The great wealth reallocation

Global wealth is shifting fast, Australia is in the slipstream, but not yet leading

Synopsis

Millionaire migration is accelerating globally, with wealth flowing toward stable, predictable jurisdictions. Australia is well placed but not maximising the opportunity. The next wave won’t be driven by tax alone, but by certainty, speed and investability. Remove this friction, and Australia could capture a much larger share of global capital.

Current state of play

There is a surge in the millionaires migrating across the world.

The map below provides a clear pre-conflict baseline for global millionaire migration. Flows are already concentrated toward jurisdictions offering stability, favourable tax settings and lifestyle appeal. The UAE leads with 25,000 net inflows, followed by the USA (14,900) and Australia (12,200).

In contrast, traditional wealth centres are leaking capital, most notably China (-46,500) and the UK (-30,700). This is important context: the system was already shifting before any escalation in geopolitical risk.

Below the paywall I outline how millionaire migration is likely to move due to the events across the Middle East, plus how Australia (and New Zealand) might benefit; what we need to do to attracted more rich bums on our seats and why it matters.