As The World’s Wealth Rises, Australia Is The Biggest Winner!

As The World’s Wealth Rises, Australia Is The Biggest Winner!

Global money map.

The number of Ultra-High- Net-Worth Individuals (UHNWIs) rose by 6,340 in 2016, taking the total to 193,490, according to data provided by New World Wealth for The Wealth Report.

The increase reversed the decline of 3% seen in 2015, despite ongoing political and economic uncertainty around the world having more of an impact on future trends.

Australasian continent on Earth

The latest data on HNWIs confirmed a strong and growing attraction of Australia, the US and Canada as destinations for the footloose wealthy. Sydney and Melbourne top the list of growth markets, while Perth was listed at 8th on the global list.

Knight Frank Director of Residential Research Michelle Ciesielski said the latest figures reveal that Sydney has seen an annual ‘net inflow’ (inflow vs outflow of wealth) of 4,000 HNWIs, while Melbourne and Perth have seen a net inflow of 3,000 and 1,000 HNWIs respectively.

“Sydney is at the top of the list for the highest net inflows of HNWIs globally, with the inflow representing growth of 4% of the HNWI population already based in the city.

“Melbourne comes in at second on the list globally with an annual net inflow of 3,000 HNWIs– approximately 4% of the existing Melbourne HNWI population. Perth sits at eighth on the list with a net inflow of 1,000 HNWIs.

Australia’s stable property market is key to this, as :

“Australia is increasingly well-positioned for the world’s wealthy as a good place to migrate and invest due to a number of factors, including lifestyle and relative security as HNWIs seek a safe haven from political upheaval.”

Bloomberg backs this up:

As the World’s Wealth Rises, Australia Is the Biggest Winner

Australia is luring increasing numbers of global millionaires, helping make it one of the fastest growing wealthy nations in the world, according to reports from New World Wealth. The influx may be because of Australia’s superior healthcare system and lower inheritance taxes, its ideal location to do business with Asia, as well as proximity to the South Pacific Islands that allow retired yacht owners to sail away. And, of course, the nation’s pristine beaches.

luring-millionaires

Over the past decade, total wealth held in Australia has risen by 85 percent compared to 30 percent in the U.S. and 28 percent in the U.K., aided by the fact that Australia has gone 25 years without a recession. As a result, the average Australian is now significantly wealthier than the average American or Briton. The country may attract even more migrants as racial and religious tensions rise in Europe, according to the reports.

Given its relatively small population, Australia also makes an appearance on a list of average wealth per person. This one is, however, dominated by small tax havens. Wealth per person is a better measure of financial health than GDP per capita, according to New World Wealth, because it avoids multiple counting, assesses the efficiency of the local banking sector and stock market at retaining wealth in the country and adjusts for anomalies where the bulk of GDP flows to the government, such as in countries like Zimbabwe and Bahrain.

wealthiest-10

Have a look at what Property Club Millionaires members are getting up to – a very different and successful retirement!

travel-collage Check out the latest PMC Postcards and see why you should make it your New Year’s resolution to have your retirement goals reassessed and see what type of summer you will be looking forward to in your twilight years.

Have a great weekend and catch you next week!

Warm Regards,

Troy Gunasekera National Manager Property Club

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