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Millionaire Migration

This infographic from Visual Capitalist is great for studying brain drain, demographic factors affecting the economy, supply side policies, the Laffer curve and more.

Standard questions to ask with data would work well here. 'What is interesting about this data to an Economist?' works well as a catch-all, but you can also break it down into smaller questions.

  • What Economic concepts does this data relate to?

  • Can you see any trends? Any outliers?

  • What are the possible causes of the trends you see?

  • What are the possible effects of the trends you see?

  • How might this data useful to Economists?

  • What doesn't this data tell us?

  • What additional data would be useful?

As ever, the accompanying article is also interesting and allows a deeper dive. Some possible questions:

Comprehension Questions:

1. What is the threshold of net worth for individuals considered as high net worth individuals (HNWIs)?

2. What was the impact of the 2020 pandemic on the migration of HNWIs?

3. Which country was projected to see the highest number of HNWI migrants in 2022?

4. Which countries was projected to experience the largest outflow of HNWIs in 2022 in terms of absolute numbers and percentages?

5. What reasons does the text give for why millionaires choose to migrate?

6. What has caused the United Arab Emirates to become a popular destination for HNWIs?

7. What attracts millionaires to Australia according to the text?

8. What two things should be kept in mind when viewing the migration data?

9. How is a person's move to another country recorded in the database used in the study?

10. What kind of changes might the ongoing invasion of Ukraine cause in millionaire migration trends?

Vocabulary Questions:

1. What does the term "net worth" mean?

2. How would you define the term "migration" in the context of this text?

3. What does the term "outflows" mean in the context of this text?

4. What is meant by "inflows" in the context of this text?

5. What does the term "plethora" mean in the phrase "There are a plethora of reasons"?

6. What does the term "emigration" mean?

7. What is the meaning of "ripple effects" in relation to the events in Ukraine?

8. What is the meaning of "accommodating" in the context of the UAE's immigration policies?

9. How would you define "prosperous" when used to describe Australia's economy?

10. What is meant by the phrase "flocking to" when used to describe HNWIs moving to a particular country?

Quantitative Skills Questions:

1. By what percentage did the number of migrating HNWIs change from 2018 to 2019?

2. Calculate the year-on-year percentage change in the number of HNWIs migrating in 2021 and 2022.

3. What proportion of millionaires are expected to leave Russia and Ukraine by the end of 2022?

4. How many more HNWIs are expected to move to the UAE compared to the USA in 2022?

5. If 2% of HNWIs are expected to leave India, and this represents 8,000 individuals, how many HNWIs are there in total in India?

Other possible activities/discussions:

1. Look up the immigration policies of the UAE and discuss why they might be attractive to HNWIs.

2. How might the invasion of Ukraine, influence the migration of HNWIs?

3. Investigate the impact of general wealth growth decline in China on HNWI outflows.

4. What do you expect to happen to inflows to and outflows from the UK in the near future?

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