Global Migration of Millionaires. Can Bitcoin change this scenario?

[bitmover]

I saw this image today. It shows the migration of millionaires around the world.

We see clearly millionaires moving from more  repressive countries to freer ones.

Millionaires are probably moving away from countries which try to steal their money. With bitcoin adoption, rich people won't need to run away with their money, they can just convert it to bitcoin to protect themselves.


Source: https://www.visualcapitalist.com/global-migration-of-millionaires/


For those who think China will dominate the world in a few years.. wealth continue to flow out of their country. I  believe it will fall just like URSS did few decades ago. Dictatorships are never good for economies in long term

Everyone wants freedom. Bitcoin will certainly make the world freer.

[Upgrade00]

Some of those countries with strict laws extended that to Bitcoin with some regulating it and some banning its use outrightly. While most nations in the freer zones are less stringent and has a cryptocurrency friendly environment, encouraging its use.
It's possible for some people to go through the hoops in areas where Bitcoin is restricted but if they are wealthy enough they could rather choose to move to a more friendly environment and live comfortably.

[Zuilhsa]

Millionaires move out of their respective countries not of security issues, but to have a better living experience. Though they get everything at the doorsteps they love to have a life same as a common men's. As in the OP millionaires moving out of the country is same as money flow out of the country. This is bad for a country's economy, and giving freedom on each and everything these people can be made to stay in the country.

Bitcoin has nothing to do with the migration of millionaires. It has provided them with the financial freedom, which means they can spend whenever required without asking it to the banks.

[gentlemand]

With bitcoin adoption, rich people won't need to run away with their money, they can just convert it to bitcoin to protect themselves.

If you have the means you leave shitholes for quality of life as much as anything. Everyone would do it if they could afford it.

Would I rather live in a penthouse apartment in Murmansk or the Bahamas? The latter sounds a bit more fun.

Even if tax rates were lower in the place you left and there was no question of your wealth being nicked most people would still prefer to be somewhere that didn't make you want to top yourself every time you walked out your front door.

[BIT-BENDER]

Some millionaire move there wealth not because of the countries they are in will steal it but because they stole the money and are looking for countries to hide it away in, large millions if not billions leaves African countries to other countries from corrupt leaders/politicians and are hidden off.
I hope bitcoin does not become like an -option/alternative- for these likes.

[hatshepsut93]

Millionaires are probably moving away from countries which try to steal their money. With bitcoin adoption, rich people won't need to run away with their money, they can just convert it to bitcoin to protect themselves.

Bitcoin is not some silver bullet that solves problems once and for all. It still can be confiscated easily with physical violence. And millionaires usually have access to offshore accounts, so Bitcoin isn't exactly something game-changing here.

Bitcoin can actually make capital flight even easier, because it's easy to transport and send abroad.

[bittraffic]

With bitcoin adoption, rich people won't need to run away with their money, they can just convert it to bitcoin to protect themselves.

If you have the means you leave shitholes for quality of life as much as anything. Everyone would do it if they could afford it.

Would I rather live in a penthouse apartment in Murmansk or the Bahamas? The latter sounds a bit more fun.

Even if tax rates were lower in the place you left and there was no question of your wealth being nicked most people would still prefer to be somewhere that didn't make you want to top yourself every time you walked out your front door.

Yep A comfortable quality life would make me leave my country if I can just afford to leave somewhere else. Bahamas would be good even if I just leave in a small unit. However, I am not a milionaire which is a problem   

I'm still going ot wish millionaires are going ot move their money to BTC, help the economy of BTC and pump it to $1M if possible.

[samcrypto]

Millionaires can easily migrate considering the connection that they have and I also believe that those millionaires will continue to travel until they found their safe haven. China is still safe to live base on many documentaries that I watched but considering how the government runs China, I think those millionaires are also thinking about their protection and securities.

[Wexnident]

Aren't most migrations just up to having a place that they could stay at of which they enjoy? Heck, even if there was Bitcoin, I'd still honestly opt to leave China if I were to be living there, which I'm not btw. Besides, US could plainly be said to be the center right now, with its domination over other countries. China is fighting it, but hell, I'd choose US if I were to be asked to pick between the two. Millionaires don't even need to pick a country they'd think they need to stay in for safety, they choose a country that could let them retain their wealth for as long as possible.

Some millionaire move there wealth not because of the countries they are in will steal it but because they stole the money and are looking for countries to hide it away in, large millions if not billions leaves African countries to other countries from corrupt leaders/politicians and are hidden off.
I hope bitcoin does not become like an -option/alternative- for these likes.

Well, it's not as they could stay after stealing much money from the citizens. It's actually almost a natural action to be done, and if someone didn't do as such even after stealing billions, then hell the backing behind them probably is a power equal to that of the president of the country, or even greater.

[teosanru]

Interesting infographic. But are you sure it's because of freedom only? Because UK is a pretty free country as far as I know why are numbers in negative there? I think people move out of countries like China and India in exploring better opportunities and better flavour of living. I mean even if you make a list of normal people the metric would still more or less be same. So it's not the millionaires who are migrating in this direction. Talking about Chinese Economy I think it's hard to compare it with USSR. USSR broke due to it's internal conflicts while same is not the case with China because it promotes nationalism a lot. So people have some sort of nationalism blindfold on their eyes. They might lose Hong Kong etc. But breaking of China looks much more complicated.

[Coyster]

Everyone wants freedom. Bitcoin will certainly make the world freer.

