DURBAN - AfrAsia Bank and New World Wealth recently examined the wealth migration trends worldwide in the 2019 Global Wealth Migration Review and found that around 108000 millionaires migrated in 2018.
According to the report, Australia was the top country across the globe for HNWI (High Net Worth Individuals) inflows in 2018. The most popular cities in Australia for HNWI included Sydney, Melbourne, Gold Coast, Sunshine Coast, Perth and Brisbane.
USA, Canada, Switzerland, UAE, the Caribbean, New Zealand, Singapore, Israel, Portugal, Greece, Spain, Monaco, Malta, Mauritius, Latvia and Hong Kong were also popular destinations for migrating HNWIs in 2018.
The most popular cities for migrating HNWIs in 2018 include Dubai, Los Angeles, Miami, New York and San Francisco.
According to the report, Wealth migration figures are a very important gauge of the health of an economy. For instance, if a country is losing a large number of HNWIs to migration, it is probably due to serious problems in that country (i.e.crime,lack of business opportunities, religious tensions etc.).It can also be a sign of bad things to come as HNWIs are often the first people to leave because they have the means to leave unlike middle class citizens. If one looks at any major country collapse in history,it is normally preceded by a migration of wealthy people away from that country.
Countries that attract HNWIs like Australia and the USA, tend to have very healthy and normally have low crime rates, good schools and good business opportunities.
High Net Worth Individual
A High Net Worth Individual is classified as an individual that has net assets of $1 million or more.
According to the report, there are approximately 14 million HNWIs in the world. The report also shows that there are 560000 multi-millionaires that each have net assets worth $10 million or more, there are around 25000 centi-millionaires in the world each with net assets worth $100 million or more and there are 2140 billionaires in the world each with net assets worth $1 billion or more.
BUSINESS REPORT ONLINE