The world’s wealthy are increasingly on the move – and many are choosing Australia as their new home.
About 108,000 millionaires migrated across borders last year, a 14% increase from the prior year, and more than double the level in 2013, according to Johannesburg-based New World Wealth.
Australia, US and Canada are the top destinations, while China and Russia are the biggest losers. The UK saw around 3,000 millionaires depart last year with Brexit and taxation cited as possible reasons.
Wealth migration figures point to present conditions such as crime, lack of business opportunities or religious tensions, says Andrew Amoils, head of research at New World Wealth.
Australia tops most “wish lists” for immigrants because of its perceived safety, no inheritance tax and strong business ties to China, Japan and South Korea. It also stands out for its sustained growth, having escaped the GFC unscathed and avoided recessions for 27 years.
The US was the second most popular destination in 2018, with New York City, Los Angeles, Miami and the San Francisco Bay area the preferred options.