With all the recent discussions about overseas investment in Australia, and its potential effects on other buyers in the market, it was interesting to come across some data recently on the international movement of High Net Worth Individuals, (or HNWI as they are sometimes known as).
According to a report by New World Wealth that was reported on Michael Yardney’s PropertyUpdate.com.au, an increasing number of wealthy individuals across the globe are choosing to move to Australia.
The report found that during 2016, Australia was the number one destination for overseas investment by millionaire migrants, with the United States close behind in second place. As you can see in the map above, Australia recorded an inflow of 11,000 millionaire migrants in 2016. This was an increase of 38% on the 8,000 who migrated in 2015.
The USA gained 10,000 millionaire migrants in 2016 whilst Canada gained 8,000, the UAE 5,000 and New Zealand 4,000. This was the second year in a row that Australia has been the first choice for migrating HNWIs.
Of the countries that experienced the largest outflow of HNWIs, France was the clear leader with 12,000 departures. China came in second with 9,000, followed by Brazil with 8,000, then India and Turkey with 6,000 departures each.
One interesting statistic to emerge from the report was that global wealth migration is accelerating. A total of around 82,000 HNWIs migrated in 2016, which is a substantial step up on the 64,000 which migrated in 2015.
Many experts are forecasting that Australia and Canada will remain favoured destinations for overseas investment in the near future, with uncertainty about traditional destinations like the USA and the UK being heightened by the effect of BREXIT and the Trump presidency.
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