Ireland has emerged as the most sought-after citizenship among high-net-worth individuals, as quality of life overtook traditional motivations such as wealth accumulation and investment opportunities for the super-rich seeking a second passport, according to a survey.
Safety and security, and economic stability also emerged as important factors for HNWs, reflecting a broader shift in how global citizens navigate their futures, the 2024 World Citizenship Report (WCR) from CS Global Partners revealed.
[See also: The best global mobility, residence and citizenship by investment advisers in 2024]
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.
[See also: The FIG regime: A Labour olive branch to non-doms?]
Content from our partners
'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.
[See also: Where are the new non-dom hubs? Advisers reveal leading destinations after Labour win]
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.'
