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Why the rich love migrating to New Zealand

Newshub logoNewshub 2/05/2019 Lana Andelane
NZ is ranked in the top 10 most popular destinations for migrating millionaires. © Getty NZ is ranked in the top 10 most popular destinations for migrating millionaires.

New Zealand is ranked seventh most popular destination for migrants with a "high net wealth," according to the statistics consultancy New World Wealth released in its 2019 Global Wealth Migration Review.

The report tracks the migration patterns of millionaires, multi-millionaires, centi-billionaires, and billionaires. 

The study, released in April, also analyses factors that influence the generation of wealth, such as press freedom, women's safety, and economic expansion.

Researchers from New World Wealth, based in Johannesburg, South Africa, analysed around 108,000 millionaires' global movements in 2018.

New World Wealth advises that a flow of high net wealth individuals (HNWIs) in and out of a country is a sufficient indication of economic health.

It appears that New Zealand was a favoured retreat for global millionaires in 2018. Australia was the number one destination followed by the US, Canada, Switzerland, the United Arab Emirates and the Caribbean (Bermuda, The British Virgin Islands, St Barts, Antigua and St Kitts & Nevis) respectively.

New Zealand, which settled in eighth place in 2017, has scaled in popularity, whereas Israel's rank has receded over the year. The UK's significant reduction in appeal appears conducive with the uncertainty of Brexit and the potential threats it poses to the wealthy.

New World Wealth noted New Zealand's low population density as a major pro for migrating wealth. A smaller population may indicate the country has a lower dependence on others for trade and resources, lower levels of pollution, and less competition for land and resources.

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