- The Henley Private Wealth Migration Report 2023 has ranked Australia as the leading location for wealthy individuals migrating from abroad.
- The report states that the majority of high net-worth individuals (HNWIs) moving to Australia are coming from China, India and the UK.
- Australia’s property values and population of HNWIs are predicted to continue increasing over the remainder of 2023 and into 2024.
The Henley Private Wealth Migration Report 2023 has ranked Australia as the most desirable global destination for HNWIs with more than $1.47m to invest.
The report states that the number of HNWIs settling in the country is expected to increase to 5,200 by the end of 2023 and indicates that the majority of wealthy migrants are from China, India and the UK.
Dr Juerg Steffen, the CEO at Henley & Partners, suggested that the movement of millionaire migrants has increased over the past 10 years.
Steffen anticipates global millionaire migration figures to hit 122,000 at the end of 2023 and 128,000 in 2024.
Australia has a long history of drawing numerous millionaires from around the globe – the recent surge of the world’s wealthiest into the country is indicative of a strong economic recovery from the worldwide Covid-19 pandemic restrictions.
This year’s wealth migration trends appear to be returning to patterns seen before the pandemic, with Australia earning first place for the net influx as it did in the five years before the Covid-19 outbreak.
The report shows China to have the highest net outflow worldwide, as it has done for the last 10 years.
Wealthy individuals wishing to move to Australia and benefit from the country’s tax incentives must find a reliable money transfer source to make international payments.
The high demand for properties in Australia and the limited supply of luxury residencies have created a healthy real estate market.
Nerida Conisbee’s chief economist Ray White stated that premium suburbs are now Australia’s leading luxury property areas.
The luxury real estate market in suburbs around Melbourne and Sydney has seen a rapid increase in 2023. Property prices are expected to continue to increase throughout 2023 and into 2024.
Australian capital dwelling prices rose 1.2% over the past 28 days and have decreased by 5.1% year on year.
International HNWIs looking to invest in Australia’s real estate sector should use a safe money transfer method to ensure that their money is securely transferred overseas.
HNWIs interested in visiting and investing in Australia can use our online money transfer comparison tool to compare foreign exchange rates.
