Wealthy people most often migrate to Australia
As Gazeta.Ru writes, citing data from the latest New World Wealth report, the migration of the wealthiest people continues to grow. According to the report, about 82,000 millionaires migrated to other countries in 2016. In 2015, the number of migrating millionaires was 64,000.
For the second year in a row, Australia is the leader in the number of millionaires migrating to the country, New World Wealth reports. In 2016, 11,000 millionaires arrived in this country. The United States is in second place with 10,000, and another 3,000 wealthy citizens preferred the United Kingdom.
This choice is not accidental: Australia has one of the best healthcare systems in the world. Moreover, Australia's geographical location and warm weather are also advantages. The country is far from the unstable political situation in the Middle East, and it is little affected by the migration problems faced by European countries. In addition, Australia is convenient for doing business with developing Asian countries such as China, South Korea, Singapore, India, and Vietnam.
Not long ago, New World Wealth named Australia the safest country in the world for wealthy people. Over the past decade, the total wealth of Australians has jumped by 85%, while in the United States and the United Kingdom, growth was 30% and 28%, respectively, the report says. Thus, on average, every Australian is significantly richer than an American or a Briton.
In addition, Australia can boast good conditions for wealthy retirees – yacht owners who can afford to spend their free time traveling in the South Pacific. It is worth noting that Australia has low inheritance taxes, which is important for millionaires and their families.
Besides Australia, millionaires also moved to Canada, the UAE, New Zealand, and Israel.
Among the countries that millionaires have left are France, Turkey, and Brazil. The large outflow of millionaires from France (more than 12,000 people in 2016, according to New World Wealth) is due to religious tensions between Christians and Muslims, especially in urban areas. Experts also note that for this reason, the outflow of wealthy citizens from France will increase in the next ten years.
Since 2000, more than 60,000 millionaires have left France. Moreover, about 6,000 left in 2014, 10,000 in 2015, and 12,000 last year.
Religious clashes are also observed in other European countries, including Belgium, Germany, Austria, the United Kingdom, the Netherlands, and Sweden, which, according to New World Wealth, will also affect millionaire migration in the near future.
The outflow of millionaires from a country is not a very good sign. When a person changes tax residency, the country loses significant tax payments; moreover, millionaires are resilient to economic downturns and can support the country's economy during difficult times. The most common reasons for the migration of wealthy citizens are high crime rates, financial problems, high taxes, and even the inability to get a good education for their children, the report says.
According to Forbes, 75% of billionaires are citizens of just ten countries. Thus, 38% of the world's largest fortunes belong to people with US passports, with 79 people with a total wealth of $364.6 billion living in New York, and 28 in San Francisco.
In second place is China. In the capital Beijing, 68 ultra-wealthy people with assets exceeding $1 billion live. The remaining billionaires prefer Shanghai (31 people) and Shenzhen (30 people).
Russia is in third place: 77 dollar billionaires with a total wealth of $217.6 billion live here. The list also includes Germany, India, the United Kingdom, Turkey, Hong Kong, and Japan. The most populous country in the world without its own billionaires is Bangladesh, and the fewest millionaires are in Tropical Africa, the publication notes.