Australia has topped the rank on the latest 2018 Global Wealth Migration review made by New World Wealth consultancy. The data gathered shows that Australia has attracted a great number of high net worth individuals (HNWI) as migrants than any other country including the US.
The data from 2017 shows that Australia had a net inflow of 10,000 HNWIs, who had net assets of $1.25 million AUD or more. The US on the other hand was only about 9,000 HNWIs. The total wealth held in Australia has risen by 83 per cent in the past ten years compared to US, which is only 20 per cent. Over the decade, an average Australian is now significantly wealthier than an average US citizen.
The most popular places where HNWIs move to are: Brisbane, Gold Coast, Melbourne, Sydney, Sunshine Coast, and Perth. Evidently, Australia remains to be an attractive destination to live for HNWIs as its location is a good place for doing business along with the emerging Asian countries surrounding Australia.
Another good factor that HNWIs consider is safety, as Australia is rated as the safest place for women and children. There is no doubt that superior growth of Australia over the past decade also had an impact on HNWI’s confidence for business opportunities.
The report suggests that countries with lower population density has less dependency on other countries for resources and trade. Also, less competition for land and resources within country, lesser waste and pollution.