US, Australia, Canada top destinations for migrating millionaires: report

The U.S., Canada and Australia were the top destinations for migrating millionaires in 2018, according to a report from New World Wealth released Tuesday.

Researchers found that roughly 108,000 millionaires migrated across borders last year, a 14 percent increase from the prior year, and more than double the number from 2013.

{mosads}Australia and the U.S. both had more than 10,000 millionaires migrate to them.

Researchers said Australia was the most popular destination because of low crime rates, strong schools and the lack of an inheritance tax.

In the U.S., New York, Los Angeles, Miami and the San Francisco Bay area were the preferred new homes for millionaires.

China, which was been imposing stricter rules on capital outflows, and Russia, battered by sanctions, had the most millionaires leave, with 15,000 and 7,000 exiting those two countries, respectively.

“It can be a sign of bad things to come as high-net-worth individuals are often the first people to leave — they have the means to leave unlike middle-class citizens,” said Andrew Amoils, head of research at New World Wealth.