Millionaire migration is bigger than ever

Like birds heading south for the winter, millionaires are flocking to warmer, or just plain different, climates.

Last year 82,000 millionaires moved to another country, reports the New York Times, a figure that is up 60 percent since 2013.

“The wealthy today don’t have a country,” said Reaz H. Jafri, a partner at Withers Worldwide, a law firm that helps wealthy clients move and relocate around the world, to the New York Times. “They don’t view their success as being related or dependent on a single country, but on their own business strategies. It’s amazing to me how many of the very wealthy are going totally mobile.”

Australia is now the world’s top destination for millionaires, roughly 11,000 of them moved down under in 2016 the newspaper reports. The United States was the second most popular destination, and Canada ranked third, followed by the United Arab Emirates and New Zealand.

On the opposite end of the spectrum, France topped the list for most millionaires lost, with 12,000 moving out during 2016. China came in second, followed by Brazil, India and Turkey.

[New York Times]