Asian millionaires are packing their bags, leaving their countries in droves and building new homes overseas to secure a more secure life, better economic opportunities and, in some cases, lower taxes.
In 2017, 10, 000 high-net-worth individuals in China chose to emigrate, with 7000 in India and 6000 in Turkey, according to the 2018 Global Wealth Migration Assessment. Indonesia (2000) and Saudi Arab (1000) were also net outflows.
The study noted a clear upward trend in the number of super-wealthy immigrants: 6000 rich Indian immigrants in 2016 and 4000 in 2015, despite the fact that their countries are getting richer.
The report, compiled annually by the New World Wealth (New World Wealth), classifies "wealthy people" as people with a net worth of not less than $1 million, including billionaires and multimillionaires (with a net worth of $10 million or more).
Most of the wealthy Chinese emigrated to Australia, Canada and the United States; Indians preferred the same destination, along with the Arab United Emirates and New Zealand. The rich in Turkey prefer the United Arab Emirates and Europe. The wealthy in Indonesia usually choose Singapore, while the Saudi billionaires tend to go to the United Kingdom and the United Arab Emirates.
In 2017, Australia was the hottest destination for the wealthy, with 10,000 coming to live in Australia. Like many Chinese and Indians, Australia has attracted a large number of people from the UK, with 5000 wealthy Britons choosing to emigrate. In addition, the United States (9000), Canada (5000) and the United Arab Emirates (5000) are preferred destinations for the rich.
There are about 15.2 million high net worth people around the world, 5 million of whom live in the United States. Japan ranked second with 1.3 million, China at eight hundred and seventy seven thousand six hundred and ninety nine, Britain eight hundred and thirty six thousand eight hundred and ninety nine and Germany eight hundred and thirteen thousand two hundred and ninety nine. The top 10 countries are Switzerland, Australia, Canada, India and France.
In 2017, there were an estimated 584000 millionaires and 2252 billionaires around the world. There are 221580 millionaires in the United States, 40930 in China, 26130 in Britain, 25470 in Japan and 250070 in Germany. Billionaires live mainly in the United States (737), China (249), India (119), Britain (103), Germany (82) and Russia (79).
According to the report, emigration of wealth is an important indicator of the health of the economic, whether it be countries that lose their wealth or those that welcome new rich immigrants: "if, for example, a country's rich lose a lot of money," This may be due to serious problems in the country (i.e. crime, lack of business opportunities, religious tensions, etc.). On the contrary, countries that attract the rich tend to be very healthy, crime rates are usually low, schools are good and business opportunities are good. " The report states.
Lifestyle and opportunity seem to be key to millionaires' quest for oases, and recently Australia has an advantage over the United States. The United States is now in second place for the third year in a row.
The report states: "Australia's geolocation makes it a better base for doing business in emerging Asian emerging countries, such as China, Japan, South Korea, Hong Kong, Singapore and Vietnam."
"Australia's impressive growth over the past decade has undoubtedly also had an impact on confidence and business opportunities-Australia's wealth growth rate has reached 83 percent over the past decade, compared with 20 percent in the United States. As a result, ordinary Australians are much richer than ordinary American citizens, but not a decade ago. "
In addition, Australia's wealth transfer is easier: unlike a 40% property tax in the United States, Australia has no estate tax. The United States ranked fourth behind Japan (55 per cent), South Korea (50 per cent) and France (45 per cent).
Safety is another important reason for rich people to emigrate to Australia, especially those who drag on their families. Australia was ranked the world's safest country for women in 2017 and has always been the top 10 most suitable for parenting.
New World Wealth forecasts that Asia's seven nations (Japan, India, Australia, South Korea, Russia and New Zealand) will begin to dominate wealth markets over the next decade, eventually forming an economic union that overtakes Western Europe.
China's wealth market is expected to soar 180 percent to $69.4 trillion by 2027, Japan to $25.3 trillion (up 30 percent), India $ twenty four trillion six hundred and ninety nine billion nine hundred and ninety nine million nine hundred and ninety nine thousand nine hundred and ninety nine (200 percent) and Australia $10.4 trillion (70 percent). South Korea's $4 trillion ($4 billion percent), Russia's $2.7 trillion (80 percent) and New Zealand's $1.3 trillion (up 70 percent).