108 million millionaires emigrated from their countries .. Winners and losers

A total of 108,000 millionaires left their countries last year, up 14 percent from 2017. Australia, the United States and Canada were the world's biggest beneficiaries of the migration, while China, Russia and India were the biggest losers.

The New South Wales report, based in South Africa, notes that last year Australia received 12 million new millionaires, increasing its number of millionaires by 3 percent, followed by the United States where 10,000 millionaires migrated, and Canada With four thousand millionaires.

In contrast, China lost 15 million millionaires in 2018 to lose 2% of its millionaires. Russia ranked seventh with 7 million million. The number of millionaires in the country dropped by 6%. India lost 5 million registered million %.

the reasons
The director of research responsible for the completion of the report on wealth migration, Andrew Amulis, explains that the figures for the migration of millionaires are linked to a number of factors, including the crime rate in a given country, the weakness of economic opportunities and religious tensions. He adds that the wealthy are the first to leave the country when things get worse because they have the financial means Of migration, which the middle class lacks.

According to Bloomberg, Australia is the world's most attractive millionaire due to the level of security available, the lack of enforcement of taxes on inheritance, and the close economic ties between Australia, China and Japan and South Korea.

The millionaires' migration to Australia is also driven by steady growth rates, the fallout from the global financial crisis of 2009, and the absence of a recession in the past 27 years.

China
On the other hand, China's export to the list of countries from which millions have migrated is due to Beijing's tightening of capital controls over the past few years, which has led the tax administration to increase its monitoring of Chinese millionaires, prompting them to move to other countries in search of better living conditions. Better for their children.

Bloomberg reports that fluctuations in emerging markets such as Turkey and Russia have pushed thousands of millionaires in both countries to emigrate. Turkey lost 4,000 millionaires last year, accounting for 4% of its millionaires. Russia has lost 7,000 million in the country's economic pressures. US and European sanctions, imposed on them after annexation of the Ukrainian Crimea.

The havens
One of the main drivers of millionaires' migration is their search for privacy by keeping information about their bank accounts secret, reflecting the increasing demand of the rich for a second passport and residence in other countries.

According to the Knight Frank Wealth Report of 2019, 26 percent of all millionaires in the world began planning immigration this year. The report says that visa applications that grant citizenship or residency, in return for the investment of hundreds of thousands of dollars, attract the attention of wealthy people The world, despite the international criticism of these programs.

In October 2018, the Organization for Economic Co-operation and Development (OECD), a member of the world's largest economy, issued a blacklist of 21 countries - including Malta and Cyprus - which the organization accuses of undermining international efforts to combat tax evasion through its gold visa programs. The tax and legal record for visa applicants, mainly focusing on payment of the required amounts to obtain nationality or residence.

According to the Wealth Emigration Report, the world's top ten millionaires are: the United States with 60,707 millionaires, China (23,563 million), Japan (19,131 million), the United Kingdom (9,125), Germany (Eight thousand and 790), India (8,000 and 148), Australia (6,000,000 million), Canada (6,000,000 and 9 million), France (5,000 and 851 million) and Italy with three thousand and 849 million.