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Australia is Popular with Millionaires Across the World - A Report

February 2018, 07
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Analysis conducted by New World Wealth reports that Australia has become a popular and top destination attracting millionaires and high net worth migrants in 2017.

The Global Wealth Migration Review- 2018, reports that close to 10,000 millionaires and High Net worth Individuals chose Australia as their destination in 2017.

They have estimated assets of $US1 million.

The report further says that since the past three years in succession, Australia has remained at the top worldwide for the inflow of millionaires, and is better placed than the U.K and the U.S.

The US was placed second and had 9000 HNWIs who preferred migrating to it.

The superior growth of Australia in the recent past created an impact, boosting the business opportunities and confidence of the people.

In the last ten years, the measure of total wealth, kept in Australia, moved up by 83%, when compared to 20%, seen in the USA. Consequently, now an average resident of Australia has significantly more wealth when compared to the average wealth of a USA citizen. This was a new development not seen ten years ago.

7,000 Indian millionaires moved out of India in 2017

Contrastingly, more than 7,000 Indian High Net worth Individuals preferred to move out of their country in 2017 and went abroad in 2017. In 2016, only 6,000 had moved out, and the figure for 2015 was 4,000.

The trend of migration reveals that the destinations attracting Indian millionaires were the US, Canada, the UAE, New Zealand, and Australia.

The report, mentions that the outflow of Indian High Net worth Individuals was not a concern as the countries produced many more new High Net worth Individuals than losing them. When the standard of living of these countries sees an improvement many wealthy people will return. The report ranked said that India was placed sixth among the top wealthiest nation of the world, having a total wealth of USD 8,230 billion.

India has 3, 30,400 HNW Individuals who have USD 1 million or more, with them as net assets.

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