A new study from New World Wealth, a research firm, has revealed that Australia is the destination of choice for millionaires of the world. Australia has been adjudged as the most attractive nation for millionaires for the second year in a row. Australia has managed to upset traditional choices like the US and the UK.
It is estimated that by the end of 2016, there were 13.6 million millionaires in the world with a total wealth of around $69 trillion.
It has been observed that there is an increase in global wealth migration. Compared to 64,000 millionaires in 2015, 82,000 millionaires migrated overseas in 2018.
Almost 11,000 millionaires chose to migrate to Australia making it the No. 1 destination for millionaires worldwide. On the second spot was the US with 10,000 millionaires migrating there followed by Canada with 8,000 millionaires.
Australia’s location makes it more attractive to the wealthy as it is an excellent base for conducting business in upcoming Asian markets like Singapore, Hong Kong, Vietnam and Korea.
Another reason that attracts the wealthy to Australia is its world-class healthcare system.
Australia announced a “fast-track visa program” in 2015 for rich immigrants who wanted to invest in the country. The Sydney City Council also implemented strategies for growth in the technology sector.
Andrew Amoils from New World Health says that personal safety and good education for children are two decisive factors when millionaires decide to migrate. They want their kids to have the best education and to feel safe. Healthcare, climate and cleanliness are the other factors that millionaires base their decision on.
The study also showed that the total wealth in Australia has increased by 85% in the last ten years. In contrast, the wealth increase in the US is 30%, while wealth in the UK has grown by 28%. Hence, Australia, now, is significantly wealthier than the US or the UK, unlike 10 years ago.
The study found that most of the millionaires moving abroad were from France. Around 12,000 millionaires from France migrated overseas last year. China, on second, had 9,000 millionaires migrating overseas followed by Brazil with 8,000 millionaires.
As per Mr Amoils, millionaires are moving away from France due to high taxes and religious tension. In China, the number of millionaires moving overseas are being replaced by an even larger number of millionaires.
The study projected that global wealth is most likely to increase by 35% over the next 10 years. The upcoming wealth-generating markets to watch out for will be India, China, Vietnam, Sri Lanka and Mauritius.
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