Australia leads the world when it comes to millionaire immigrants

Backpackers are not the only ones flocking to our shores in world-beating numbers.

Australia attracted more millionaires last year than much larger, and wealthier immigration destinations such as the US, according to a report by South African market research group, New World Wealth.

The researcher said the number of migrant millionaires rose to 82,000 last year, compared to 64,000 in 2015.

More than 11,000 made their way to Australia, which retained top spot on the list.

“For the second straight year Australia is the top country worldwide for millionaire inflows, beating out traditional destinations such as the US and the UK,” said the research group.

The data predates the election of US President Donald Trump and his executive order to place travel restrictions on the citizens of selected majority Muslim countries, as well as fresh plans to deport millions of illegal immigrants.

The US was second with 10,000 millionaire migrants, followed by Canada with 8000.

New Zealand was in fourth place, ahead of the UK, giving an indication of the strong influence of Chinese immigration on both sides of the Tasman.

New World Wealth’s head of research, Andrew Amoils, said personal safety and a good education system top the list of priorities for these sought-after immigrants - as well as proximity to Asia.

The latter may reflect the departure point for many of these millionaires: China.

About 9,000 millionaires left its shores last year. The exodus was greater in France, which saw 12,000 millionaires depart.

Australia is one of many countries that has introduced visa programmes to attract wealthy immigrants.

Millionaire migrants, almost all from China, ploughed AUD3.8 billion (US$2,922,732,000) into Australian assets since the government created an investor visa category in 2012.

Source Credit: Fairfax Media

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