The numbers of millionaire migrants in Australia are on the rise. For the first time in history, there are more millionaires migrants coming to Australia than those going for USA or UK.
Back in February, New World Wealth, a global market research group based in South Africa, released their finding about the millionaires migration. The results? They found that no less than 11,000 millionaires moved Down Under in 2016.
That number is a solid 38% increase from the previous year, in which Australia granted visas to 8000 millionaires.
While it’s impossible to determine a single determining factor, one can make a good guess as to why Australia deemed as the best destination for these millionaires.
- Healthcare. Australia’s healthcare system is arguably the best compared to UK or US.
- Location. Australia’s location is strategic for doing business with emerging Asian countries (that those millionaires are targeting or probably already engaged in business with), such as China, Hong Kong, Singapore, India or the neighboring Indonesia.
- Security. Australia isn’t as exposed to the turmoil in the Middle East nor the refugee crisis as European countries do.
- Education. Australia is seen as a safe country to raise children as well as the best place to educate them.
- Open Oceans. Yacht owners, the vast Pacific and Indian Ocean are open for you to explore.
- Inheritance taxes. Alright. This is probably a problem only a millionaire has. That may be the case, the inheritance taxes in Australia is much lower that in the US and the UK.
- Lifestyle. Australia provides a vast range of outdoor lifestyle. You’ll never run out of beaches, natural wildlife and scenery to enjoy.
No matter what their reasons are, hopefully this is what everyone feels regarding their migration to Australia:
Australia isn’t the only one having a surge of millionaires knocking its door. Canada, USA, Uni Arab Emirates and New Zealand are also winners in this particular subject. They granted visas to 8000, 10,000, 5000 and 4000 millionaires respectively.
Natural world order dictates that when something is increasing somewhere, then that same thing is decreasing somewhere else. (I’m kidding of course, there’s no such thing like that. Or is it?). Nevertheless, it’s true as far as the said millionaires are concerned. While the numbers of millionaires increased in Australia, France had the number of its millionaires plummeted. In 2016, France saw 12,000 of its millionaire citizens said “Au revoir!” to the country, preferring to live somewhere else.
Meanwhile, China also lost 9000 of its millionaires, Brazil lost 8000 while both Turkey and India lost 6000 millionaires.
It’s yet unclear what kind of positive economic impact to expect, and to what extend, from granting visas to such significant numbers of millionaires. That’s because it’s difficult to find out what types of visa sub-classes were granted to these “special migrants”. One might be under business retirement (meaning, they won’t contribute as directly as creating new jobs and pushing local economy) while other under significant investor stream (in which they expect to create new jobs) etc.
I think it needs more time and some thorough researches to see such impact as we’re also yet to see whether the trend of millionaire migrants in Australia will continue in 2017.