Wealthy foreigners are increasingly trooping into Australia. The finding is based on the 2018 Global Wealth Migration Review that the New World Wealth conducted and was published on Business Insider.
In 2017, 95,000 rich migrants relocated worldwide, with 10,000 making their way to Australia. The world-wide wealthy migrant figure increased from 64,000 and 82,000 in 2015 and 2016, respectively.
According to the GW MR 2018 Report, only 15 million worldwide have a high net worth, with the majority being Chinese. More than 1000 high-net-worth foreigners migrated to Melbourne, Sydney, Sunshine Coast, Gold Coast, Brisbane and Perth.
Here are top reasons why wealthy foreigners choose Melbourne and other regions across Australia:
Top 6 Reasons Wealthy Migrants Increasingly Flock Melbourne
- Close Proximity to Emerging Asian Economies
Melbourne, and Australia at large is in close proximity to most emerging Asian economies such as Japan, China, Hong Kong, South Korea, Vietnam and Singapore. Wealthy migrants looking to invest in the emerging nations in Asia or even do business with them find Australia the perfect destination to work from.
Australia was ranked the safest destination for women and kids. Wealthy migrants relocate to Melbourne because it’s a safe place to start or live with a family. Therefore, safety makes the city a preferred destination for migrants moving with their families.
- Low Inherited Taxes
Australia does not have inheritance taxes and is Melbourne. As a result, many wealthy migrants are increasingly relocating to the city to avoid losing a good share of their wealth to taxes.
- Available Accommodation
Melbourne has all kinds of accommodation for wealthy migrants moving to the city. Short term and long term accommodation are available to meet the varied needs of rich migrants. Apartment rental is available for both long term and short term stays.
Apartment accommodation includes 3 bedroom apartment accommodation among other options for varied needs. Penthouse accommodation also caters for the needs of high-end clients looking for luxury stays.
- Superior Growth in the Last Decade
Australia has experienced superior growth in the last decade, making its cities preferred destinations for wealthy migrants. The growth has increased business opportunities and investor confidence in Melbourne and other preferred destinations across Australia.
Unlike the U.S with a 20% growth in wealth kept in the country, Australia grew by 83% over the last 10 years. Therefore, an average Australian is richer than an average Australian citizen.
- Base for Large Multinational Companies
Melbourne and other Australian cities are home to American, European and Asian business branches and headquarters. Therefore, individuals running such businesses relocate to Melbourne through work transfers. Expatriates also move to help run such businesses.
Good infrastructure, social amenities such as schools and hospitals are available in Melbourne, making the area ideal for travelers.
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