In Singapore's case, I'd say it's because of a strong commitment to free markets, zero capital controls (like, zero), and a long-running history of respecting private property. That's how they got rich in the first place and that's what makes them attractive to HNWIs who want a location where their assets won't be seized at a bureaucrat's whim.
After you've acquired generational wealth, your next concern naturally turns to protecting it so that it can't be confiscated at will.
I've forgotten the circumstance, but sometime in the 1980s (or 90s, not sure) during a particularly serious oil crises, the Singaporean government went out of their way not to seize/buy off/requisition the stock/reserves owned by refineries and oil companies operating out of Singapore. That culture of respecting private property unless the cash has a serious criminal connection is one of the biggest differences between countries losing/attracting millionaires.
Another huge factor in Singapore and UAE is the language and culture overlap with places with millionaire outflows. There are many other places in the world that are unlikely to threaten your private property or demand absolute loyalty to government connected families, but you won't get by speaking Mandarin or Arabic in most of them.
More surprising to see Greece on the list, which doesn't do particularly well in either it's reputation for good governance or there being many Greek speakers stuck in much more corrupt or dangerous places.
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In Singapore's case, I'd say it's because of a strong commitment to free markets, zero capital controls (like, zero), and a long-running history of respecting private property. That's how they got rich in the first place and that's what makes them attractive to HNWIs who want a location where their assets won't be seized at a bureaucrat's whim.
After you've acquired generational wealth, your next concern naturally turns to protecting it so that it can't be confiscated at will.
I've forgotten the circumstance, but sometime in the 1980s (or 90s, not sure) during a particularly serious oil crises, the Singaporean government went out of their way not to seize/buy off/requisition the stock/reserves owned by refineries and oil companies operating out of Singapore. That culture of respecting private property unless the cash has a serious criminal connection is one of the biggest differences between countries losing/attracting millionaires.
Another huge factor in Singapore and UAE is the language and culture overlap with places with millionaire outflows. There are many other places in the world that are unlikely to threaten your private property or demand absolute loyalty to government connected families, but you won't get by speaking Mandarin or Arabic in most of them.
More surprising to see Greece on the list, which doesn't do particularly well in either it's reputation for good governance or there being many Greek speakers stuck in much more corrupt or dangerous places.
Greece and Portugal offer access to the EU. If they were not part of the EU, the flow would probably be negative.