The 2024 World Citizenship Report focuses on the upcoming global elections, and the thoughts of high-net-worth-individuals (HNWIs) regarding this tumultuous global period.
The theme of the 2024 World Citizenship Report is…
This year will be history’s largest global election year, with half of the world’s population voting in an election. That is more voters than any time before. From India to the United States, Britain to Bangladesh, countries will be tested on their democratic credentials. The World Citizenship Report provides commentary and analysis from scholars and researchers, including the University of Cambridge’s Centre for Geopolitics, on the importance of these elections for global citizens.
Thus, the theme of the 2024 report is responsibility amid electoral change. It explores the intersection between obligation and choice and is a data-driven approach to understanding citizenship.
The Value of Citizenship
The World Citizenship Report is the world’s first-ever endeavour to investigate the value of citizenship through the lens of the global citizen. Favouring a multifaceted approach, the World Citizenship Report employs the World Citizenship Index – an innovative tool that takes a holistic approach to ranking the world’s citizenships across multiple dimensions.
Moving beyond typical concepts of passport strength, the World Citizenship Index recognises the many reasons that people leave their countries – or the many reasons that they stay. This report is distinguished by placing a greater emphasis on the diverse attitudes regarding the key facets of citizenship.
Measuring 188 countries across five motivators
The 2024 World Citizenship Report measures 188 countries against five motivators that are relevant amongst HNWIs. Across the seven continents, many nations unexpectedly outshone their larger and more economically developed counterparts by performing well in each motivator.
The five motivators that global citizens care most about are:
- Safety and Security
- Economic Opportunity
- Quality of Life
- Global Mobility, and
- Financial Freedom.
The World Citizenship Report combines its analysis of Safety and Security, Economic Opportunity, Quality of Life, Global Mobility and Financial Freedom with high-level contributions.
‘We expect to see considerable change in the global landscape. Elections will bring about change, with the hope of positive innovation and a chance for enhanced geopolitical stability. The 2024 World Citizenship Report improves upon previous editions, as we confront global challenges faced by global citizens head-on. Our Report has never been more relevant and important,’ concludes Micha Emmett, CEO of CS Global Partners.
Examining the 2024 Rankings
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.
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.
Quality of Life
Similar to last year’s edition of the World Citizenship Report, the Quality of Life pillar was ranked most important among the five pillars, according to our survey of HNWIs.
This indicates an enduring attachment to the things which often matter most in elections — often termed ‘bread and butter issues.’ Politicians will need to consider these issues if they want to gain the support of the voting populace.
Indeed, the Quality of Life pillar considers a nation’s ability to give its citizens the things necessary for a high standard of living, including environmental quality, educational quality and healthcare quality.
Safety and Security
The Safety and Security motivator assesses a country’s social safety and security metrics, from governance to crime and beyond, considering the safety net the country provides against instability and disorder.
Safety and Security is of fundamental importance, particularly to HNWIs. As war continues to rage between Russia and Ukraine, and war broke out between Israel and Palestine, global citizens may be eager to seek countries which are peaceful and secure. The World Citizenship Report provides a guide to the safest and most secure countries, also highlighting those that are most prone to warfare and discord.
Financial Freedom
The Financial Freedom motivator measures the ability of a country to provide a favourable and stable regulatory climate for the establishment and functioning of businesses, as well as the holding of personal and business assets.
The World Citizenship Report survey of HNWIs found that in Europe and other economically more developed regions, HNWIs place greater emphasis on investments, portfolio diversification and wealth planning when considering second citizenship.
45.4 per cent of Europeans noted this as a priority.
In contrast, regions such as Latin America which feature less robust economies emphasise work opportunities more than investments.
Only 24.1 per cent of Latin Americans noted investments, portfolio diversification and wealth planning as a priority.
The electoral scrutiny provided by the report stands as a necessary innovation to the Report’s offering.
For individual country rankings, and to download the full report as well as riveting articles tying citizenship to elections, click here.