This may be true, but imo bitcoin cannot stop millionaires from migrating if they feel the need to, if i am a HNWI for example, I'd definitely leave my present country to somewhere much better; there's no one reason why millionaires are migrating, it could be because of how dictatorial their government is, security can also be another different reason, causes of migration varies and even with millions of bitcoins, people can still decide to migrate.

For those who think China will dominate the world in a few years.. wealth continue to flow out of their country. I  believe it will fall just like URSS did few decades ago. Dictatorships are never good for economies in long term

I think China are going to get themselves into more economic wars, if not a military war, with other great countries of the world due to their dictatorial policies, and this will prevent their economy from rising as much as it should in decades to come.

[LoyceV]

Millionaires are probably moving away from countries which try to steal their money.

That's called taxes
And I can imagine this is a large reason for rich people to move to another country, while it's also a reason not to tax capital too much: countries don't want to scare off their rich people.

Converting your money to Bitcoin won't change a thing, unless you plan to hide it from authorities and taxes. And even if you succeed in doing so, you'll have some serious explaining to do if you move from - say - Russia to - say - the US and start selling thousands of Bitcoins.

Now forget about personal wealth, and take a look at the total migration map:

(source)

Although this map partially overlaps with OP's map, it looks like national wealth has more to do with migration than personal wealth. People migrate from poorer to richer countries. Bitcoin won't change that.

[DoubleEdgeEX]

It´s just like with perpetual travellers, flag theory says go to that country that treats you best or where you can do business the easiest. The numbers need to be adjusted though, since China as x-fold times more people than many other countries so the info is misleading (on purpose maybe?). What baffles me is that people move to Germany and even more pointless to France. Both are hogh tax countries with questionable economics, as in Germanys case camouflaged by some big players while many retired workers suffer from poverty

[abhiseshakana]

Interesting infographic. But are you sure it's because of freedom only? Because UK is a pretty free country as far as I know why are numbers in negative there? I think people move out of countries like China and India in exploring better opportunities and better flavour of living. I mean even if you make a list of normal people the metric would still more or less be same. So it's not the millionaires who are migrating in this direction.

The motives of the population of China and India, all over the world, have different motives. Migration from China to the whole world is known as the diaspora. Diaspora actually became a government program, because China is not a country, China is civilization. The majority who work abroad and live in other countries are employees of Chinese state-owned enterprises who have also been trained and militarized and military educated to survive in other countries. At present, almost all countries in China always have a Chinese community and the number is getting more and more day by day.

Many countries now concentrate on building GNP rather than GDP. So what China has done is a strategy to build its GNP.

[tvplus006]

..For those who think China will dominate the world in a few years.. wealth continue to flow out of their country. I  believe it will fall just like URSS did few decades ago. Dictatorships are never good for economies in long term

Everyone wants freedom. Bitcoin will certainly make the world freer.

I did not see anything new for myself on this infographic, because I was sure that rich people are looking for shelter in America and Canada. But it was unexpected for me to see the Caribbean among the countries chosen by millionaires. Although this should have been the least surprising, I would have chosen the Caribbean myself)

[bitmover]

. Although this should have been the least surprising, I would have chosen the Caribbean myself)

Yeah, i agree in Caribbean.

I would certainly think about it due to life quality .  I don't know about their health infrastructure,  but at least for now it isn't a problem for me... I just need to become a millionaire now to move lol

[minairia3]

Some millionaire move there wealth not because of the countries they are in will steal it but because they stole the money and are looking for countries to hide it away in, large millions if not billions leaves African countries to other countries from corrupt leaders/politicians and are hidden off.
I hope bitcoin does not become like an -option/alternative- for these likes.

Could be another reason. But LoyceV is right, probably its about taxes, avoiding it on a larger scale by hiding and evading government dues. Its much easier if they could convert their funds to bitcoin. But of course still this is not a safe haven for fiat. Nothing will change on their wealth but only becomes a digital asset. Im curious why some China millionaires leaving their funds away from their own turf? Maybe they dont like the way system works there and looking for greenish pastures to start and multiply their money again.

[mu_enrico]

This is because of gambling! Evidence: https://bitcointalk.org/index.php?topic=5260532.msg54746946#msg54746946
In more serious comment: it's because of freedom, taxation, and infrastructure.

[slapper]

Actually, this graph can not show us a detailed meaning behind it. I mean, maybe they just move their money in order to invest something abroad. There are many places that can passively generate money for rich people. Lots of projects are being concerned and charities are covered many parts of our world.

Although bitcoin is a safe place for anyone who wants to avoid tax and inflation, it is not really bad to pay tax to the government. Can we live in the world without being controlled by the government? Are we dependent enough to live without relying in anyone? Bitcoin and other cryptos may take many years to be accepted as a currency and used. And I believe that the government will things to avoid this to happen.

[Mauser]

Leaving emerging markets to immigrate into wealthy Western countries has been around for ages. Security, life expectancy, education, etc. are much better in Western countries. If I had the money I would also start moving west.
crypto currencies are a great tool for that, all you need is Internet access and you convert your money to different currencies such as bitcoins. The transaction fee is lower than in fiat currencies and you are independent of banks.
However if you have a nice portfolio of other financial assets with a global bank, you don't even need to see your assets just to move them around. A bank can easily do that for you. It might be even better to hold your stocks and bonds for now and just hedge any currency risk.
I would not put all my money into one currency.