The 2024 World Citizenship Report HNW reveals a shift in priorities that reflects a broader trend for overall well-being in a time of geopolitical insecurity.
Switzerland, known for its stability, economic prosperity, and high quality of life, followed closely behind Ireland, while Denmark, Australia, and Iceland secured notable positions on the ranking. Germany, Norway, the Netherlands, the UK, Sweden, and Finland rounded out the top 10.
The 2024 World Citizenship Report measured 188 countries against five motivators ranked of the highest priority for high-net-worth-individuals: quality of life, safety and security, economic opportunity, global mobility and financial freedom. Researchers interviewed more than 500 HNWs from around the world. Countries are given scores out of 100.
Some 36.9 per cent of respondents ranked quality of life as the most critical factor when considering a second citizenship, with Monaco, Denmark, and Hong Kong taking the top spots for quality of life in 2024. It was followed by physical safety and security, financial freedom, freedom of movement and economic opportunity.
‘Quality of life goes beyond economic projections,’ the report’s authors note. ‘Environmental sustainability is integral to an enhanced quality of life. The COP-28 agreement, along with climate resilience leadership from regions such as the Caribbean has assisted in bringing quality of life into the fore as the paramount consideration for global citizens.
‘Indeed, countries such as St. Kitts and Nevis and the Commonwealth of Dominica ranked in the top third of citizenships in our World Citizenship Index (WCI). Overall, the rising importance of quality of life both underscores its universal appeal and how the current macroeconomic and geopolitical circumstances have come to bear on living standards globally.’
Ireland in the spotlight
Ireland topped the rankings for economic opportunity and third in safety and security, which aided its overall placement, despite the country falling outside the top 10 for quality of life, and coming in fifth and eighth for global mobility and financial freedom, respectively.
The authors added: ‘This year’s top scorer in citizenship rankings, the Republic of Ireland, notably scored highly for its safe and stable society, growing economy, and financial freedom.
‘The country is known for its lush natural environment, growth-centred economy and democratic stability. Last year’s top scorer (ranked third on this year’s WCR), Denmark, also received top marks for quality of life, financial freedom, and safety and security.
‘In our conversations with HNWIs, we found that quality of life and safety matter most when considering a second citizenship. To add to the insight of our survey and data analysis, we also invited contributors to write about global elections, sustainability, and the rule of law.’
The Financial Services Commission of Mauritius said on Tuesday that the offshore fund involved in the conflict of interest allegations made by Hindenburg Research is not based in Mauritius. The FSC
Italy plans to raise its capital gains tax on bitcoin to 42% amid growing adoption and as the EU prepares to implement its unified cryptocurrency regulations. Italy is set to increase its capital gains
EU Commission representatives, including the Head of Visa Policy and the EU’s liaison in Barbados, recently visited Dominica to meet with the five OECS islands offering citizenship by investment programmes.
In its 2024 Risk Monitor report, the regulator noted that cryptocurrencies, including stablecoins, are increasingly used for cyberattacks, payments for illegal dark web activities, and evading sanctions