Australia now attracting more wealthy migrants than anywhere in the world

(Article from Ray White Economics Alert)

If you could live anywhere, where would it be? For the world’s wealthy, Australia is a top pick. This year, we are set to attract more wealthy migrants than anywhere else in the world, according to Henley & Partners, an advisory to the world’s highest net-worth citizens.

A total of 122,000 millionaires are expected to migrate in 2023 with most of them coming from China, India and the UK. Whereas some migrants are escaping conflict or economic ruin, the majority are looking for good schools, financial safety and lifestyle.

Australia, often seen as a safe haven for global institutional money, is also attractive to those looking to settle somewhere safe and enjoyable to raise their families or retire. In 2023, 5,200 high net worth individuals (HNWIs) are expected to move to Australia, the highest of any country. Coming in second is the United Arab Emirates and then Singapore.

While the Henley & Partners report defines HNWIs as having more than $US1 million or more, the reality is that you would need substantially more to buy a home in a prestigious suburb in Australia. Nevertheless, as outlined in a previous Ray White Weekly Economic Update, premium suburbs in capital cities are now leading the recovery in prices. This is perhaps in part due to high levels of wealth entering the country.

Over the past 12 months, New Farm in Brisbane has seen the biggest jump in its median of any capital city suburb. Queensland is on track this year to see more international migrants arriving than ever before.

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