The world's millionaires are more mobile than ever. Here are the top 12 countries they're moving to
- Millionaires around the world are moving to new countries more than ever before, Bloomberg reported.
- About 108,000 millionaires moved to new countries in 2018, compared to 95,000 in 2017, according to a study by New World Wealth.
- The top destination these ultra-wealthy people are migrating to is Australia.
- The US, Canada, Switzerland, and the United Arab Emirates are some of the other popular destinations for the world's super-rich.
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The world's millionaires are moving to new countries at a higher rate than ever, Bloomberg reported, often for tax purposes or to escape a country's economic or political tensions.
About 108,000 millionaires migrated countries in 2018, compared to 95,000 in 2017, according to a study by New World Wealth (NWW). The global market research group ranked the flow of millionaires into 12 countries by dividing the number of new millionaires by the total number of high-net-worth individuals already living in the country."The wealthy today don't have a country," Reaz H. Jafri, a partner at Withers Worldwide, which helps affluent clients relocate around the world, told The New York Times in 2017. "They don't view their success as being related or dependent on a single country, but on their own business strategies. It's amazing to me how many of the very wealthy are going totally mobile."
Australia is the top destination for the ultra-wealthy these days, followed by the US, Canada, and Switzerland.
Many wealthy foreigners are likely drawn to Australia for its low crime rate, the lack of an inheritance tax like in the US, and the country's overall safety, according to the NWW report.
Most high-net-worth individuals are English-speaking, according to NWW, which explains why the top three countries are primarily English-speaking.
Countries including China, Russia, and the UK, on the other hand, are losing millionaires. In the UK's case, these millionaires are likely fleeing the uncertainty of Brexit, Bloomberg reported.Here are the top 12 countries millionaires are moving to.