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The world's millionaires are moving to new countries at a higher rate than ever, Bloomberg reported, often for tax purposes or to escape a country's economic or political tensions.
About 108,000 millionaires migrated countries in 2018, compared to 95,000 in 2017, according to a study by New World Wealth (NWW). The global market research group ranked the flow of millionaires into 12 countries by dividing the number of new millionaires by the total number of high-net-worth individuals already living in the country.
"The wealthy today don't have a country," Reaz H. Jafri, a partner at Withers Worldwide, which helps affluent clients relocate around the world, told The New York Times in 2017. "They don't view their success as being related or dependent on a single country, but on their own business strategies. It's amazing to me how many of the very wealthy are going totally mobile."
Australia is the top destination for the ultra-wealthy these days, followed by the US, Canada, and Switzerland.
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Many wealthy foreigners are likely drawn to Australia for its low crime rate, the lack of an inheritance tax like in the US, and the country's overall safety, according to the NWW report.
Most high-net-worth individuals are English-speaking, according to NWW, which explains why the top three countries are primarily English-speaking.
Several of the other top countries, such as Singapore and the Caribbean islands, have long been known as tax havens.
Countries including China, Russia, and the UK, on the other hand, are losing millionaires. In the UK's case, these millionaires are likely fleeing the uncertainty of Brexit, Bloomberg reported.
Here are the top 12 countries millionaires are moving to.
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.
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.
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.
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.
2. The United States is one of the top destinations for millionaires and billionaires thanks to its to technology, media, entertainment, and financial companies.
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.
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.
