June 06, 2018
About 10,000 mega rich make Australia home in 2017, lured by proximity to Asia and no inheritance taxes
Australia remains preferred destination for millionaire migrants
Australia is the millionaires’ migration destination of choice for the third year running, according to a new report, with wealthy individuals lured by the country’s proximity to Asia, relative safety and no inheritance taxes.
About 10,000 high-net-worth individuals, with a personal wealth of US$1m or more, migrated to Australia in 2017 – mostly from China, India and the UK.
Melbourne and Sydney were among the top 10 cities around the world to have a net immigration of millionaires, as was Auckland in New Zealand. Sydney is one of the wealthiest cities worldwide.
It is part of a growing global movement of millionaires who, according to the 2018 Global Wealth Migration Review published by the AfrAsia Bank this month, are the canaries in the coalmine of economic collapse.
The number of millionaires swapping countries increased by 15% in 2017, to 95,000.
Countries that recorded a net deficit of millionaires – including the UK, which suffered a net loss of 4,000 millionaires in 2017 – should view it as a bad sign, according to the authors.
“If one looks at any major country collapse in history, it is normally preceded by a migration of wealthy people away from that country,” the report said.
Australia is a popular destination because it is safe, politically stable and, importantly, does not have any inheritance taxes. The proximity to Asia also makes Australia a good base for doing business in China and Japan.
It was ranked as the safest country in the world for women by the review in 2018 – a metric, the report says, historically has a 92% correlation to growth in wealth.
The report does note, in parentheses, that some of the super wealthy view Australia as “a nanny state with too many rules”.
It says arguments against immigration do not apply to the very rich, who are “unlikely to take low-paying jobs … unlikely to claim benefits ... [and likely to] send their children to private schools”.
The “only possible negative”, the report says, are increased property prices.
Advertisement
It commends Australian laws preventing foreign investors from buying second-hand homes as a safeguard against property price hikes, although house prices in Sydney and Melbourne nonetheless increased in 2017.
The report said the cost per square metre of property in Sydney rose by 19% in 2017 to US$25,000 ($32,600) per square metre, making it more expensive than traditional playgrounds for the mega rich like Lake Como in Italy. The Sydney housing market has cooled slightly in 2018.
Australia is ranked the ninth-wealthiest country in the world, with a private wealth of US$6.142tn, but is forecast to overtake Canada and France to be the seventh-wealthiest country by 2027.
It is the fifth-wealthiest country per capita, with an average personal wealth of US$279,200, overtaking the US, where the average wealth is US$193,400. Both figures are skewed by supremely wealthy individuals at the top of the scale, but the report says Australia is one of the “most equal” countries in the world, with 28% of the total personal wealth in the country held by individuals with a personal wealth of US$1m or more.
The ratio should be less than 30%, the report argues. Anything above 40% leaves “very little space for a meaningful middle class”.
There were 2,252 billionaires in the world in 2017, 584,000 multi-millionaires with a net-worth of US$10m or higher, and 15.2 million millionaires. The average global personal wealth was US$28,400.
Research conducted by the UK parliament last month projected that the richest 1% would control two-thirds of the world’s wealth by 2030.
Latest News
Top news around the world
Academy Awards

‘Oppenheimer’ Reigns at Oscars With Seven Wins, Including Best Picture and Director

Get the latest news about the 2024 Oscars, including nominations, winners, predictions and red carpet fashion at 96th Academy Awards

