Brexit seems to dominate the flow of talent. Brexit and high estate taxes have made rich people more inclined to leave the UK and emigrate to Australia, according to a recent report.
In the financial services sector, rich people with a net worth of more than $1 million are also known as "high net worth individuals" (HNWI). For the past three decades, the UK has been one of the main destinations for high-net-worth individual migrants. In the past 14 years, the UK has attracted 125000 high-net-worth migrants, making it the world's highest net inflow, according to a 2015 report.
However, while about 1000 high-net-worth individuals entered the UK in 2017, some 5000 people left, according to the latest UK Wealth report from New World Fortune (New World Wealth), a consultancy. Britain's appeal to the rich has fallen sharply, replaced by Australia in the Southern Hemisphere. "the traditional high inheritance tax in the UK makes Australia and the United States more attractive to these high net worth individuals," the report said.
Why is the immigration trend of high net worth individuals so interesting? This stems from the economic influence it represents. In general, immigration from these high-wealth groups is an important basis for assessing the country's economic health. The longer-term development of a country can be predicted by looking at migration trends for high net worth individuals. "in general, high net worth groups are more likely to leave their homeland if something bad happens," the Wealth report said.
In this context, the rich are more likely to leave England. The new immigration policy under the Brexit framework is also being revised, and the trend of migration of the rich no doubt needs to be taken seriously.
So, what is Australia's advantage in attracting this group of people? The answer is a better living environment.
Australians live healthier lives, lower crime rates, higher school education and better business opportunities than in the UK. According to the New World Wealth (New World Wealth) 2018 Global Wealth Migration report, Australia is already the country that attracts the largest number of high-net-worth individual migrants in the world. In 2017 alone, there was a net inflow of 10000 high net immigrants. Among them, the hottest immigration destination cities have Sydney,Melbourne and so on.
It is also worth mentioning that, in addition to changes in international immigration destinations, there has been a new phenomenon in the migration of the rich within the United Kingdom. In the past, London was clearly a hot choice for more rich immigrants. But for now, the wealthy, who originally lived in London, are also starting to leave the "metropolis" and move to smaller, but conveniently affluent, towns such as (Taplow), (Bray), Tap House, Bree, according to the report.