Canada attracted 1,000 high-net-worth individuals in 2022, according to Henley & Partners.

Canada ranked ninth in hosting high-net-worth individuals (HNWI) with a net inflow of 1,000 millionaires in 2022, according to a new report published by Henley & Partners.

In the same report, the highest net inflows of high-net-worth individuals are expected to be Russia, China, India, and many other countries.

Data showed that Canada attracted at its peak around 4,000 high-net-worth individuals annually.

However, the United Arab Emirates is preparing to attract the largest share of private wealth this year as Russian capital seeks a new home.

The London-based investment immigration consultancy will attract the UAE with a net inflow of up to 4,000 millionaires, more than any country worldwide, and up to 2,500 may move to Israel. Russia may suffer a net outflow of up to 15,000 high-net-worth individuals.

Henley said in the report published on Monday, "The wealthy Russians seeking to escape the impact of Western sanctions devastating their country have begun moving to the UAE and Israel in large numbers." "They are now under further pressure from many Western countries, such as Britain, where they previously established homes."

Even before the war, the UAE was gaining momentum as a wealth center, supported by its low tax system, the UAE is considered one of the fastest countries to increase vaccination rates in the world, and Dubai's leading role in hosting the first Expo during COVID-19. The country's success in attracting tourism and trade through visa exemptions has pushed the UAE to fifteenth place on the Henley Passport Index from 64th a decade ago.

Meanwhile, the estimated mass emigration from Russia represents about 15 percent of the country's wealthy population, according to the report. The invasion also displaced millionaires from Ukraine, which is expected to suffer the largest net loss in the nation's history, at a rate of 2,800 people or 42 percent of its wealthy population.

Led by Christian Kälin, the Swiss lawyer known as the "King of Passports," Henley has succeeded in carving a niche in the lucrative citizenship and residency industry, which Kälin has previously estimated could earn $20 billion annually. The UAE is home to one of the company's largest offices, according to data gathered by LinkedIn, after a few countries such as Malta, South Africa, and Switzerland.

Editor: Dima Abu Khair