Many a Registered Company Auditor in Norwest and across Australia have seen an increasing amount of millionaires, as migrating millionaires travel to the land down under.
Market research consultancy firm New World Wealth listed down the countries across the world that attract the most migrating millionaires in the latest iteration of their Global Wealth Migration Review. Their data shows that Australia has become the world’s leading destination for migrant millionaires, with 12,000 high-net wealth individuals (HNWIs) having entered the country in 2018. Notably, it’s the fourth year in a row that Australia managed to rank first on that list, adding at least 35,000 wealthy new residents within that time frame, explaining why many a Registered Company Auditor in Norwest and across the country have been dealing with more wealthy clients.
Notably, Australia has a smaller population compared to the country that ranked second on the list, the US, which receives 10,000 HNWI arrivals, a good distance away from third and fourth, Canada and Switzerland, which saw 4,000 and 3,000 wealthy individuals, respectively. The UAW and Caribbean followed with 2,000 new HNWI residents, while a number of countries, New Zealand among them, welcoming about 1,000 affluent migrants.
On the other side of the fence, the report numbered 100,000 migrating millionaires for 2018, up by 14% compared to 2017. China bid farewell to 15,000 of its wealthy residents, about 2% of its overall number, while India, Russia, and Turkey each saw 4,000 of their HNWIs migrating out of the country, with the latter being hit particularly hard, as that number accounts for about a tenth of its wealthy elite, who are leaving thanks to the local economy taking a nosedive.
The New World Wealth notes that, in spite of median house pricing in the country’s major cities sitting above $1 million, Australia attracts millionaires due to its high safety rating, as measured by a separate New World Wealth report, and first-class healthcare which is, in general, cheaper and more accessible compared to US’s.
On top of that, is the detail that Australia did not have an inheritance tax, which authors suggest make Australia an attractive base for building wealth for descendents.
However, the consulting firm notes that the local political landscape can change how the AU looks at migrating millionaires, saying that they’re expecting kick-back against immigration in these two countries, which might also lead to deterring HNWIs.