Australia is the world’s number one destination for millionaires with the rich moving for the climate, lifestyle and safety.
A report by AfrAsia Bank found high-net worth individuals had preferred it to the United States for the fourth year running.
In 2018, 12,000 wealthy people moved to Australia, with Sydney proving particularly popular.
Australia is the world’s number one destination for millionaires with the rich moving for the climate and lifestyle (pictured is the Sydney Opera House at night)
‘Sydney is one of the top financial centres in Asia and has become one of the most sought-after destinations for the world’s super-rich due to its lifestyle, safety and climate,’ the ‘Global Wealth Migration Review’ report said.
Australia, which has avoided a recession for a record 28 years, was praised for having the ‘fastest growing world market over the past 20 years’.
Despite having had seven prime ministers since 2007, Australia was also regarded as being the ‘most politically developed country in the world’.
‘Politicians in Australia are seen as everyday public servants and do not have extreme power,’ the report said.
A report by AfrAsia Bank, with headquarters in Mauritius, found high-net worth individuals had preferred it to the United States for the fourth year running. In 2018, 12,000 wealthy people moved to Australia, with Sydney proving particularly popular
‘Notably, the Prime Minister of Australia is often replaced between elections if party members feel they need a change.’
After Australia, the U.S. was the second most prevalent destination for the rich, with 10,000 high net worth individuals moving there last year, as 108,000 wealthy people migrated globally.
By comparison, 4,000 wealthy people moved to Canada as another 3,000 relocated to Switzerland.
The United Arab Emirates and the Caribbean, which includes the tax havens of Bermuda and the Cayman Islands, each attracted 2,000 very rich migrants.
Australia, which has avoided a recession for a record 28 years, was praised in the AfrAsia report for having the ‘fastest growing world market over the past 20 years’.
New Zealand, Singapore, Israel, Portugal, Greece and Spain each welcomed 1,000 wealthy new residents last year.
Australia was regarded as the best place for the rich which, unlike the U.S., doesn’t have inheritance taxes, is free from gun massacres and has accessible universal health care for everyone regardless of their income.
‘Australia is also a particularly safe country to raise children,’ the report said.
‘The U.S. has some safety problems especially in the big cities like Chicago and Los Angeles.’
Australia was also praised for having the ‘highest minimum wage in the world’ and a migration program biased towards those with skills instead of family reunion.
Migrants are among Australia’s wealthiest people, from billionaire Meriton Group founder Harry Triguboff (left) to online retail millionaire Ruslan Kogan (right)
Qantas chief executive Alan Joyce initially moved to Australia from his native Ireland in 1996
‘Most of the immigrants that are allowed into Australia are professional people (i.e. doctors, lawyers, engineers),’ it said.
‘Notably, in Australia there is only a small difference in wages between manual labour jobs and corporate jobs – this encourages a more equal society.’
Apart from Sydney, Melbourne, Queensland’s Gold and Sunshine coasts, Perth and Brisbane were popular with rich migrants.
Migrants are among Australia’s wealthiest people, with their ranks including billionaires Harry Triguboff, the 86-year-old Chinese-born founder of the Meriton apartment building group, and Westfield shopping mall founder Frank Lowy.
Young entrepreneurs born overseas include 36-year-old online retail king Ruslan Kogan, who moved from Belarus as a child and grew up in a Melbourne housing commission flat.
Qantas chief executive Alan Joyce initially moved to Australia from his native Ireland in 1996.