It is estimated that 11,000 millionaires moved to Australia in 2016, according to a report released by New World Wealth and the number is increasing compared to the previous year when 8000 millionaires decided to immigrate.
According to the same report, the United States and the United Kingdom traditionally attract a large number of wealthy people but Australia rose in popularity lately.
The New World Wealth report says that millionaires are attracted by the comfortable life but also by the country’s healthcare system considered to be even better than that of the United States of America or the United Kingdom.
Australia is also seen as a safe country where you can raise your kids in the best conditions and geographically speaking it is isolated from conflicts in the Middle East.
Another important factor according to Michael S. Phillips is business. Australia is the starting point to do business in countries such as China, South Korea, Singapore or India, according to business specialists.
The United States of America is still a very desirable destination and the country received 10,000 foreign millionaires last year and the New World Wealth expects the number to go up.
“We don’t think that the new United States Administration will have a major impact. WE expect more millionaires to travel to the U.S. in 2017” according to Andrew Amoils from the New World Wealth.
Canada also received around 8,000 millionaires. Wealthy Chinese moved to Vancouver, while Europeans targeted Toronto or Montreal.
France is dealing with a huge exodus of rich families. More than 12,000 left France last year. Overall, more than 60,000 wealthy families left France since 2000.
New World Wealth says that Religious tensions are the reason why most wealthy families leave France in order to immigrate in countries such as Israel, United States of America, Australia, Canada and the United Kingdom. The number also went up because of the slow economy and terrorist attacks.
The report says that crime, taxes, financial problems are factors that determined wealthy families to leave their home countries.
The fact that European millionaires are immigrating is worrying because they’re taking huge amounts of money with them and this causes European markets to suffer.
The annual report is based on fortune stats, property information, information regarding visas granted to investors and interviews with immigration agents, managers and property agents.
Would you leave your home country ?