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More of the world's wealthy are moving to Australia than any other country

 

 

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Chris Pash
Jan 24, 2018, 11:08 AM
William West/AFP/Getty Images

 

 

Australia is attracting more high net worth individuals (HNWI) as migrants than any other country, according to analysis by consultancy New World Wealth in its 2018 Global Wealth Migration Review.

 

Global wealth migration is accelerating across the world with 95,000 HNWIs migrating in 2017 compared to 82,000 in 2016 and 64,000 in 2015.

 

 

In 2017, Australia topped the world with a net inflow of 10,000 HNWIs, those with net assets of $US1 million ($A1.25 million) or more. Second was the US with 9000.

 

Popular places for them to move to in Australia included: Sydney, Melbourne, Gold Coast, Sunshine Coast, Perth and Brisbane.

 

Here are the top 10 most popular destinations for the wealthy:

 

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The report says Australia’s location makes it a better base for doing business in emerging Asian countries such as China, Japan, South Korea, Hong Kong, Singapore and Vietnam.

 

 

Safety could also be a factor in deciding to move to Australia. Australia is rated as the safest country for a woman worldwide. Australia is also a safe place for children.

 

 

And Australia doesn’t have inheritance taxes.

 

 

“Australia’s superior growth over the past decade has also no doubt had an impact on confidence and business opportunities,†says the report.

 

 

“Over the past 10 years, total wealth held in Australia has risen by 83% compared to 20% growth in the US. As a result, the average Australian is now significantly wealthier than the average US citizen, which was not the case 10 years ago.â€

 

 

And there is a trend of large European, American and Asian companies setting up offices in Australia, which assists the businessmen in charge of these companies in moving to Australia via work transfers.

 

 

“During our analysis we noticed that countries with low population densities such as Canada and Australia are some of richest countries in the world on a wealth per capita (wealth per person) basis, whereas densely populated countries such as Nigeria, Ethiopia, Bangladesh and Pakistan are some of the poorest,†the report says.

 

 

Among the top 10 countries, Canada and Australia have relatively low population densities when compared to the other countries on the list.

 

 

The report says a lower population density means less dependence on other countries for trade and resources, less competition for land and resources within country, less waste and pollution, and allows for more wild spaces which improves quality of life for locals.

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Oz Jon

.............The report says a lower population density means less dependence on other countries for trade and resources, less competition for land and resources within country, less waste and pollution, and allows for more wild spaces which improves quality of life for locals........

 

 

Certainly, Australia has a lot going for it, particularly for average-high wealth individuals.

 

A great range of good climates from cool to tropical. Lots of beaches all year round and some ski-slopes in the winter.

A friendly, frank, fairly laid-back, "fair-go" population of very diverse (but mainly UK/Europrean) ethnicity. Very little racial intolerance.

We speak/spell a better version of English than the Yanks (Lol!).

There is very little (and not tolerated) corruption, proper functioning public service and legal systems (everything works!), respect for a "rule-of-law" and practically no guns!!!

 

However, some of the reasons for Australia's advantages quoted in the article are rather questionable.

 

While we could be self-sufficient, that's not the way we are - we are a trading nation. A substantial percentage of our GDP comes from exports - primarily coal, gas, other minerals and agricultural products (wheat, wool, meat, etc). We import quite a lot from China, EU, Japan, UK, USA.

 

Urban domestic land/house prices are certainly not cheap - up amongst the highest in the world, in fact. Certainly there is plenty of land available cheaply in the middle of Australia, but its semi-desert with inadequate rainfall #. - As they say "there's bugger-all out there and lots of it!"- Lol!)

 

An interesting article though, substantially correct.

 

ps. "bugger-all" is a typical colourful colloquial Aus expression  = nothing, or very little

 

# For what it's worth, I think that one day, in the not too distant future, some smart Scientist/Engineer will figure out a way to get and keep water out there (we could probably learn a thing or two from the Israelis?) - Maybe solar powered (daytime) desalination and pumping water in from the coast? .....Then we would have lots more very profitable, productive land.

Edited by Oz Jon

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