Millionaire Expats Tread A Well-Worn Path

If you want to become an expat and rub shoulders with millionaires, a new report reveals the best places where you should head for.

In 2016, a staggering 82,000 millionaires migrated to start a new life abroad – up almost 25% from 64,000 in the previous year.

And their favourite destination for the second year in a row was Australia, says research firm New World Wealth.

Around 11,000 millionaires packed their bags and headed Down Under – 13% of the total number of millionaires on the migration trail.

Australia was just ahead of the USA, with 10,000 millionaire expat incomers.

Superior growth prospects

Dubai had 5,000 millionaire arrivals and 3,000 landed in the UK. Other popular countries for millionaires to move to were New Zealand and Canada.

The countries where most millionaires moved away from were Turkey, France and Brazil.

Researchers were told that thousands of millionaires favoured Australia as a good base for doing business with emerging markets around the Asia Pacific.

Expats also felt safe in a country where the refugee crisis and terrorism has had little impact and where they enjoyed benefits like excellent healthcare.

“Australia’s superior growth over the past decade has also no doubt had an impact on confidence and business opportunities,” says the report. finds way to mow lawn and keep cool in Sydney

“Over the past 10 years, total wealth in Australia has risen by 85% compared to 30% growth in the US and 28% growth in the UK.

Australians increase their wealth

“As a result, the average Australian is now significantly wealthier than the average US or UK citizen, which was not the case 10 years ago.”

The firm forecasts that Brexit will encourage more millionaires to move to the UK from France, China, India, Africa and the Middle East, while a few wealthy from the UK are likely to move on to Australia, North America and New Zealand.

The report also explains that millionaires migrating impacts local economies as they lose revenue from people who are typically business owners who employ large numbers of staff and pay higher taxes than most individuals.

New World Wealth defines a millionaire as someone with net worth of at least US$1 million.

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