Around the World

Celebrity News

> Latest News in Media

Watch It
Olivia Munn Reveals Breast Cancer Diagnosis and Double Mastectomy Procedure | E! News
March 13, 2024
kUaEV1Kd3S0
Travis Kelce Shares Details From His Trip to Singapore With Taylor Swift | E! News
March 13, 2024
3YXi-Dgf4eg
Kate Middleton VIRAL Photo: Agency Addresses Photoshop Claims | E! News
March 13, 2024
S4VkO0TpkCY
Da'Vine Joy Randolph Plays 'Smash or Pass' With Iconic Moments From Her Career
March 13, 2024
vkPdJEF2BX4
Jean Smart Wears a Hotel Bathrobe to Present an Award to Hannah Einbinder l Power of Comedy SxSW
March 12, 2024
Bw7uVEYQev4
Lenny Kravitz Walk of Fame Ceremony
March 12, 2024
MlWq8BcnwhE
Dak Prescott Extortion Plot & Steph Curry for President? | TMZ Sports Full Ep - 3/12/24
March 13, 2024
jHFsrjs7OFY
A Japanese space rocket blew up after takeoff Tuesday, turning the sky into a fireball of smoke.
March 13, 2024
YkfJ3Qg8B7c
#KimKardashian and #BiancaCensori hung out at #KanyeWest's listening party Tuesday night!
March 13, 2024
EfwLLq6bx9k
‘Pioneer Woman’ Ree Drummond denies using Ozempic to lose 60 pounds
March 13, 2024
Omfjk1AlZ3A
Chrissy Teigen reveals her ‘boob lift scars’ in daring dress at Jay-Z & Beyoncé’s Oscars 2024 party
March 13, 2024
VxZ2qXAlpmU
Zoë Kravitz pokes fun at dad Lenny Kravitz's style during Hollywood Walk of Fame speech
March 13, 2024
j3-lcFu_1sQ
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
17
Mar
SPAIN: La Liga
Atletico Madrid - Barcelona
17
Mar
ENGLAND: FA Cup
Manchester United - Liverpool
17
Mar
ITALY: Serie A
Inter Milan - Napoli
17
Mar
GERMANY: Bundesliga
Borussia Dortmund - Eintracht Frankfurt
17
Mar
ENGLAND: FA Cup
Chelsea - Leicester City
17
Mar
ITALY: Serie A
Roma - Sassuolo
17
Mar
ITALY: Serie A
Verona - AC Milan
17
Mar
ITALY: Serie A
Juventus - Genoa
17
Mar
GERMANY: Bundesliga
SC Freiburg - Bayer Leverkusen
17
Mar
USA: Major League Soccer
Atlanta United - Orlando City
17
Mar
ENGLAND: Premier League
West Ham United - Aston Villa
17
Mar
SPAIN: La Liga
Rayo Vallecano - Real Betis
17
Mar
ENGLAND: Championship
Leeds - Millwall
17
Mar
SPAIN: La Liga
Las Palmas - Almeria
17
Mar
SPAIN: La Liga
Villarreal - Valencia
17
Mar
SPAIN: La Liga
Sevilla - Celta Vigo
16
Mar
GERMANY: Bundesliga
Darmstadt - Bayern Munich
16
Mar
ENGLAND: FA Cup
Manchester City - Newcastle United
16
Mar
ENGLAND: Premier League
Fulham - Tottenham Hotspur
16
Mar
SPAIN: La Liga
Osasuna - Real Madrid
13
Mar
CHAMPIONS LEAGUE: 1/8 Final
Atletico Madrid - Inter Milan
12
Mar
CHAMPIONS LEAGUE: 1/8 Final
Barcelona - Napoli
12
Mar
CHAMPIONS LEAGUE: 1/8 Final
Arsenal - Porto
11
Mar
ENGLAND: Premier League
Chelsea - Newcastle United
10
Mar
ENGLAND: Premier League
Liverpool - Manchester City
10
Mar
SPAIN: La Liga
Real Madrid - Celta Vigo
10
Mar
ENGLAND: Premier League
Aston Villa - Tottenham Hotspur
10
Mar
ITALY: Serie A
Juventus - Atalanta
10
Mar
ITALY: Serie A
Fiorentina - Roma
10
Mar
ITALY: Serie A
AC Milan - Empoli
09
Mar
GERMANY: Bundesliga
Werder Bremen - Borussia Dortmund
09
Mar
ENGLAND: Premier League
Arsenal - Brentford
09
Mar
ITALY: Serie A
Bologna - Inter Milan
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.