Tracking the millionaire expat migration pattern

Published:  18 Apr at 6 PM
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Of all the expat diasporas going on at the moment, perhaps that of the ‘filthy rich’ tells the most tales.

Much is written and read about the reasons behind the ever-increasing expat diasporas, with reasons given including a cheaper cost of living, better weather, more career opportunities, a comfortable retirement or just a wish to see the world. A recent survey focused on the preferences of the one group which rarely gets a mention – the planet’s 14 million high net worth individuals often referred to as the ‘filthy rich’ by those who’re never likely to fall into this category.

According to the 2019 Global Wealth Migration Review, some 108,000 millionaires upped sticks and headed for newly gilded mansions elsewhere in the world. To qualify for inclusion in this ultimate expats’ club, applicants need to own at least $1 million or more in net assets. In 2017, the numbers swapping one luxury mansion for another elsewhere on the planet were calculated at just 95,000, confirming the increasing rush to emigrate isn’t just confined to everyday folks’ expat aspirations.

It may come as somewhat of a surprise that Australia made it to number one favourite on the preferred location list for the ultra-wealthy for the fourth year in succession, with favoured hangouts ranging from Sydney and Melbourne through Perth, the Sunshine Coast and the Gold Coast. Admittedly, the weather’s amazing for most of the year, as is the scenery, and luxury can be found in all these destinations, but the country’s slightly short on cultural events, heritage and history.

Apparently, the seriously wealthy choose destinations which have ultra-modern infrastructure, safety and security, low taxes and crime rates as well as business opportunities. They don’t like pollution, restrictive government practices, unstable climates and the lack of an excellent education system for their kids. An indication of their dislikes is easily discovered by browsing the list of countries the mega-wealthy can’t wait to leave, such as China, Russia, India and Turkey. In addition, countries which suddenly decide to toughen their rules and regulations for wealth and financial transparency can soon find themselves in the middle of a millionaire migration.
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