Data in 2019 Global Wealth Migration Review released by New World Wealth has revealed Australia as the destination most preferred by migrating millionaires all over the world.
A study regarding the movements of the wealthiest people in the world was released in April by a global market research group – New World Wealth – based in Johannesburg, South Africa. Several factors that impact wealth growth, including the growth of the economy, freedom of the press and safety of women, were considered in the analysis.
According to the report, Australia topped the US in 2018, for the fourth year in a row, regarding the number of millionaires that migrated to the country. Australia had a whopping 12,000 millionaires enter its border in 2018 compared to 10,000 recorded by the US, the report said.
In 2018, 108,000 millionaires moved around the world according to the researchers. It represented a 14% percent increase to the numbers recorded in 2017. The top ten recipients of the movements are Australia, the US, Canada, Switzerland, UAE, Caribbean Islands, NZ, Singapore, Israel, and Portugal (in descending order).
The researchers said the countries, Australia and the US, who have consistently remained top of the list retain such places for several reasons. Beautiful landscapes, safe environment, first-class healthcare system, strong school system and low crime rate are some of the critical reasons that keep Australia top of the list, the report said. The lack of inheritance tax in the country covers for the generally high tax rates. This is a significant motivation for wealthy individuals to build their family’s estate in Australia, the researchers said.
The Gold coast, Melbourne, Sydney, Brisbane, the Sunshine Coast, and Perth are Australia’s most attractive cities for migrating millionaires.
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