The mass migration of world millionaires, to where?
The world's millionaires do not have to risk their lives to cross mountains, deserts and seas but they also migrate in large numbers to where they can preserve their wealth, feel safer or enjoy a better "quality" of life. A new report issued by New World Health indicates that as many as 10,000 super-rich Chinese and 7,000 super-rich Indians changed their domicile in 2017. Other countries that witnessed large high net worth individual (HNWis) outflows include Turkey (6,000), United Kingdom (4,000), France (4,000) and Russian Federation (3,000). Although Iran is not officially listed, a large number of the 3 million Iranians in diaspora are millionaires who have removed all or most of their wealth from their motherland.
In 2015, the U.S. was home to 46 percent of the global millionaire population. The United Kingdom came a distant second with 2.4 million while Japan was in third place with 2.1 million. But even millionaires migrate! Global wealth migration is accelerating and around 95,000 millionaires (HNWIs) migrated in 2017, compared to 82,000 in 2016 and 64,000 in 2015, the report noted.
As per the migration trends, Indian HNWIs moved to the US, the UAE, Canada, Australia and New Zealand, while Chinese HNWIs moved to the US, Canada and Australia.
The report, however, noted that the outflows of HNWIs from India and China are not "concerning" as these countries are producing far more new HNWIs than they are losing
Australia was the top country for HNWI inflows in 2017 with 10,000 ultra-rich people shifting base to this country, beating out its main rival the US for the third year running.
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, it added.
The US was the second most popular destination for migrating HNWIs in 2017 at 9,000, followed by Canada (5,000), United Arab Emirates (5,000), and New Zealans (4000).
In contrast, countries like Venezuela, Greece, Italy and Spain have lost between 19%-48% of their wealth in $USD terms over the last decade.
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