Consequently, the place millionaires are deciding to take their money is an informative real-life experiment that reveals which international locations have probably the most engaging mixture of authorized stability, low tax charges and requirements of residing. Nonetheless, rich individuals can usually get pleasure from a fairly excessive lifestyle in most international locations.
Take the above graphic and information in the Visible Capital article, and the sheer variety of individuals migrating versus previous years paints an attention-grabbing image.
My bets to high the record: The United Arab Emirates and Singapore. The 2 international locations supply playgrounds for the world’s elite, together with their low-to-no taxation. No shock: Portugal and Greece make sense for these desirous to stay the Mediterranean life, with their low value of residing, choices for European Union residency and surprisingly engaging tax incentives for brand spanking new residents.
However I’ve to confess, I used to be stunned to see Canada on the record. It popped up within the eighth spot of nations to which HNWIs are immigrating.
Canada, Australia and New Zealand are high-tax international locations, comparatively talking. And I’d have thought, if something, we would have seen an outflow of HNWIs. A clue as to how these former British colonies ended up on the record may lay in what number of HNWIs left China, India and Hong Kong.
These international locations could be in an identical time zone to Australia and New Zealand, and are comparatively shut Pacific neighbours. Canada, particularly, would profit from the Hong Kong exodus. In any case, for those who’ve owned a house in Hong Kong for various years, you’re in all probability a HNWI on that asset alone!
Maybe the most important takeaway from the information, although, is simply what number of rich people are leaving Russia and China. For these two international locations which might be fast to champion simply how robust they’re, their wealthiest residents seem to need far.
Kyle Prevost is a monetary educator, creator and speaker. When he’s not on a basketball courtroom or in a boxing ring attempting to recapture his youth, you will discover him serving to Canadians with their funds over at MillionDollarJourney.com and the Canadian Monetary Summit.