According to the latest figure, around 108,000 millionaires have moved to new boarders in the previous year. The number is 14 per cent higher compared to the year before that. Based on New World Health which is based in Johannesburg, the number is more than twice compared to the 2013 figure. This is not surprising for the people behind www.tradies.com.au because they know that these people are looking for greener pastures when it comes to taxes and businesses.
A research firm revealed that the most preferred destinations by these migrating millionaires are Canada, Australia and United States. The highest lost is for the countries and Russia and China with more and more people leaving. In 2018, there are about 3,000 millionaires who left the United Kingdom because of the issue of Brexit along with problems in taxation.
Based on the wealth migration data, there are a number of factors that impact their decisions to migrate including religious issues, crimes and the need for more business opportunities. In a statement, Andrew Amoils who is New World Wealth’s head of research said that the same factors could impact the future. He added that when rich people decides to leave a country, it could only mean one thing which is that the country is no longer flourishing for them or bad things are to happen in the future. These high-net worth people are more likely to migrate as soon as possible compared to middle-class individuals.
Immigrants rank Australia as their number one destination because of its level of security, strong business relationship with countries such as South Korea, China and Japan and there is no tax when it comes to inheritance. It is also an attractive prospect because of its steady growth as it was able to withstand the financial crisis without significant losses and it has never entered the period of recession for almost three decades.
Many of these millionaires, according to www.tradies.com.au are hoping to get into business opportunities as they migrate but they are also keeping watch of their home countries so they can go back as soon as the standard of living has stabilized.