Australia most popular destination for wealthy migrants

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According to the newly released 2019 Global Wealth Migration Review, Australia is the top country worldwide for nigh net worth individual inflows. Other popular destinations for high net worth individuals in 2018 included the United States, Canada, Switzerland, the United Arab Emirates, the Caribbean, New Zealand, Singapore, Israel, Portugal, Greece, Spain, Monaco, Malta, Mauritius, Latvia and Hong Kong. The most popular cities for migrants included Dubai, Los Angeles, Melbourne, Miami, New York, San Francisco and Sydney.

According to Andrew Amoils, head of research at New World Wealth, which brought out the report along with AfrAsia Bank, around 3 000 high net worth individuals have migrated from South Africa over the past decade – most going to the United Kingdom, Australia, the United States, Switzerland and Portugal. ‘Migrants’ refers to South Africans who are living in their new country for more than six months in a year.

The review shows that migration is accelerating – in 2017, approximately 95 000 high net worth individuals migrated globally.