PH dollar millionaires up 32% in a decade

The Philippines has 12,800 dollar millionaires, a 32% increase over the past decade, with 70 centi-millionaires and 12 billionaires.

This growth is attributed to the country's emerging entrepreneurial class, maturing financial markets, and expanding real estate and services sectors.

Despite this growth, the Philippines is expected to experience a net outflow of 50 millionaires this year as they seek overseas residences and citizenships.

Globally, the UAE, US, and Italy are the most attractive destinations for wealthy individuals, while the UK, China, and India are seeing the largest outflows.

Southeast Asian millionaires primarily prefer migrating to Singapore and Thailand due to better infrastructure and tax incentives.

The Philippines' above-average GDP growth presents opportunities for foreign investment and business ventures.

Further reforms in tax, investment migration, visa, business, and education policies could encourage more millionaires to migrate to the Philippines.