Australia tops the list again

An estimated 11,000 millionaires moved to Australia in 2016, according to a new report by wealth research firm New World Wealth. That compares to 8,000 millionaires who moved Down Under the previous year.

The U.S. and U.K. have traditionally attracted the highest number of wealthy migrants. But the allure of Australia has increased in recent years, especially for wealthy citizens of China and India.

New World Wealth said migrating millionaires are drawn to the sunny Australian lifestyle, as well as the country's highly rated health care system, which is considered to be in better shape than those in the U.S. and U.K.

It's considered a safe place to live and raise children, and it's geographically isolated from conflicts in the Middle East and the refugee crisis in Europe.

Business considerations also play a role: Australia is a good base for doing business in emerging Asian countries such as China, South Korea, Singapore and India, the researchers said.

The U.S. is still considered a highly desirable destination, welcoming 10,000 foreign millionaires last year. New World Wealth expects demand to remain high.

"We don't think the new leadership in the U.S. will have a big impact. We expect another big net inflow of high-net worth individuals into the U.S. in 2017," said Andrew Amoils, head of research at New World Wealth.

Canada also saw of surge of 8,000 new millionaires coming to its shores. Rich Chinese citizens are moving to Vancouver while Europeans generally head to Toronto and Montreal.

Fleeing France

Meanwhile, France is suffering from a major exodus of rich individuals.

Over 12,000 millionaires left France last year, according to New World Wealth. In total, the country has experienced a net outflow of over 60,000 millionaires since 2000.

The authors cited religious tensions as one reason why the rich are packing their bags and moving to countries including the U.K., Canada, Australia, the U.S. and Israel.

France's sluggish economy and recent terror attacks may also be contributing to the exodus.

New World Wealth said that crime, taxes and financial issues are some factors that push millionaires to leave their home countries. Increased migration is worrying because millionaires "take large amounts of money with them, which impacts negatively on the local currency, local stock market and local property market."

The group's annual report is based on wealth statistics, property data, investor visa information and interviews with migration experts, second citizenship platforms, wealth managers and property agents.

Got a visa?

Rich individuals still face visa and passport restrictions when moving to a new country.

Investor visa programs have become an increasingly popular option, especially for millionaires in the Middle East and Asia. But only one in five migrating millionaires actually use these programs for their move.

"Most still come in via work transfers, second passports, ancestry visas, spousal visas and family visas," the authors said.

I was one of the millionaires who came across in 2015, but how would they know. I haven't declared it anywhere?

I was one of the millionaires who came across in 2015, but how would they know. I haven't declared it anywhere?

Yeah, makes you wonder. A Millionaire in Aus dollars isn't that unusual especially if selling a British property, I'd have thought.

I plan to make a million (happy moments) there!

B

Given that a 2 up 2 down house in many parts of the south east of the U.K. would be well over a million AUS$ that isn't surprising. Singapore about the same or worse, HK more so.

For those owning houses in Sydney and Melbourne there are many, many 'millionaires' these days. Perhaps they should upgrade the term to 'billionaire'? It seems just a piece of cake for investors to come here, buy up houses and land and then bugger off back from whence they came. That is our problem here and until they put the brakes on, the local youngsters won't have a hope in hell of competing in the housing market.

Yeah, makes you wonder. A Millionaire in Aus dollars isn't that unusual especially if selling a British property, I'd have thought.

Good point!

Yeah, makes you wonder. A Millionaire in Aus dollars isn't that unusual especially if selling a British property, I'd have thought.

The writers of the report mean a millionaire in US dollars (you can't compare across the world if you have a different measure in different countries) - but you're right they're nowhere near as rare as they used to be.