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Comment by BiteCode_dev | Hacker News Reader

Given the size of the country and taxing situation, 2100 seems low for the US, and 1000 very high for France.

Must say something about the quality of life.

I read somewhere that under the US-French tax treaty, for retired Americans who move to France their retirement income (social security, 401k etc) is only taxed by the US, not by France.

So it's an attractive place for American millionaires to retire.

Additionally, France is one of the few countries that recognizes Roth tax advantaged status for retirement accounts. Most other countries do not.

That’s pretty awesome, i hope to corroborate that information

Wealth numbers aren’t public if you don’t want them to be

It is very difficult to make this chart or any of those lists, they are inaccurate and a subset of people with public shareholdings and other disclosures

But it can show a representative trend

Don't forget they're net figures and the US may be high in both directions (strong pull and push factors, not least because the "millionaire" category in wealthier countries includes a lot of mid career professionals at multinationals)

France is also an obvious destination for wealthy Francophone Africans, and has freedom of movement with 27 countries (whereas I think it's quite easy to have a net worth of a million dollars and still not get a US visa)

Yeah, population-wise US is ~4.9x FR (vous voyez), ~61x SG (lah), and ~31x CH (gället).

Then again, scaling by population makes UK outflows look much worse than RU. (it probably puts UK top of the outflows, as scaled CN and IN will be negligible?)

Yes, it would be nice to see these lists be ranked as % of population. Probably some countries would move into these top 10s that aren't there now (and aren't there either if you re-order the given top 10s).

Wouldn't be surprising if there are a few countries where most anyone who strikes it rich takes the 1st flight out.

rough figures from https://www.henleyglobal.com/publications/henley-private-wea... and https://data.worldbank.org/indicator/SP.POP.TOTL :

Top 15 HNWI outflows (2023 forecast), scaled to pop (2022):

  Hong Kong       -1000   7       -1.43E+02
  UK              -3200   67      -4.78E+01
  Russian Fed.    -3000   144     -2.08E+01
  South Korea     -800    52      -1.54E+01
  China           -13500  1412    -9.56E+00
  South Africa    -500    60      -8.33E+00
  Brazil          -1200   215     -5.58E+00
  Mexico          -700    128     -5.47E+00
  Chile           -100    20      -5.00E+00
  India           -6500   1417    -4.59E+00
  Argentina       -200    46      -4.35E+00
  Vietnam         -300    98      -3.06E+00
  Ghana           -100    33      -3.03E+00
  Saudi Arabia    -100    36      -2.78E+00
  Japan           -300    125     -2.40E+00

Top 15 HNWI inflows, scaled to pop:

  Monaco          400     0.04    1.00E+04
  Singapore       3200    6       5.33E+02
  UAE             4500    9       5.00E+02
  Australia       5200    26      2.00E+02
  Malta           200     1       2.00E+02
  Mauritius       200     1       2.00E+02
  Switzerland     1800    9       2.00E+02
  New Zealand     700     5       1.40E+02
  Greece          1200    11      1.09E+02
  Luxembourg      100     1       1.00E+02
  Portugal        800     10      8.00E+01
  Israel          600     10      6.00E+01
  Canada          1600    39      4.10E+01
  France          1000    68      1.47E+01
  Netherlands     200     18      1.11E+01

All the numbers in the EU are skewed due to the huge net inflow of millionaires leaving the UK since the Brexit. Most of the millionaires fleeing the UK are going to an EU country.

As for where millionaires go settle in France: I'd bet many go to the french riviera, where it's all sunny (and grumpy french people btw: french people in the south of France tend to very grumpy, especially with expats).

It's not unlike certain older americans retiring in Florida.

Can confirm, I'm in the french riviera, and I'm grumpy.

Does the french numbers count Monaco?

That would be weird, as Monaco is an independant country with their own administration and passport. Plus, unlike the vatican, it's an enclave by design, not integrated in the French public life beyond a few agreement to facilitate crossing the border.

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