Super-rich nationals from China, Europe, the UK, the US and South Africa are increasingly looking to popular Australian cities as their destination of choice to permanently settle.
According to the Millionaire Migration report in 2015, these overseas nationals are seeking to get out of their home countries to find safe havens for their funds and lifestyle. The report found that Sydney and Melbourne are the main destination cities for millionaires with an inflow of some 4,000 and 3,000 millionaires in 2014 and 2015, taking their totals to 95,400 and 66,800 respectively.
Other Australian cities including Perth, the Gold Coast, Brisbane, Noosa and the Sunshine Coast were also named as favourite destinations for the super-rich – defined by the report as individuals with net assets of US$1 million or more excluding their primary residences.
The top cities with the greatest outflow of millionaires were Paris, Rome, Chicago, and Athens. The report claims that a record 10,000 millionaires left Paris last year due to rising religious/racial tensions. Similar reasons plus rising crime levels and deteriorating economic conditions were cited as reasons why the other cities were experiencing an exodus of the rich.
“Overall, Australia was ranked as the top destination country for millionaires in 2015 ahead of the US, Canada and Israel. France headed the outflow list followed by China, Italy, India and Greece.” New World Wealth: Millionaire Migration in 2015 Report.
The report stated that the large outflow of millionaires from France is notable: “France is being heavily impacted by rising religious tensions between Christians and Muslims, especially in urban areas. We expect that millionaire migration away from France will accelerate over the next decade as these tensions escalate.” The report warns that similar tensions are starting to emerge in other European countries such as Belgium, Germany, Sweden and the UK.
Content sourced from Migration Alliance.