Australia


More millionaires move to Australia than any other country in the world

by Ray Clancy on February 28, 2017

Australia is the top country in the world for attracting millionaires with more moving from overseas than other popular locations such as the United States and the UK.

Overall 82,000 millionaires moved to another country in 2016, up from 64,000 in 2015 and a rise of 28%, according to the latest study from market research firm New World Wealth which is based in South Africa.

Millionaire migration has grown by 60% since 2013 and the research says it shows no signs of slowing with the top performing wealth markets are expected to be Vietnam, China, India, Mauritius and Sri Lanka.

Indeed, Andrew Amoils, head of research at New World Wealth, said he expects that the ranks of millionaires on the move to top 100,000 within the next two to three years.

A breakdown of the figures show that 11,000 millionaires moved to Australia in 2016, compared with the 10,000 who moved to the United States, 8,000 to Canada, 4,000 to New Zealand and 3,000 to the UK.

France is the country that is losing the highest number of wealthy people with 12,000 moving away in 2016 while China saw 9,000 move, followed by Brazil with 8,000 and India and Turkey both losing 6,000.

Australia is a top choice for Wealthy Chinese people as it has a popular special investor visa programme with a minimum investment of AUS$5 million which has attracted more than 1,300 of which 90% were from China.

Amoils said Australia was especially attractive to Chinese millionaires because of its relative proximity, its wide choice of private schools, its clean environment and its political and economic stability.

There are also investor visa programmes in Canada and the United States. The US’s EB-5 visa programme starts with a minimum investment of US$500,000 which is likely to be raised to $1 million soon. Canada scrapped one of its main investor visa programmes in 2014 but there are other programs available for wealthy foreigners.

Millionaires are leaving France because of high taxes, it is suggested, but overall with the waning of tax havens due to more global tax transparency, tax is not as important as it used to be. According to Amoils education is becoming increasingly important for millionaires with families. Investing in property in locations such as London is also rising.

The research also suggests that the decision to leave the European Union has not dimmed the attractiveness of the UK to millionaires with very few leaving as a result. The research predicts that millionaires from France, China, India, the Middle East and Africa will continue to move to Britain.

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