Australia is attracting more high net worth individuals as migrants than any other country on the planet right now, according to a report by New World Wealth.
In the 2018 Global Wealth Migration Review, the consultancy firm says that global wealth migration is accelerating across the world with 95,000 HNWIs migrating in 2017 compared to 82,000 in 2016 and 64,000 in 2015.
In 2017, Australia topped the world with a net inflow of 10,000 HNWIs (defined as those with net assets of at least 1 million USD).
The nine most popular destinations for HNWIs (net inflow figure in brackets):
- Australia (10,000)
- United States (9,000)
- Canada (5,000)
- United Arab Emirates (5,000)
- Caribbean Islands (3,000)
- Israel (2,000)
- Switzerland (2,000)
- New Zealand (1,000)
- Singapore (1,000)
New World Wealth say that Australia’s location makes it a better base for doing business in emerging Asian countries such as China, Japan, South Korea, Hong Kong, Singapore and Vietnam.
Safety could also be a factor in deciding to move to Australia as it is rated particularly safe for expat women and children.
And Australia doesn’t inherit taxes.
The report goes on to explain that Australia’s superior growth over the past decade has also no doubt had an impact on confidence and business opportunities.
Over the past 10 years, total wealth held in Australia has risen by 83 per cent and as a result the average Australian is now significantly wealthier than the average American citizen for example, which was not the case 10 years ago.
There is also a trend of large European, American and Asian companies setting up offices down-under, which assists the businessmen in charge of these companies in moving to Australia via work transfers.
During the analysis, it was also noticed that countries with low population densities such as Canada and Australia are some of richest countries in the world on a wealth per person basis, whereas densely populated countries such as Nigeria, Ethiopia, Bangladesh and Pakistan are some of the poorest.
Among the top countries, Canada and Australia have relatively low population densities when compared to the other countries on the list.
A lower population density means less dependence on other countries for trade and resources, less competition for land and resources within country, less waste and pollution, and allows for more wild spaces which improves quality of life.