Daily Management Review

Australia is the most popular destination for billionaires


Australia is the world’s most popular country for millionaires. The country lures them with its developed health care system, high level of security and close proximity to emerging markets of Asia, according to the report of New World Wealth group.

Phil Whitehouse
Phil Whitehouse
In the past year, 82 thousand millionaires have moved to other countries compared to 64 thousand in 2015, the report says.

Of these, about 11 thousand millionaires moved to Australia, making it the most popular destination for the rich. For comparison, 3 thousand millionaires emigrated to the United States, and 10 thousand – to the UK.

Australia’s appeal for the rich people is partly explained by its location, which makes it one of the best places to do business in developing countries in Asia. It is convenient for Australian residents to do business in Hong Kong, Korea, Singapore and Vietnam.

In addition, Australia has one of the best health systems in the world, and the country is virtually untouched by unrest in the Middle East and the crisis of refugees, faced by Europe, says New World Wealth.

"Of course, strong growth in Australia in the last ten years also had an impact on confidence and business opportunities, - the report says. – An average Australian is now much richer than an average American or British, unlike 10 years ago."

In 2012, Australia introduced a new type of visa for wealthy foreigners who are ready to invest millions in the country.

However, Australia's GDP in the III quarter of 2016 decreased by 0.5% compared with the previous quarter. The decline was recorded for the first time since January-March 2011. The country's economy grew by 1.8% as compared to III quarter of last year, the pace of growth was the weakest since 2009.

source: cnn.com