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Australia is the place to be, according to global millionaires

Australia managed a hat trick when it was named the first choice destination by migrating millionaires for the third year in a row.  Migrants with millions have continued their trend of listing the land down under as their first choice when it comes to quality of life, political and economic stability and giving their children access to quality private schooling.

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Of course Australia’s proximity to Asia, relative safety and no inheritance tax certainly adds to the countries allure.  New stats showed that around 10,000 high-net-worth individuals, with a personal wealth of US$1m or more, migrated to Australia in 2017.

The research, conducted by AfrAsia Bank, and first published by The Guardian, showed that 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. Sydney is now considered one of the wealthiest cities worldwide when it comes to the average income per citizen.

AfrAsia’s report, the 2018 Global Wealth Migration Review, said that according to their statistics the number of millionaires swapping countries increased by 15% in 2017, to 95,000.

Australia was ranked as the safest country in the world for women by the review in 2018 – a metric, the report says, historically has a 92% correlation to growth in wealth and the country ranked as the ninth-wealthiest country in the world, with a private wealth of US$6.142tn, but is forecasted to overtake Canada and France to be the seventh-wealthiest country by 2027.

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It is the fifth-wealthiest country per capita, with an average personal wealth of US$279,200, overtaking the US, where the average wealth is US$193,400. Both figures are skewed by supremely wealthy individuals at the top of the scale, but the report says Australia is one of the “most equal” countries in the world, with 28% of the total personal wealth in the country held by individuals with a personal wealth of US$1m or more.

There were 2,252 billionaires in the world in 2017, 584,000 multi-millionaires with a net-worth of US$10m or higher, and 15.2 million millionaires. The average global personal wealth was US$28,400.

 

Source: The Guardian

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Australia destination