The world already knows that Australia is the topmost immigration destination in the world, especially for the skilled workers and students. Now a new report says that it is the most preferred overseas hotspot also for those with very deep pockets.
Yes, as per a new news report based on the 2018 Global Wealth Migration Review Down Under is the millionaires’ migration preferred destination for the third consecutive year, with affluent people drawn by the nation’s closeness to Asia, relative safety & security, besides nil inheritance taxes.
The report adds that close to 10,000 high-net-worth individuals, with a personal capital of 1 million or more US Dollars, moved to Oz during the year gone by, viz., during 2017, even as a significant chunk of such migrants poured in from the countries of China, India and the UK.
The report adds that Melbourne and Sydney were among the leading 10 cities across the globe to have a net immigration of millionaires, as was Auckland in New Zealand.
Sydney is one of the prosperous cities across the globe. The same is part of an increasing global movement of millionaires, who, allegedly, are the canaries in the coalmine of economic breakdown.
As per the authors behind the report, the figure of the millionaires changing nations jumped by 15% in 2017 to become 95,000, and the nations that registered a net deficit of millionaires – including the UK, which was hurt by a net loss of 4,000 millionaires during the year gone by – ought to see it as a negative signal.
The report asserts that in case one looks at any big nation failure before, the same is generally headed by a migration of prosperous individuals away from that nation.
The Kangaroo Land is a preferred overseas hotspot since it is safe, politically pretty steady and, notably, it does not have any inheritance taxes. The country’s closeness to Asia also makes it a rather good place for doing business in China & Japan.
Australia was ranked as the safest nation in the world for women by the appraisal in 2018 – a metric, the report says, traditionally has a 92% link to increase in wealth.
However, the report also observes that some of the super prosperous see Oz as “a nanny state with too many rules”.
The same says arguments against immigration are not applicable to the extremely affluent, whose chances of taking low-paying jobs are nil, and who are also not likely to claim any state funded benefits, and are expected to send their kids to private schools.
The report further says that the “only possible negative” is bigger property costs.
The same praises Australian rules stopping the overseas investors from purchasing second-hand homes as a protection against property price increases, despite the fact that the cost of houses in Melbourne & Sydney nevertheless reportedly headed north during 2017.
The report continues that the cost per square metre of property in Sydney jumped by 19% in 2017 to 25,000 US Dollars per square metre, in the process, making it costlier vis-à-vis traditional hunting grounds for the mega rich, such as the Lake Como in Italy, for instance. Significantly, the housing market in Sydney has lost its steam and cooled somewhat in 2018.
Though Oz is presently placed at the ninth spot in the list of the wealthiest nation in the world, with a private wealth of 6.142tn US Dollars, as per an estimate, it would leave Canada and France behind to become the seventh richest nation by 2027.
Down Under is the fifth richest nation per capita, with an average personal capital of 279,200 US Dollars, leaving the US behind, where the average capital is 193,400 US Dollars. Despite the fact that both numbers are reportedly tilted by supremely well-off people at the top of the scale, as per the report, the Kangaroo Land is an one nation where in the capital is not held by just a very tiny section of the society, with 28% of the entire personal wealth in the country possessed by the people with a personal capital of 1m or more US Dollars.
Reportedly, during 2017 the world boasted of 2,252 billionaires and 584,000 multi-millionaires with a net-worth of 10m or higher US Dollars, besides 15.2 million millionaires. And, the average global personal wealth stood at 28,400 US Dollars.
Significantly, a study carried out by the UK Parliament sometime back reportedly predicted that by 2030 the wealthiest 1% would exercise control over 66% of the total capital of the world.