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- The world's millionaires are more mobile than ever. Here are the top 12 countries they're moving to
The world's millionaires are more mobile than ever. Here are the top 12 countries they're moving to
T12. Spain's ranking as a top business destination may be what attracts millionaires.
T12. Greece has always been a popular yachting and vacation destination for the ultra-wealthy, and now they're putting down roots there.
Number of new millionaires in 2018: 1,000
Percent of millionaires gained: 2%
Greek islands like Mykonos have long been global party spots and summer vacation destinations for the uber-wealthy. With the economy in recovery after years of distress, it's not hard to see why millionaires are being drawn to Greece's picturesque islands.
T12. Portugal's safety and climate make it appealing to the world's millionaires.
Number of new millionaires in 2018: 1,000
Percent of millionaires gained: 2%
Portugal is the third-safest country in the world, according to the 2017 Global Peace Index, which may make it particularly appealing to millionaires.
And its balmy climate probably doesn't hurt either. "Portugal is becoming the Miami of Europe," Ricardo Costa, chief executive of Luximo's, an affiliate of Christie's International Real Estate, told The New York Times in 2018.
T12. Israel, and Tel Aviv in particular, has become a hotspot for tech startups and luxury real estate.
Number of new millionaires in 2018: 1,000
Percent of millionaires gained: 1%
Israel's economic and technological center, Tel Aviv, has become a hotspot for the ultra-wealthy, as Business Insider's Marissa Perino previously reported.
An influx of tech millionaires in recent years has driven up luxury real-estate prices and boosted Tel Aviv's bustling nightlife and high-end dining scene.
T12. Singapore has one of the world's lowest corporate tax rates.
Number of new millionaires in 2018: 1,000
Percent of millionaires gained: 0%
As one of the most expensive cities in the world, Singapore is home to approximately 44 billionaires and many more millionaires.
Singapore's corporate tax rate of 17% is among the world's lowest, which has led to its reputation as a tax haven for international millionaires and billionaires, according to the Straits Times.
T12. New Zealand has seen an influx in tech millionaires in recent years, as they apparently see it as the ultimate "doomsday" hideout.
Number of new millionaires in 2018: 1,000
Percent of millionaires gained: 1%
Silicon Valley tech millionaires and entrepreneurs seem to see New Zealand as the ultimate "doomsday" hideout, as people like Paypal cofounder Peter Thiel have been buying property there in recent years to build underground bunkers or panic rooms, as Business Insider's Isobel Asher Hamilton previously reported.
T6. The Caribbean islands have long been considered tax havens for the rich, and millionaires can also buy citizenship in many Caribbean countries.
Number of new millionaires in 2018: 2,000
Percent of millionaires gained: 3%
The Caribbean islands have drawn millionaires and billionaires for years because of their tax concessions and strict financial privacy laws, according to Consultancy Latin America.
In recent years, the world's 1% have gone so far as to spend about $100,000 to purchase citizenship in these countries.
T6. The United Arab Emirates has become known for being safe, business-friendly, and one of the most luxurious destinations on the planet.
Number of new millionaires in 2018: 2,000
Percent of millionaires gained: 2%
The United Arab Emirates attracts so many millionaires thanks to its "safety, business-friendly environment, and quality infrastructure," according to Gulf News.
The largest city, Dubai, claims to have the world's most luxurious hotel: the $1 billion Burj Al Arab, which has been called "the world's first seven-star hotel" and costs a minimum of $1,500 per night.
4. Switzerland is famous for its banking system and low tax rates for foreign corporations.
Number of new millionaires in 2018: 3,000
Percent of millionaires gained: 1%
Switzerland has long been considered a tax haven for the ultra-wealthy — partially thanks to its low taxation of foreign corporations — and is known for its top-notch banking system.
It's also one of the most expensive countries in the world to live in and home to the world's most expensive school.
3. Canada's federal income tax is lower than that in the US and the northern country offers programs for wealthy foreigners to get citizenship in exchange for investment in the country.
Number of new millionaires in 2018: 4,000
Percent of millionaires gained: 1%
Bloomberg's Noah Smith speculated in February 2019 that some wealthy Americans will likely start relocating to Canada if Democrats win the presidency and Congress and raise taxes on the country's richest.
Canada's top federal income tax rate is lower than that in the US, and wealthy foreigners can buy citizenship through programs such as the Quebec Immigrant Investor Program, which requires a minimum net worth of $1.6 million and an $800,000 investment in Quebec over five years.
2. The United States is one of the top destinations for millionaires and billionaires thanks to its to technology, media, entertainment, and financial companies.
Number of new millionaires in 2018: 10,000
Percent of millionaires gained: 0%
The most popular destinations for millionaires moving to the US are New York City, Los Angeles, Miami, and the San Francisco Bay Area.
The US has remained a top destination for the world's rich because of "its status as the world economic leader," its top technology, financial services, media, and entertainment sectors, and the fact that it's an English speaking-country, according to New World Wealth.
Almost all of the world's wealthiest people speak English as their first or second language, according to NWW.
1. Australia has a low crime rate, a growing economy, a warm climate, and no inheritance tax.
Number of new millionaires in 2018: 12,000
Percent of millionaires gained: 3%
According to New World Wealth, Australia is likely popular among millionaires because of its low crime rate, growing economy, climate, and because it's an English-speaking country.
The ultra-wealthy might choose Australia over the US because of its superior healthcare system, the lack of an inheritance tax like in the US, and its overall safety, according to the research firm.
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