Thousands of Millionaires Moving to 1 Country — and Leaving Another

Photo by amophoto_au / Shutterstock.com

A growing number of millionaires are packing their bags and moving to Australia. The land Down Under welcomed 11,000 millionaire migrants last year, making Australia the top destination for the world’s rich.

That’s according to a new report by wealth research firm New World Wealth. For comparison, 10,000 foreign millionaires moved to the U.S. last year and 3,000 moved to the U.K.

The report reveals that global wealth migration is accelerating, with more than 82,000 millionaires moving to new countries in 2016.

France saw the biggest exodus of rich residents in 2016, losing 12,000 millionaires to other countries, CNN Money reports. Since 2000, France has experienced a net outflow of more than 60,000 millionaires.

Even though the U.S. has slipped in the millionaire migration rankings, Andrew Amoils — head of research at New World Wealth — tells CNN Money that America will remain an attractive destination for the world’s rich.

“We don’t think the new leadership in the U.S. will have a big impact. We expect another big net inflow of high-net worth individuals into the U.S. in 2017.”

Have you considered moving abroad? You don’t have to be a millionaire to retire in style. Check out the “10 Best Places to Retire in 2017.” The list is based on several factors, including cost of living, health care and entertainment.

If living abroad isn’t an option, there are plenty of states in the U.S. where you can retire affordably.

Moving is expensive — sometimes costing thousands of dollars, depending on the amount and weight of your stuff and the distance you’re moving. But if you decide to take the plunge and make a big move, we can help. Check out “10 Ways to Save Money on Moving, and Minimize the Headache.”

Are you surprised to see how many millionaires are migrating to other countries? Share your thoughts below or on Facebook.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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