High net-worth individuals, or HNWIs, have better means to swap country when the signs tell trouble. The 2019 Global Wealth Migration Review collected the most popular migration destinations around the world, and the top pick has turned out to be Australia.
AfrAsia Bank and the New World Wealth carry out Wealth Migration Review survey each year. According to their findings, around 108,000 millionaires hit the road for a new country to live in. To get on the HNWI list an individual has to own $1 million or more worth net assets.
The report estimates the global number of HNWI as 14 million people. There is a steady increase of country-swapping millionaires; WMR found 95,000 such individuals in 2017.
The most popular destination for 2018 is Australia for the fourth year running, especially the city of Sydney, Melbourne, Gold Coast, Perth and the Sunshine coast.
The USA, Canada, Switzerland, Dubai, UAE, the Caribbean, New Zealand, Singapore, Israel, Portugal, Greece, Spain, Monaco, Malta, Mauritius, Latvia and Hong Kong made to the list of popular destinations. In the US, Los Angeles, Miami, New York and San Francisco are particularly popular among the wealthy migrants.
The more wealthy people like to choose countries with good infrastructure, business opportunities and low taxation, and with low crime rate. Those who have left cite the safety of women and children, problems with pollution, climate, space, educational systems, financial issues, career opportunities, and ill-practices of the government.
The rich are leaving the following countries in the highest numbers. China comes first with 15,000. Russia is the next in line with 7,000 individuals. 5,000 of the ’extremely’ wealthy left India (7000 in 2017) and 4,000 fleft/fled from Turkey.
The story of India and its leaving rich is a peculiar tale to tell. When the super rich leave a country, they often take their businesses and create jobs elsewhere, which widens the existing gaps further between the ritch and the poor in the homeland. Overburdening or otherwise problematic tax systems and other regulations are hard factors behind the outflow of the wealthy.
The most preferred destinations of India’s wealthy expats are the United States, the United Arab Emirates, Canada, Australia, and New Zealand.
Tightening legislation for financial and wealth transparency can also drive the ’millionaire migration’. The Black Money Act of India in 2015 is such an example.