Travel

The World's Richest Are Moving To These Countries

The global elite are migrating at an aggressive pace.
IMAGE Unsplash
Comments

The global economy is worsening. All the signs are out there: There's a probability of a U.S. recession, macroeconomic stress in Argentina and Turkey, and disruptions to the auto sector in Germany, to name a few. According to the International Monetary Fund, we're experiencing a "significantly weakened global expansion." It's something the wealthy have noticed, and they've decided to act fast by moving to countries with better situations.

According to AfrAsia Bank and New World Wealth's Global Wealth Migration Review 2019, approximately 108,000 high net worth individuals (HNWIs) migrated in 2018 compared to 95,000 in 2017. Most of these HNWIs come from China, Russia, India, Turkey, France, the U.K., Brazil, Saudi Arabia, and Indonesia.

The report shows Australia is the favorite destination of the super-rich followed by the U.S. and Canada. The wealthy are drawn to Australia for its low crime rate, first world economy, first class healthcare system, growing economy, and tax rates—as a plus, Australia has no inheritance taxes.

ADVERTISEMENT - CONTINUE READING BELOW

The mass migration of HNWIs had been reported as far back as 2012. Back then, CNBC pointed to the rich's need for a change of scenery as the reason. While safety and lifestyle are still seen as two driving factors, Global Wealth Migration Review also cites escaping economic and political tensions as a rising factor. The other reasons why HNWIs leave their countries are financial concerns, schooling and education opportunities for their children, work and business opportunities, taxes, healthcare, religious tensions, and standard of living.

ADVERTISEMENT - CONTINUE READING BELOW

Though Turkey's millionaires placed fourth among the list of wealth outflows, it's ranking is alarming for a country that doesn't produce as many new millionaires as China and Russia. About 10 percent of the country's millionaires have fled due to political instability, mass protests, rising living costs, and high inflation. The U.K. had long been favored by the super-rich but due to Brexit, it's seen a decline with about 7,000 HNWIs moving to other cities such as Sydney, Melbourne, New York, Geneva, and San Francisco.

Migration has been a service several financial advisory firms offer through investor visa programs. Referred to as a golden visa, these programs require an investment of $300,000 to $3 million in property, bonds, or businesses. In turn, wealthy individuals are given citizenship or residence visas. However, according to the report, only 30 percent of HNWIs go through this route. The most popular methods still include second passports, work transfers, ancestry visas, spousal visas, and family visas.

ADVERTISEMENT - CONTINUE READING BELOW

Comments
View More Articles About:
About The Author
Paolo Chua
Associate Style Editor
View Other Articles From Paolo
Comments
Latest Feed
 
Share
The country’s bestselling utility van gets a major upgrade after 15 years.
 
Share
From the BTK killer to the Atlanta Child Murders and Charles Manson.
 
Share
 
Share
Apple is putting all its power and money into the highly-anticipated new series.
 
Share
Here's how your data online could be used against you.
 
Share
 
Share
 
Share
Neo and Carrie-Anne Moss' Trinity will also return despite dying in Revolutions.
 
Share
A number of Filipinos have been in the spotlight for the wrong reasons.
 
Share
The Hong Kong protests have taken on greater meaning following the increasing police brutality against peaceful protestors.
 
Share
Some reasons why ALLHC is a safe bet among investors during this time of market volatility.
Load More Articles
Connect With Us