More millionaires migrated to Australia in 2017 than any other country, a new report reveals.
The 2018 Global Wealth Migration Review, published by the AfrAsia Bank, showed that around 10,000 high-net-worth individuals, with a personal wealth of US$1m or more, moved to Australia in 2017. The majority of these came from China, India and the UK.
Both Melbourne and Sydney were among the top 10 cities around the world to have a net immigration of millionaires, as was Auckland in New Zealand.
Overall, the number of millionaires swapping countries increased by 15 per cent in 2017, to 95,000.
The USA, Canada, United Arab Emirates and Caribbean rounded up the top five positions.
The Global Wealth Migration Review stated that Australia is a popular destination among the wealthy as it is seen as safe, politically stable and does not have any inheritance taxes. The proximity to Asia also makes Australia a good base for doing business in China and Japan.
The “only possible negative”, the report says, are increased property prices, although even these are starting to slow following the implementation of new rules which prevent foreign investors from buying second-hand homes.
The UK recorded a net deficient of millionaires in 2017. Roughly 4,000 more millionaires left the UK last year than entered it. The report noted that this could have dire consequences for the UK’s economic future.
“If one looks at any major country collapse in history, it is normally preceded by a migration of wealthy people away from that country,” it stated.
Article published 7th June 2018