Australia Tops Nations In Wealth Migration

Australia's Business District
(Photo: REUTERS/David Gray)

AfrAsia Bank and New World Wealth released a report that examines the wealth migration trends worldwide. The 2019 Global Wealth Migration Review reported that around 108000 millionaires migrated in 2018.

The report named Australia as the top country globally for HNWI (High Net Worth Individuals) inflows in 2018. The report indicated that the most popular cities in Australia for HNWI are Sidney, Melbourne, Gold Coast, Sunshine Coast, Perth, and Brisbane.

HNWIs correspond to persons with wealth over $1 million. HNWIs migration is often caused by attraction to jurisdictions with more favorable tax laws, or less pollution and crime. Sometimes, they're simply looking for a change of scenery.

The Global Wealth Migration Review showed that China leads other nations in terms of HNWIs with a net outflow of 15,000. It is followed by Russia, India, Turkey, France, United Kingdom, Brazil, Saudi Arabia, and Indonesia.

The report also said that the popular destinations for migrating HNWIs in 2018 are the USA, Canada, Switzerland, UAE, the Caribbean, New Zealand, Singapore, Israel, Portugal, Greece, Spain, Monaco, Malta, Mauritius, Latvia, and Hong Kong. Dubai, Los Angeles, Miami, New York, and San Francisco are the most popular cities for migrating NHWIs in 2018.

The report also said that Wealth migration figures are important factors of the health of an economy. Serious problems in a country could contribute to the loss of a large number of HNWIs to migration. The increase in migration data could mean bad things to come as HNWIs are often the first people to leave because they have the means to leave, unlike middle-class citizens. Historically, any major collapse of a country is normally caused by a migration of wealthy people away from that country.

The report of the Global Wealth Migration Review listed the United States as the second placer in terms of HNWIs inflows. It is followed by Canada, Switzerland, United Arab Emirates, Caribbean, New Zealand, Singapore, Israel, Portugal Greece, and Spain.

The report reflected that time-honored locations like Switzerland and the Cayman Islands continue to attract the worlds wealthy. Australia is the star among nations in terms of HNWIs inflows because of its robust economy. It is also known as the safest place to raise a family. The nation is also free from inheritance tax with a low cost of healthcare. It is an attractive nation for migration which is an alternative to the United States. the report noted that Greece performed well in the index of millionaire inflows after becoming the worst in performance in the last decade.

© 2019 Business Times All rights reserved. Do not reproduce without permission.
Sign Up for Newsletters and Alerts