Australia: Haven For Millionaire Migrants?
According to a study made by the 2018 Global Wealth Migration Review, for the third year in a row, Australia is the preferred destination of millionaire migrants. The study revealed that an estimated 10,000 migrants with a personal net worth of at least US$1 Million migrated to Australia in 2017. Most of the migrants came from China, India, and the United Kingdom.
Melbourne and Sydney were ranked among the top 10 cities with the highest number of migrant millionaires. Included in the list was Auckland, New Zealand. Sydney is frequently ranked among the richest… and most expensive cities in the world.
The study further pointed out that the number of globe-spanning millionaires increased to 95,000 which represented a 15% increase from 2017 figures.
Why is Australia a popular choice among the migrant millionaires?
The study identifies three reasons why Australia has become the haven for these high-income migrants. First, Australia is generally considered a safe country. Second, migrants view its political situation as “stable”. Third, it does not have any inheritance taxes. For millionaires coming from China, Japan and other Asian countries, its proximity makes it an ideal destination for doing business.
How safe is Australia? The country was ranked as the safest country in the world for women. This particular metric has been identified to have a 92% correlation to successful wealth generation.
The millionaire migrants feel comfortable in Australia despite the rising sentiment versus immigration. They share the perspective that the argument against immigration does not apply to them. As millionaires, they will not take low- paying jobs, do not care about receiving benefits, and are more focused on sending their children to Australia’s world-class educational institutions.
Australia’s property prices are a discouraging factor. However, the millionaire migrants view current Australian laws that prevent foreigners from acquiring second- hand homes as a way of stifling further increases in property prices.
The influx of migrant millionaires to Australia has proven to be a loss to the United Kingdom. In 2017, the U.K. lost an estimated 4,000 millionaires.