Global
wealth migration is accelerating as around 82,000 ultra rich people shifted
overseas in 2016, compared to 64,000 in 2015 and Australia is the top country
for millionaire inflows, says a report.
Millionaires
or High Net Worth Individuals (HNWIs) refer to individuals with net assets of
$1 million or more.
According to
New World Wealth's latest report on global wealth and wealth migration trends
in 2016, for the second straight year Australia remained the top country
worldwide for millionaire inflows, beating out traditional destinations such as
the US and the UK.
An estimated
11,000 millionaires moved to Australia in 2016 compared to 10,000 that moved to
the US and 3,000 that moved to the UK.
The reasons
behind HNWIs preferring Australia to USA and the UK is that Australia has one
of the best healthcare systems in the world and its location makes it a good
base for doing business in emerging Asian countries such as China, Hong Kong,
Korea, Singapore, Vietnam and India.
Moreover,
Australia is relatively immune to the turmoil in the Middle East and the
related refugee crisis in Europe and it has lower inheritance taxes than the US
and UK.
Other
countries that experienced large inflows of HNWIs in 2016 include Canada, UAE,
New Zealand and Israel.
On the other
hand, countries that lost large numbers of HNWIs in 2016 included France,
Turkey and Brazil.
Large
outflow of millionaires from France (over 12,000 millionaires is 2016) is
notable. France is being heavily impacted by rising religious tensions between
Christians and Muslims, especially in urban areas, the report said.
"We
expect that millionaire migration away from France will accelerate over the
next decade as these tensions escalate," it added.
(Timesofindia)
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