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Find out why thousands of millionaires are moving to Australia

by 1st Contact | Jun 21, 2016
  • Australia has been a popular immigration destination for skilled migrants for decades. In 2015, Australia not only had a net inflow of overseas migrants, but the land Down Under also attracted several thousand foreign-born millionaires.
    Millionaires moving to Australia

    Australia keeps attracting international talent

    Mid-way through last year, people born overseas made up almost 30% of the Australian population. That’s a whopping 6.7 million people who have immigrated and now live in Australia.

    In 2014/15, Australia gained roughly 168,200 people through immigration. Most of these immigrants chose to move to Australia’s south-eastern states, New South Wales and Victoria –  likely lured by the appeal of Sydney and Melbourne.

    South Africans still sweet on Oz

    The latest census results from the Australian Bureau of Statistics (ABS) showed a surge in the number of South African immigrants moving to Australia over the past five years.

    South Africans have been attracted to the quality of life on offer in Australia for decades. In 2011, the number of Saffas living in Oz stood at around 145,000, with the average South African staying there for about ten years on average.

    The ABS estimated that in 2015 South Africans now made up 0.8% of the population of Australia. This means that around 30,000 more South Africans have migrated since 2011. That’s 6,000 people a year, or just over 16 people per day.

    As a South African, the Skilled Independent visa is a great way to secure the right to live and work in Australia.

    Who wants to be a millionaire in Australia?

    Earlier this year, New World Wealth published their findings on the international movements of high net worth individuals (HNWI). These are people who have net assets of USD 1 million or more.

    The report lists the total number of HNWIs in a city; it also shows the inflow of millionaires in 2015. Three of the ten cities with the biggest inflows were found in Australia. Sydney and Melbourne were in first and second spot respectively. Perth came in at number eight.

    Australia calling

    The influx of everyone from highly skilled graduates to ultra-wealthy individuals is largely as a result of economic, social and political stability. Australia is also seen as a business-friendly destination, with plenty of opportunities available to entrepreneurs and established business people alike.

    So whether you’re a millionaire or a motivated professional looking to start a new adventure, moving to Australia is a good bet for you. Friendly locals, sunny beaches and a quality of life that’s hard to match.

    Get in touch with one of our immigration experts in our Melbourne or Cape Town offices to find which visa is best for you and your ambitions. Give us a call on +27 (0) 21 657 2120 (SA) or +61 3 8651 4500 (AUS). You can also send us an email and we’ll get back to you.

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

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    Sable International is a trading name of 1st Contact Money Limited (company number 07070528), registered in England and Wales. We are authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (1st Contact Money [PTY] Ltd - FSP no. 41900) and hold an Australian Financial Services Licence issued by ASIC to deal in foreign exchange (1st Contact Group - AFS Licence number 335 126).

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