Why are the world's super rich migrating to Australia?

NEW DELHI: Australia was the top destination for millionaires in 2016. Nearly 11,000 millionaires moved to Australia in 2016 as compared to 8,000 the previous year, according to a report by wealth research firm New World Wealth.

According to the report on global wealth and wealth migration trends in 2016, for the second straight year Australia remained the top country worldwide for millionaire inflows, beating traditional destinations such as the U.S. and the U.K. Compared to 11,000 millionaires moving to Australia in 2016, 10,000 moved to the U.S. and 3,000 to the UK.

Other countries that experienced large inflow of millionaires in 2016 include Canada, UAE, New Zealand and Israel. The countries that lost large numbers of millionaires in 2016 include France, Turkey and Brazil.

Below are five reasons why the super rich prefer Australia to other advanced countries:

1. Fast investment visa
In 2012, Australia launched a new type of visa for wealthy foreigners willing to invest. Under the so-called the "golden ticket" visa, procedures can be fast-tracked for expats even if they fail the points system or don't meet several other regulations.

2. Operational ease
While growing Asian economies attract attention from investors in Europe and the U.S., many of them are not always as easy to operate from as a developed country. Millionaires who want to do business in emerging Asian economies set up bases in Australia. Emerging economies such as China, South Korea, Singapore and India are easily approachable from Australia.

3. High economic growth
High growth in Australia over the past decade has created more business opportunities and boosted investor confidence. Total wealth in Australia has risen by 85 per cent over the past 10 years while it increased only 30 per cent in the US and 28 per cent in the UK.

4. Sunny and safe
Sunny climate and a comfortable lifestyle in Australia are other attractions for millionaires. Removed far away from the religious strife and refugee problems, Australia is considered safer than Europe and the U.S.

5. Better civic amenities
Health care is better in Australia than in many other first-world countries. And so is school education. Millionaires find it a better place to live and raise children than the U.S. and Europe.