Australia remains preferred destination for millionaire migrants
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.