Residz Team 2 min read
Australian property values are lifting, and rental vacancies are at record lows. One of the reasons given is the sheer number of migrants choosing to make Australia their home.
Now new data shows that global millionaires really like what’s on offer in this Great Southern Land.
Millionaires are flocking to Australia more than to anywhere else in the world. According to Visual Capitalist, Australia received 5200 millionaire migrants in 2023. By contrast, Canada received only 1600 and the U.S. only 2100.
Classed as “high net worth,” these people are defined as individuals with a net worth of at least $1 million USD.
Quality of life and our schooling big drawcards
China and India lost the most millionaire migrants, with Australia surpassing Canada as the preferred destination for Chinese migrants in particular.
Quoting research from Juwai IQI, Macrobusiness says Chinese property buyers seek education and migration prospects in Australia.
“Education and quality of life for full-time residency is what makes Australia and the other top countries so desirable”, Juwai IQI co-founder and group managing director Daniel Ho said.
“They are buying here because they intend to live here. They are looking at houses and townhouses and larger apartments”.
Where millionaires are moving to - and leaving from
Visual Capitalist’s chart shows New Zealand received 700 of the “millionaire migrants” in 2023, Singapore 3200, UAE 4500, U.S. 2100, Canada 1600, Switzerland 1800, France 1000, Portugal 800, and Greece 1200.
However, millionaires were moving away from Russia -3000, China -13,500, India -6500, Japan -300, South Korea -800, Hong Kong -1000, UK -3200, Mexico -700, Brazil -1200, and South Africa -500.
Is this the high water mark for millionaire migrants?
Visual Capitalist points out that the Australia’s Significant Investor Visa (SIV) program (known also as the “Golden Ticket Visas”) have been used primarily by the Chinese, who have accounted for nearly 90% of SIVs issued.
It says that, with the Albanese Government’s announcement last year that the SIV visa program would be axed, “we may also have seen the high water mark for migrant millionaires arriving in Australia.”
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