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- Millionaires around the world are moving to new countries more than ever before, Bloomberg reported.
- About 108,000 millionaires moved to new countries in 2018, compared to 95,000 in 2017, according to a study by New World Wealth.
- The top destination these ultra-wealthy people are migrating to is Australia.
- The US, Canada, Switzerland, and the United Arab Emirates are some of the other popular destinations for the world’s super-rich.
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The world’s millionaires are moving to new countries at a higher rate than ever, Bloomberg reported, often for tax purposes or to escape a country’s economic or political tensions.
About 108,000 millionaires migrated countries in 2018, compared to 95,000 in 2017, according to a study by New World Wealth (NWW). The global market research group ranked the flow of millionaires into 12 countries by dividing the number of new millionaires by the total number of high-net-worth individuals already living in the country.
"The wealthy today don’t have a country," Reaz H. Jafri, a partner at Withers Worldwide, which helps affluent clients relocate around the world, told The New York Times in 2017. "They don’t view their success as being related or dependent on a single country, but on their own business strategies. It’s amazing to me how many of the very wealthy are going totally mobile."
Australia is the top destination for the ultra-wealthy these days, followed by the US, Canada, and Switzerland.
Many wealthy foreigners are likely drawn to Australia for its low crime rate, the lack of an inheritance tax like in the US, and the country’s overall safety, according to the NWW report.
Most high-net-worth individuals are English-speaking, according to NWW, which explains why the top three countries are primarily English-speaking.
Several of the other top countries, such as Singapore and the Caribbean islands, have long been known as tax havens.
Countries including China, Russia, and the UK, on the other hand, are losing millionaires. In the UK’s case, these millionaires are likely fleeing the uncertainty of Brexit, Bloomberg reported.
Here are the top 12 countries millionaires are moving to.
T12. Spain’s ranking as a top business destination may be what attracts millionaires.
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Number of new millionaires in 2018: 1,00o
Percent of millionaires gained: 1%
Spain was recently ranked one of the best countries in the world to do business and one of the best for developing, attracting, and retaining talent, both of which may have something to do with the influx of millionaires there.
T12. Greece has always been a popular yachting and vacation destination for the ultra-wealthy, and now they’re putting down roots there.
Harrison Jacobs/Business Insider
Number of new millionaires in 2018: 1,000
Percent of millionaires gained: 2%
Greek islands like Mykonos have long been global party spots and summer vacation destinations for the uber-wealthy. With the economy in recovery after years of distress, it’s not hard to see why millionaires are being drawn to Greece’s picturesque islands.
T12. Portugal’s safety and climate make it appealing to the world’s millionaires.
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Number of new millionaires in 2018: 1,000
Percent of millionaires gained: 2%
Portugal is the third-safest country in the world, according to the 2017 Global Peace Index, which may make it particularly appealing to millionaires.
And its balmy climate probably doesn’t hurt either. "Portugal is becoming the Miami of Europe," Ricardo Costa, chief executive of Luximo’s, an affiliate of Christie’s International Real Estate, told The New York Times in 2018.
See the rest of the story at Business Insider
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Source: Business Insider – kwarren@businessinsider.com (Katie Warren)