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Asia’s millionaires emigrating by the tens of thousands

High Net Worth Individuals (HNWIs – those with net assets of $1 million USD or more) are leaving Asia by the tens of thousands, moving to Australia, North America, and Europe. In 2017, China lost 10,000 HNWIs, India lost 7,000, Turkey 6,000, Indonesia 2,000, and Saudi Arabia 1,000. These trends have been increasing steadily in the past 3 years. According to the 2018 Global Wealth Migration Review, this pattern is an important indicator for a country. Those with significant outflows are likely to struggle with problems like high crime rates and low levels of business opportunities. Countries that are gaining HNWIs are those with healthy populations, low crime rates, good education systems, and high levels of business opportunities. Australia is the most population country for Asian HNWIs, as it provides all of these benefits as well as proximity to emerging Asian markets. The U.S. remains the second most popular. 

Source: Asia’s millionaires leaving for safe havens, lower taxes | Asia Times

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