Australia has emerged as the top nation in the world for inflow of millionaires as per the report of the Global Wealth Review that keeps a track on the immigration trends and wealth data. Australia has surged ahead of conventional destinations such as the US or the UK. This is also the second consecutive year that Australia has welcomed highest number of millionaires than any other nation in the world.
Immigration of global wealth to Australia is accelerating as it witnessed the arrival of 82, 000 millionaires in 2016 when compared to the 64,000 millionaires in 2015, quotes Fa Mag.
The healthcare system as well as the geographical location of Australia is what make it appealing to the High-net-worth market. It is thus a suitable destination for business transactions with Asia, according to Global Wealth Review.
At the conclusion of 2016, there were around 13.6 millionaires in the world and their combined wealth was 69 trillion dollars.
The wealth of the world is anticipated to increase considerably in the next ten years. The assessment of the asset value expectations and recent trends indicate that there will be a 35% increase in the value of High-net-worth holdings by the year 2026.
Based on the forecasts of the emerging economic growth, India, China, Vietnam, Sri Lanka and Mauritius will be the top performing wealth markets.
In spite of this, economies in the west could continue to sustain on their own if in case there are trade power produce profits and lower taxes.
According to the Global Wealth Review, the instability in Europe is expected to last for a shorter term. There was a decrease of 5% in the HNW wealth of the UK due to the Brexit referendum. Nevertheless, over the long-term, Brexit is likely to be an overall positive thing for the UK owing to decrease in tax rates and fresh trade collaborations.
The US was the wealthiest nation in the world having 51.3 trillion dollars of wealth, China the second wealthiest with 19.1 trillion dollars and Japan the third wealthiest with 16 trillion dollars. The basis on which wealth holdings were assessed by Global Wealth Review was the exclusion of liabilities, business interests, equities, cash, and property.
People residing in small tax havens such as the Liechtenstein and Monaco were amongst the richest in the world on the basis of per capita income. The average net worth per person was 1.7 million dollars in Monaco that was followed by Liechtenstein with 640,000 dollars net worth per person and Luxembourg with 300,000 dollars net worth per person.
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