The world’s millionaires are moving to Australia.
According to the AfrAsia Bank Global Wealth Migration Review 2018, approximately 95,000 millionaires (High Net Worth Individuals-HNWIs) migrated in 2017 out of which about 10,000 HNWIs migrated to Australia.
The number of rich migrants has risen in 2017, compared to 82,000 in 2016 and 64,000 in 2015.
Australia emerged at the top destination that experienced the biggest wealth inflows in 2017.
About 10,000 high-net-worth individuals, with a personal wealth of US$1m or more, arrived mostly from China, India and the UK.
Source: The AfrAsia Bank Global Wealth Migration Review 2018
Australia’s popularity was attributed to the country being safe, politically stable and, importantly, not imposing inheritance taxes on its people. The proximity to Asia also makes Australia a good base for doing business in China and Japan, the report claims.
In contrast, over 7,000 Indian High Net Worth Individuals (HNWIs) moved out of India in 2017.
Source: The AfrAsia Bank Global Wealth Migration Review 2018
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 same report ranks India as the sixth wealthiest nation in the world with a 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).
The report states, wealth migration figures are another very important gauge of the health of an economy.
“For instance, if a country is losing a large number of HNWIs to migration, it is probably due to serious problems in that country (i.e. crime, lack of business opportunities, religious tensions etc.).
“Conversely, countries that attract HNWIs tend to be very healthy and normally have low crime rates, good schools and good business opportunities,” the report states.
