108,000 Millionaires On The Move Around The World

By |

The number of millionaires packing their bags and opting to live abroad rather than in the country where they were born soared by 14% last year, according to newly published data.

Tens of thousands of millionaires moved across borders as taxes and political tensions mounted around the world, says research firm New World Wealth.

In total, around 108,000 millionaires swapped countries – with the most quitting China and Russia.

Brexit worries and tougher tax rules in Britain also triggered an exodus of 3,000 wealthy families.

The top destinations were Australia and the USA.

Researchers say Australia’s close ties with South-East Asia, especially China, South Korea and Japan, encouraged immigration – along with lax inheritance tax rules.

Tough measures

Tough government tax ,measures in China that limit the control the wealthy have over their fortunes is leading to many millionaires deciding to leave for a new home.

But the government is not to worried by the loss of people as more new millionaires are created quicker than others leave.

“Wealth migration figures point to present conditions — such as crime, lack of business opportunities or religious tensions — but can also be a key future indicator,” said Andrew Amoils, head of research at New World Wealth.

“It can be a sign of bad things to come as high-net-worth individuals are often the first people to leave – they have the means to leave unlike middle-class citizens.

Even more planning a move

“Once the standard of living in many countries improves, we expect several wealthy people to move back.”

Elsewhere, Turkey lost 4,000 millionaires last year, the third year in a row that many have left. About 7,000 millionaires left Russia as the country grappled with sanctions imposed over the annexation of The Crimea.

Another wealth report, published by property consultancy Knight Frank, expects 26% of millionaires worldwide to start planning a move in 2019.

Where millionaires are leaving from

108,000 Millionaires On The Move Around The World

Leave a Comment