Australia hits top spot as destination for millionaire expats

Published:  29 Jan at 6 PM
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A recent survey has revealed Australia as the most popular destination for the fabulously wealthy.

Beating out the USA for the third year running, Oz is now the preferred haunt for those with more money than they know what to do with, according to the 2018 Global Wealth Migration Review. Some 95,000 high net worth individuals relocated during 2017, with 10,000 choosing Australia as their new country of residence.

Reasons for its success range between proximity to emerging economies across Asia, the continent’s reputation for safety, its relatively low taxes on inherited wealth and the perceived problems of the USA’s healthcare industry. Survey results also suggest business opportunities and business confidence are both on the uptake due to Australia’s impressive growth record since 2008.

During this period, the total of wealth held in the country has increased by 83 per cent as against the USA’s growth of 20 per cent, to the extent that the average Aussie holds significantly more wealth than his or her USA equivalent. The influx of the mega-wealthy is expected to be a largely positive influence, but may well increase upward pressure on real estate prices, a potential problem to which, according to the study, Australia may well have an answer.

It’s possible to put controls in place such as the already introduced Australian laws which prevent incomers from purchasing second-hand homes, thus limiting them to new-build properties. Sydney, the Gold Coast and Melbourne saw the biggest increase in high net worth inflows, with 2017’s figure at around 1,000. For the remainder of would-be migrants to Oz, it’s still one of the most popular destinations for skilled professionals on the move.
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