Australia becomes most sought after migration destination for millionaires

In the year 2016, Australia was the most preferred destination for millionaires from across the world as close to 11,000 millionaires relocated to its shores, up from 8,000 in 2015.

This was revealed by a study conducted by New World Wealth, a wealth research company. The report, which tracked global wealth and wealth migration trends last year, showed that Australia attracted the most number of millionaires from all across the globe for the second year consecutively. In the bargain, it overtook countries like the US and the UK, which used be favourites of millionaires.

While the United States managed to attract 10,000 millionaires in 2016, 3,000 high net worth individuals made Britain their home during the same year.

The other countries which also lured quite a few millionaires were Canada, UAE, Israel and New Zealand. On the other hand, the inflow of millionaires to countries such as Turkey, Brazil and France fell.

The Land Down Under launched a new type of visa in 2012, known as the ‘golden ticket’ visa, to entice wealthy people from all over the world to come and stay on its territory. As per this visa, procedures could be hastened for the wealthy, despite the fact that they may not qualify for the points’ system or satisfy certain other criteria.

Even as many emerging Asian economies have tried to attract investors from the US and Europe, wealthy people do not find these countries as comfortable as developed nations to do business in.

But millionaires wanting to do business in growing Asian economies such as China, Singapore, India and South Korea can reach there easily from Australia.

The Times of India attributes this to Australia’s brisk growth in the past decade, which has created more opportunities for business and encouraged investor confidence.

It is said that Australia’s total wealth increased by 85 percent in the last decade compared to 30 percent in America and 28 percent in the UK.

Other advantages that the country referred to as the ‘land of plenty’ offers are temperate climate, high standard of living, peaceful polity, good health care and so on. In fact, it is considered much safer than the US or Europe.

If you are looking to migrate to Australia, contact Y-Axis, a leading immigration consultancy company of India, to apply for a visa from one of its several offices located all over the country.