Australia emerged as the top destination for millionaires to migrate in 2017, according to an analysis by New World Wealth.
In its 2018 Global Wealth Migration Review, the report states nearly 10,000 millionaires or High Net Worth Individuals (HNWIs) moved to Australia in 2017.
These HNWIs have net assets of $US1 million ($A1.25 million) or more.
According to the report, for the third straight year Australia remained the top country worldwide for millionaire inflows, beating traditional destinations such as the U.S. and the U.K.
US ranked second with 9000 HNWIs choosing to migrate to United States in 2017.
“Australia’s superior growth over the past decade has also no doubt had an impact on confidence and business opportunities,” says the report.
“Over the past 10 years, total wealth held in Australia has risen by 83% compared to 20% growth in the US. As a result, the average Australian is now significantly wealthier than the average US citizen, which was not the case 10 years ago.”
“The average Australian is now significantly wealthier than the average US citizen.” - New World Wealth Global Migration Review 2018
7,000 Indian millionaires moved out of India in 2017
In contrast, over 7,000 Indian High Net Worth Individuals (HNWIs) moved out of India in 2017.
According to the report by New World Wealth, 7,000 ultra-rich Indians shifted overseas in 2017. In 2016, the figure stood at 6,000, while in 2015 as many as 4,000 millionaires shifted base.
As per the migration trends, Indian HNWIs moved to the US, the UAE, Canada, Australia and New Zealand.
The report, however, noted that the outflows of HNWIs from India are not "concerning" as these countries are producing far more new HNWIs than they are losing.
Source: Public Domain
"Also, once the standard of living in these countries improves, we expect several wealthy people to move back," it added.
The same report ranks India as the sixth wealthiest nation in the world with total wealth of USD 8,230 billion.
India is home to 3,30,400 HNWIs (individuals with USD 1 million or more in net assets).
