Transcript
A (0:00)
Today on Real Estate Without Borders, we are going to be talking about rich people, I think, right?
B (0:05)
Oh, it's only rich people today. Today's going to be a fun one because we're just following wealth migration, I think, to, to an extent. And we're going to talk about where they're moving, where the billionaires are going, why they're going there, and we're to compare different cities and countries on where these immigrant billionaires are going to. And I think this what a fun topic. Who doesn't want to know where all the billionaires are going? I want to go.
A (0:31)
And so we're going to start with where they're going, and then we're going to go to where they're coming from in the U.S. so immigration, emigration of billionaires and the countries that they're going to. The, the chart that we're going to put up is that we're going to start with comes from Henley and Partners, who have been on the show, by the way. We had Basil from Henley and Partners, but. And it was posted on Twitter by another friend of the show, Alessandro Palumbo, who came on. Let me just pull it up here. Basically, it shows. So it's a percentage of total. So it's, it's like it's really relative, right? Well, it's very relative. So in terms of relative percentage of growth, this is what Alexandra's tweet says. Why is Montenegro attracting so many millionaires? In terms of relative percentage of growth, Montenegro is winning even over the UAE. The tax rate is 9% and there's worldwide income. What am I missing? And if you look at the chart, Montenegro's millionaire growth is from 2014 to 2024 is 124%. Now, bear in mind that that's not a huge sheer number. Like, from a volume perspective, it's only 2, 800 millionaires moving to Montenegro compared to the UAE, which is in second at 98%. And 130,000 millionaires moved to the UAE.
B (1:49)
Wait, can you explain that again? So how, how are they, how are they getting this, this calculation as there's a. The. Like, what's the difference between those two?
A (1:57)
Like, how the percentage is the growth. They Montenegro had, let's say 1400 millionaires in 2014. And so it's. They had a low base. Right? It's really easy to grow from a low base. So if you only had a thousand to begin with, to go to 2800 is a much smaller jump. You only need, you know, 1800. Whereas in the UAE, if you had 70,000 before. To get to 98%, you need another, you need a, you need 70,000 people or 75,000 people to get to that number. It's easy for them to post big numbers.
B (2:32)
Interesting.
A (2:33)
Yeah, so I get it. Let's just blow through the list first here. So I'm going to. We'll go through the list and we'll say the percentage of millionaire growth and then we'll go through the list again and say how many millionaires live there? Montenegro, 124%. The UAE 98%. Malta, 87%. Poland, 82%. The USA 78%. China, 74%. Costa Rica, 72%. India, 72%. Latvia, 70% and Panama, 69%. Anything stand out to you there?
