Immigration may increase Australia’s ultra-wealthy population by 37 percent in 5 yearsPosted on March 9, 2018
The Knight Frank’s Wealth Report for 2018 claims that by next 5 years Australia’s wealthy population may increase by 37 percent. Knight Frank is a popular real estate agent in Australia. Knight Frank believe he increasing property and equity values will swell fortune of the country and continue to attract wealthy newcomers; increasing the number of people with net assets of US$50 million from 1,260 in 2017 to 1,720 by 2022.
The report adds that the numbers of high net worth individuals increased by 10 percent in 2017 globally, making up for over half of the total 18 percent growth over five years from 2012. It also estimated its growth to rise to 40 percent over the present five-year period in accordance with the projected growth of the Land Down Under.
As quoted by the Australian Financial Review, Knight Frank’s Head of Residential Research, Michelle Ciesielski Frank Australia said that they have seen a significant increase in the prices of prime properties. Also, there were good gains experienced in the equities market over the past few years. Australia being the 3rd most desired destination of the world by ultra-rich population, the country will draw more crowd to the nation this year, believes Ciesielski.
Frank Knights reflects Australia’s top sources that attract the ultra-rich individuals. They are China, Malaysia, Singapore, Philippines and Hong Kong.
Related surveys also found that the ultra-wealthy migrants of Oz prefer to never leave the country. Nearly 27% of the total ultra-wealthy individuals hold a dual nationality or passport, only a 6% express interest to leave the country in future.
These numbers are indeed in favor of Australia immigration for the wealthier population. In conclusion, Sarah Harding, the Head of Residential Knight Frank Australia quotes that these number reflect Australia’s popularity and preference as a destination among wealthy individuals.