Economy

Google Ad

With Australia's economy picking up and commodities soaring to some it is no surprise Australia is attracting more high net worth individuals (HNWI) as migrants than any other country. To others with the Manus island and Australia Day controversies this may surprise. 

Map Globe Australia

With the emerging Asian economies strengthening Australia is a natural hub.

Consultancy firm New World Wealth published its 2018 Global Wealth Migration Review and drew the following conclusions.:

  • Global wealth migration is accelerating across the world
  • 95,000 HNWIs migrated in 2017 compared to 82,000 in 2016 and 64,000 in 2015.
  • Australia topped the world in 2017 with a net inflow of 10,000 HNWIs (net assets of $US1 million ($AUD1.30 million) or greater)
  • The United States was second  with 9000. 
  • Popular destination in Australia included: Sydney, Melbourne, Gold Coast, Sunshine Coast, Perth and Brisbane.

HNWI 2018 RanksWhy Australia?

  • Australia’s location for doing business in emerging Asian countries such as China, Japan, South Korea, Hong Kong, Singapore and Vietnam. 
  • Australia is rated as the safest country for a woman worldwide.
  • Australia is rated as one of the safest for children.wordwide
  • Australia has no inheritance taxes, whilst in the U.S. the inheritance tax threshold is much higher than the U.K.
  • Large European, American and Asian companies increasingly setting up offices in Australia,

“Australia’s superior growth over the past decade has also no doubt had an impact on confidence and business opportunities.”  - New World Wealth

Canada and Australia Population Densities Attractive

“During our analysis we noticed that countries with low population densities such as Canada and Australia are some of richest countries in the world on a wealth per capita (wealth per person) basis, whereas densely populated countries such as Nigeria, Ethiopia, Bangladesh and Pakistan are some of the poorest,” the report says.

  • Among the top 10 countries, Canada and Australia have relatively low population densities when compared to the other countries on the list.
  • Lower population density means less dependence on other countries for trade and resources, less competition for land and resources within country, less waste and pollution.
  • Allows for more wild and open spaces which improves quality of life for locals.

Wealthist Countries in the world

Brexit and EU changes

The report concluded migration rose from:

  • Political tensions exacerbated by Brexit,
  • Fear of terrorism and safety concerns
  • Laws that are less favorable to the ultra-wealthy than in other countries. 

With the US stockmarkets almost vertical since President Trump took office it is worth considering this;

 “Over the past 10 years, total wealth held in Australia has risen by 83 per cent compared to 20 per cent growth in the US. As a result, the average Australian is now significantly wealthier than the average US citizen, which was not the case 10 years ago.” - New World Wealth

Source: New World Wealth,  Luxury Daily, Yahoo

From a sunburnt country..

Log in to comment
Discuss this article in the forums (0 replies).