5 Tax-Friendly Countries for High-Net-Worth Individuals

In this article, we will discuss 5 tax-friendly countries for high-net-worth individuals. If you want to read our detailed analysis, you can go to 15 Tax-Friendly Countries for High-Net-Worth Individuals.

5. Singapore

Personal Income Tax Rate: 22%

No. of Millionaires: 299,000

Singapore has 299,000 millionaires, almost 6.06% of the total population. Singapore has a personal income tax rate of 22% and ranks among the tax-friendly countries for high-net-worth individuals.

4. Hong Kong

Personal Income Tax Rate: 15%

No. of Millionaires: 632,000

Hong Kong is home to 632,000 millionaires and has a personal income tax rate of 15%. Hong Kong is placed third among the tax-friendly countries for high-net-worth individuals.

3. Russia

Personal Income Tax Rate: 13%

No. of Millionaires: 353,000

Russia has an individual income tax rate of 13% and is one of the leading countries with the lowest income tax rates in the world. With 353,000 millionaires in the country, Russia ranks among the tax-friendly countries for high-net-worth individuals.

2. United Arab Emirates

Personal Income Tax Rate: 0%

No. of Millionaires: 220,753

The United Arab Emirates is a tax haven and is one of the leading countries with the lowest income tax rates in the world. The country has 220,753 millionaires and ranks second among the most tax-friendly countries for high-net-worth individuals.

1. Saudi Arabia

Personal Income Tax Rate: 0%

No. of Millionaires: 313,000

Saudi Arabia has no income tax on personal income and is home to 313,000 millionaires. Saudi Arabia is placed first among the tax-friendly countries for high-net-worth individuals. 

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