The world’s ultra-rich are moving to these 8 cities

A new report published by New World Wealth indicates which cities the world’s wealthiest people are moving to.

Three cities in Australia were among the top eight in the world that experienced the biggest inflows of millionaires.

‘Millionaires’ otherwise known as “high net worth individuals” or “HNWIs” refer to individuals with net assets of US$1 million or more excluding their primary residences.

Cities ranked by millionaire inflows 2015

Cities Inflow of millionaires in 2015 Millionaires, 2015
Sydney 4 000 94 400
Melbourne 3 000 66 800
Tel Aviv 2 000 29 000
Dubai 2 000 42 000
San Francisco 2 000 129 000
Vancouver 2 000 25 300
Seattle 1 000 19 600
Perth 1 000 28 000

NWW pointed out that Sydney, Melbourne and Perth all benefitted from millionaire
inflows from China, Europe, the UK, USA and South Africa.

Other Australian areas such as the Gold Coast, Brisbane, Noosa and the Sunshine Coast also experienced inflows.

Tel Aviv had large inflows from Europe, especially France. Other Israeli cities such as Herzliya, Jerusalem and Netanya also experienced inflows.

Australia overall, saw an influx of 8,000 millionaires in 2015, followed by the US with 7,000 millionaires adding to its total millionaire base of 4.18 million, while Canada saw 5,000 new millionaires enter its borders.

Millionaire outflows

According to NWW, Paris and Rome shed 6% and 7% of their millionaires in 2015. For Parisians, most moved to the UK, USA, Canada, Australia and Israel. And for Rome’s wealthy, most moved to  the UK and USA.

Cities ranked by millionaire outflows 2015

Cities Outflow of millionaires in 2015 Millionaires, 2015
Paris 7 000 126 000
Rome 5 000 73 100
Chicago 3 000 134 000
Athens 2 000 222

Reasons for leaving:

  • Paris: Rising religious tensions,
    lack of opportunities.
  • Rome: Economic slump, lack of opportunities.
  • Chicago: Rising racial tensions, rising crime levels.
  • Athens: Economic slump, migration crisis with Syria/Turkey

Why do millionaires leaving a country matter?

  • Bad sign – millionaires are often the first people to leave. They have the means to leave, unlike middle class citizens.
  • Money outflow – when millionaires leave a country, they take large amounts of money with them which impacts negatively on the local currency, local stock market and local property market.
  • Lost jobs – millionaires employ large numbers of people. Around 30% to 40% of millionaires are business owners.
  • Lost revenue and tax – millionaires spend a lot of money on local goods and services and pay a large amount of income tax.

More on the rich

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Why South Africans with money are leaving the country

Weak rand bites the rich as South Africans flee the country

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The world’s ultra-rich are moving to these 8 cities