Australia has established itself as the preferred destination for the wealthy (individuals with investable assets of US$1 million or more), according to the latest report from the consulting firm Henley & Partners. The firm estimates that over the past 20 years, approximately 82,000 millionaires have migrated to Australia and expects another 5,200 to do so in 2023. The United Arab Emirates is the second-most popular destination for millionaires, followed by Singapore, the United States, and Switzerland.

Which countries are the millionaires who migrate from? China ranks first, with net migration that could reach 13,500 people—a significant increase from the 10,800 who emigrated last year. China’s poor economic performance and fears of a devaluation of Chinese assets, as well as the government’s increasing control over the technology sector, are among the main reasons behind this trend. After China, the countries with the largest net loss of millionaires are India, the United Kingdom, Russia, and Brazil. You can view the report here.