth growth in the country has been slowing over the past few years, meaning that the recent outflows could be more disruptive than usual," the report said.