Australia has been listed as the world’s top destination for high-net-worth migrants in the New World Wealth’s 2018 Global Wealth Migration Review. The proximity to emerging Asian economies, the safety and security level and the problems associated with the US healthcare system make it a popular choice according to researchers. The level of growth in Australia over the past decade has also contributed to making Australia more appealing for those wealthy migrants looking to invest. This is the third consecutive year that Australia has been listed higher than the US, with 10,000 of the total 95,000 high-net-worth individuals that migrated last year choosing Australia. Most of these migrants were Chinese, who look to invest in Australia due to its incredible 83% growth in total wealth over the last 10 years. When comparing this rate to the mere 20% increase in total wealth in the US you can see why more wealthy migrants are choosing to settle in Australia.
While the income of so many wealthy migrants is considered a positive for Australia it can cause increases in property prices, making it harder for locals to compete for property. Luckily there are regulations the Government can put in place to reduce the effects of this on the housing market, such as preventing migrants or foreign investors from purchasing second-hand homes on the market.