Approximately 10,000 millionaire migrants made Australia their home in 2017, allured Asia proximity and no inheritance taxes.
According to the new report, Australia is the third time favourite choice for the millionaires. They are attracted by the close proximity to Asia, relative safety and no inheritance taxes.
Around 10,000 individuals having net personal worth of US$1m or more migrates to Australia mostly from China, India and UK in 2017.
Melbourne and Sydney were among the top 10 cities across the globe to have a net immigration of millionaires and so was Auckland in New Zealand.
2018 Global wealth migration review said that the number of millionaire swapping countries increased by 15% in 2017, making the total numbers to 95,000.
According to the authors, UK should see it as a bad sign because of the net loss of 4,000 millionaires in 2017. The report further added, “If one looks at any major country collapse in history, it is normally preceded by a migration of wealthy people away from that country.”
Australia is a popular destination because it is safe, politically stable and importantly, does not have any inheritance taxes. The close alliance to Asia also makes Australia a good option for doing business in China and Japan.
The continent is safest country for women; the review was done in 2018- a metric, the report.
The only negative thing reported in the report is ‘the increased property prices’. it commends Australian laws preventing foreign investors from buying second-home as a safeguard against property price hikes. The report says that the cost per square metre of property in Sydney rose by 19% in 2017 to US$25,000 per sq. metre, making it more expensive.
Australia is ranked the ninth-wealthiest county in the world, with a private wealth of US$6.14BN but it is expected to overtake Canada and France and thus will become seventh- wealthiest country by 2027.
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