- The wealth held by individuals in Sydney is growing so much the city will become one of the five wealthiest in the world in a decade.
- The city has become has become one of the most sought after destinations for the world’s super-rich.
- Private wealth in Australia has grown 83% in the past decade to $US6.142 billion and is forecast to grow 70% to $US10.442 in the next 10 years.
Its number of rich residents is growing so fast that Sydney is expected to become of the five wealthiest cities in the world within the next 10 years, according to analysts at New World Wealth.
The others would be New York, Beijing, Tokyo and Shanghai. The current top five is: New York, London, Tokyo, San Francisco Bay area and Beijing.
The forecast is in a new report by AfrAsia Bank and New World Wealth which reviews the expected movement of wealth globally over the next 10 years.
Currently Sydney ranks ninth in the world for private wealth held by individuals with a combined $US1 trillion.
“Sydney is one of the top financial centers in Asia and has become one of the most sought after destinations for the world’s super-rich due to its lifestyle, safety and climate,” says the annual Global Wealth Migration Review.
“Major industries include financial services, real estate, IT, tourism, retail and media.”
New York, the city with the most private wealth, has about $US3 trillion.
Total private wealth, that held by individuals, worldwide amounts to about $US215 trillion.
There are about 15.2 million high net wealth individuals (HNWI) in the world, each with net assets of $US1 million or more.
Australia currently sits at ninth in the world for private wealth:
In Australia, private wealth has grown 83% in the past decade to $US6.142 billion and is forecast to grow 70% to $US10.442 billion in the next ten years.
Mumbai is expected to be the fastest growing city in terms of wealth growth over the next 10 years.
However, Australia is very popular as a place for the rich to move to.
It was the top country worldwide for high net worth individuals in 2017, beating out its main rival the US for the third year running.
Popular places for them to move to in Australia included: Sydney, Melbourne, Gold Coast, Sunshine Coast, Perth and Brisbane.
“Australia’s location makes it a better base for doing business in emerging Asian countries such as China, Japan, South Korea, Hong Kong, Singapore and Vietnam,” says the Global Wealth Migration Review.
“Australia was recently rated as the safest country for women worldwide during our annual woman safety ratings. Australia is also a particularly safe country to raise children although some describe it as a nanny state with too many rules.
“Australia has lower inheritance taxes than the US.”
About 95,000 millionaires migrated in 2017, compared to 82,000 in 2016 and 64,000 in 2015.
Here are the biggest wealth inflows in 2017: