Australia, the U.S. and Canada are now the favorite countries for millionaires to move to, according to a new study.
An estimated 11,000 millionaires moved to Australia last year, according to New World Wealth, making it the number one country for millionaire migrants. The U.S. ranked second with 10,000, followed by Canada with 8,000.
The overall number of millionaire migrants is rising. Last year, 82,000 millionaires migrated worldwide, up from 64,000 in 2015.
The overall number of millionaire migrants is rising. Last year, 82,000 millionaires migrated worldwide, up from 64,000 in 2015.
Andrew Amoils of New World Wealth, said that when it comes to deciding whether to move and where to live, millionaires are looking mainly for a good education for their kids and personal safety.
"They want the best schools for their children and to feel safe," he said. "Climate, health care and cleanliness all follow those top two."
When it comes to where millionaires are moving from, New World said, France tops the list. Fully 12,000 millionaires left France last year. China ranked second in millionaire flight, with 9,000 leaving, followed by Brazil with 8,000.
Millionaires are leaving France because of high taxes on the wealthy as well as rising religious tensions, Amoils said.
"At least in China, the millionaires who are leaving are being replaced by an ever larger number of new millionaires," Amoils said. "But you could argue that France is not creating as many, so it's a cause for concern."
For its study, New World looks at millionaires who are physically moving to a country for at least six months — as opposed to millionaires who may get citizenship or a house in a country but rarely live there. They define millionaires are those with $1 million or more in assets, minus their primary residence.
Here are the top five countries by net inflows and net outflows of millionaires who are migrating.
Andrew Amoils of New World Wealth, said that when it comes to deciding whether to move and where to live, millionaires are looking mainly for a good education for their kids and personal safety.
"They want the best schools for their children and to feel safe," he said. "Climate, health care and cleanliness all follow those top two."
When it comes to where millionaires are moving from, New World said, France tops the list. Fully 12,000 millionaires left France last year. China ranked second in millionaire flight, with 9,000 leaving, followed by Brazil with 8,000.
Millionaires are leaving France because of high taxes on the wealthy as well as rising religious tensions, Amoils said.
"At least in China, the millionaires who are leaving are being replaced by an ever larger number of new millionaires," Amoils said. "But you could argue that France is not creating as many, so it's a cause for concern."
For its study, New World looks at millionaires who are physically moving to a country for at least six months — as opposed to millionaires who may get citizenship or a house in a country but rarely live there. They define millionaires are those with $1 million or more in assets, minus their primary residence.
Here are the top five countries by net inflows and net outflows of millionaires who are migrating.
Top 5 by net inflows:
Australia: 11,000
USA: 10,000
Canada: 8,000
New Zealand: 4,000
Top 5 by net outflows are:
France: 12,000
China: 9,000
Brazil: 8,000
India: 6,000
Turkey: 6,000
Robert FrankSource: http://www.cnbc.com/2017/02/21/here-are-the-places-where-millionaires-are-moving.html
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