Australia’s reputation as “the lucky country” hasn’t gone unnoticed, and according to one report, some of the world’s wealthiest are moving Down Under more than any other country on Earth. As Henley & Partners understands, when it comes to the millionaire exodus, Australia is the place to be right now.
According to the London-based investment migration consultancy’s key insights report, the reasons behind this phenomenon range from Australia’s natural beauty and our points-based immigration system for professionally qualified migrants; to our security and population density.
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The firm reveals that 82,000 high-net-worth individuals (those with investable wealth of more than US$1 million) have moved to Australia in the last two decades, with another 5,200 expected to arrive soon enough.
“Australia is expected to attract the highest net inflow of high-net-worth individuals in 2023,” explains the Henley & Partners millionaire migration report.
“This large influx of the world’s wealthiest is nothing new. Australia consistently attracts sizeable numbers of millionaires every year, mainly from Asia and Africa, but more recently also from high-income countries such as the UK.”
“These consistently large inflows are possibly linked to Australia’s points-based immigration system which favours wealthy individuals and those with professional qualifications (accountants, doctors, engineers, hi-tech professionals, and lawyers).”
The report provides further explanations for the influx as follows:
- Weather, beaches, and scenery — the country is rich in natural beauty.
- Wide open spaces — Australia has one of the lowest population densities in the world, with only three people per km2; this compares very favourably to the worldwide average of 60 people per km2 (see latest: World Bank data).
- Safety and security — New World Wealth’s in-house safety index currently rates Australia as one of the safest countries on earth, along with the likes of Iceland, Switzerland, Malta, and New Zealand.
- First-class healthcare system — Australia’s public healthcare system is rated among the best in the world. It is also relatively simple for incoming high-net-worths to pay their way onto the system, unlike the USA, where obtaining healthcare insurance can be complicated and expensive, especially for ageing individuals.
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- Advanced economy — Australia is especially strong in energy and mining, financial services, healthcare, and real estate.
- High quality of life for families — the country holds great appeal as an ideal place for bringing up children
- Excellent education opportunities — Australia’s education system frequently ranks among the top in the world.
- English-speaking country — Most high-net-worths globally know English, whether as their first or as an additional language.
- Taxes — although company and income tax rates are quite high, unlike most other high-income markets, Australia has no estate duty, which encourages wealthy people to stay in the country and build their businesses for future generations.
Outside of Oz, other popular spots for high-net-worth folks have included the United Arab Emirates (UAE) — with 4,500 millionaire migrants expected in 2023 — followed by Singapore with 3,200. Unsurprisingly, America remains in the Top 5 destinations, while Switzerland is the favourite European destination for millionaires.
