With private wealth growing rapidly, Sydney has become one of the world`s most popular destinations for super-rich immigrants. A survey predicts Sydney is likely to be one of the five richest cities in the world within the next decade.
Australia`s private wealth has risen 83 percent over the past decade to $six billion fourteen million two hundred thousand and is expected to continue to rise 70 percent over the next decade, according to the Australian Business Insider. Sydney currently ranks ninth in the world`s private wealth ranking, with a total of $1 trillion, according to a joint survey by Asian-African bank (AfrAsia Bank) and wealth research firm New World Wealth (New World Wealth). Sydney is expected to become one of the world`s five wealthiest cities in the next decade, along with a rapid increase in the number of wealthy people. The other four cities will be New York, Beijing, Tokyo and Shanghai. The top five wealthiest cities in the world are New York, London, Tokyo`s, San Francisco Bay area and Beijing.
Sydney is one of the largest financial centres in the Asia-Pacific region, with major sectors including financial services, real estate, IT, tourism, retail and media, "said (Global Wealth Migration Review), the annual Global Wealth Migration Assessment. Because of its lifestyle and safe climate, Sydney has become one of the world`s most popular destinations for super-rich immigrants. "
Global private wealth now stands at $215 trillion, with high net worth (net worth of $1 million) of about 1.52 million. The city with the most private wealth is New York, `s private wealth of about $3 trillion.
For the third consecutive year in 2017, Australia defeated the United States as the world`s top net worth person of choice. Australia`s popular immigrant areas include Sydney, Melbourne, Gold Coast, Sunshine Coast, Perth and Brisbane.
The Global Wealth Migration Assessment reports point to several reasons why Australia is popular with the rich: "first, Australia`s geographical location makes it a good base for Asia-Pacific countries and regions such as China, Japan, South Korea, Hong Kong, Singapore and Vietnam. Second, Australia has recently been named the safest country for women in the world. Third, while some portray Australia as a babysitter country with too many rules, it is a particularly safe country for raising children. Fourth, property tax in Australia is lower than in the United States. "
The number of immigrants from Australia was about 95,199 in 2017, 81,999 in 2016 and 64,000 in 2015.
