Australia Becomes Most Sought After Destination for Millionaires Worldwide

Australia has become the most sought-after destination for the moneyed class the world over, according to a report submitted by New World Health, a market research organization that focuses on the global wealth sector.

Sydney, the largest city of the country, attracted the highest number of millionaire immigrants in the world, with 4,000 of them making it their home in 2015. Sydney was followed by Melbourne and Perth, which attracted 3,000 and 1,000 wealthy individuals, making them globally the second and the eighth most attractive cities, respectively.

“Sydney, Melbourne and Perth all benefited from millionaire inflows from China, Europe, the UK, the US and South Africa. Other Australian areas such as the Gold Coast, Brisbane, Noosa and the Sunshine Coast also experienced inflows,” stated the report.

Tel Aviv stood at the third position with around 2,000 high net worth individuals thronging to it, with most of the immigrants coming from Europe, particularly France. Other Israeli cities, which attracted the affluent class, are Herzliya, Jerusalem and Netanya.

Many well-to-do from China and South East Asia immigrated to San Francisco and Seattle in the US and Vancouver in Canada. Dubai enticed manyfrom North African countries, such as Egypt, Algeria and Morocco, besides Turkey. London saw the flight of 3,000 millionaires in the year 2015, but of them 2, 500 moved to other places within England itself. Many others moved on to other English-speaking countries, such as Australia, Canada, New Zealand and the US.

“Most of the millionaires who left London were UK-born whereas almost all of the millionaires coming into the city were from other countries,” the report said, adding, “This may be a trend that continues in future as several wealthy UK-born people remain ‘concerned’ about the way London and the UK, in general, had changed over the past decade or so.”

The upshot is that millionaires have started looking out for investment-friendly destinations, among which Australia tops the charts, besides others, such as Israel, US, Dubai, etc.