Ireland has the best citizenship for wealthy people in the world, says report

This year, the Republic of Ireland was the top citizen in the citizenship rankings, with high scores for its safe and stable society, growing economy and financial freedom / Photo: Ireland

Ireland has become the most desirable citizenship for high-net-worth individuals, a study has found, as quality of life trumps traditional motivations such as wealth accumulation and investment opportunities for the super-rich looking to acquire a second passport.

Economic security and stability also emerged as important factors for high-net-worth individuals, reflecting a broader shift in how global citizens are navigating their future, according to the 2024 Global Citizenship Report (WCR) from CS Global Partners.

Switzerland, known for its stability, economic prosperity and high quality of life, comes in just behind Ireland, while Denmark, Australia and Iceland secure significant positions in the ranking. Germany, Norway and the Netherlands also feature prominently, with the UK, Sweden and Finland rounding out the top spots.

The 2024 Global Citizenship Report analyzed 188 countries across five motivators that are important to high-net-worth individuals: quality of life, security, economic opportunity, global mobility, and financial freedom.

In a world marked by growing geopolitical instability and economic uncertainty, the report found that of more than 500 high-net-worth individuals from around the world, 36.9% of respondents cited quality of life as the most important factor when considering a second citizenship, with Monaco, Denmark and Hong Kong ranking highest for quality of life in 2024. Quality of life soon followed freedom of movement as the biggest motivator when seeking to relocate or stay in the country.

This year, the freedom to travel for leisure has overtaken the previously most important aspect, “security,” by about 18 percentage points, underscoring its growing importance to affluent individuals.

(See also: Top Investment Advisors for Global Mobility, Residency and Citizenship in 2024)

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The report’s authors say this shift in priorities reflects a broader trend in which people are becoming more concerned with healthcare, environmental sustainability and overall well-being.

The attractiveness of stable economies and governments

The report also highlights that wealthy people strongly prefer countries with a stable currency and government, which underlines the desire not only to multiply wealth but also to protect it against future threats, the report reads.

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The data suggests that countries with solid economic indicators, such as low inflation, stable GDP growth and strong global trade links, are becoming increasingly attractive to those looking to maintain a high standard of living.

Smaller economies, including Ireland and the United Arab Emirates, scored better than larger nations in the Economic Opportunities pillar of the WCR. This finding suggests that economic potential, rather than size alone, is the key determinant for HNWs seeking a second citizenship.

Global Rankings and Surprising Performances

Amid ongoing conflicts in the Middle East and Europe, the WCR findings revealed that these concerns are paramount to those seeking to escape geopolitical instability.

Ireland received high marks for a safe and stable society, a growing economy and financial freedom. We, last year’s top scorers, also did well, coming third overall and maintaining high marks for quality of life, financial freedom and security.

When assessing second citizenship, global mobility and financial freedom also proved important – super-rich people increasingly value the opportunity to travel for leisure and pleasure.

Denmark takes the top spot for another year as the most financially free country in our index, shattering common assumptions about the Nordic countries’ robust social programs, high tax rates and high cost of living. Finland, Norway and Sweden also make the top ten.