A report has forecast that South Korea will rank fourth in the world this year in terms of net outflows of millionaires. 

The forecast was made by British investment migration consultancy Henley and Partners in its Henley Private Wealth Migration Report 2024, released on Tuesday.

The London-based firm analyzed data on high-net-worth individuals(HNWIs) by country based on projections from the global wealth intelligence firm New World Wealth. 

The report estimated the movement of millionaires by looking at HNWIs, or individuals with liquid investable wealth of one million U.S. dollars or more, who reside abroad for six months or longer.

According to the report, South Korea’s outflow of HNWIs is expected to rise, with a projected loss of one-thousand-200 millionaires this year, compared to 800 last year. 

This projection places South Korea fourth globally in terms of net outflows of millionaires, following China, Britain, and India.

The report also noted that South Korean HNWIs are primarily relocating to the U.S., Australia, and Canada.