Canada has 5,000 new Asian Millionaires this year. Seems they decided to leave their various homelands for Canada last year. Vancouver alone received some 2,000 of these ultra-rich new immigrants. Vancouver, San Francisco, and Seattle all experienced large millionaire inflows from China and South East Asia in 2015.
CANADA has 5,000 new Asian millionaires this year.
Seems they decided to leave their various homelands for Canada last year. Vancouver alone received some 2,000 of these ultra-rich new immigrants. Vancouver, San Francisco, and Seattle all experienced large millionaire inflows from China and South East Asia in 2015.
Reports about the amounts of money ultra-wealthy Asians are spending shows just how wealthy they really are. There is a growing trend among China’s richest to use their wealth to move themselves and their families abroad. Overseas Chinese for example, are spending large sums to buy houses in Canada. The National Bank of Canada estimates that Chinese buyers alone have invested about C$12.7 billion in 2015 to purchase real estate in Vancouver which amounted to 33 percent of the total real estate transactions in the area. Meanwhile, in Toronto, Chinese purchasers spent about C$9 billion, representing 14 percent of their total real estate transactions there.
Where They are Coming From
India has been minting millionaires at an unprecedented rate over the past decade, but many of its seven-figured-citizens are escaping to other countries. The report also noted that “The outflows from India and China are not particularly concerning as these countries are still producing far more new millionaires than they are losing”. However, the India media cited that the exodus of millionaires will cause a massive wealth drain in the country.
Where They Are Going To
The Indian Government is finding it difficult to stop this wealth drain, as Indian millionaires are choosing to move to urban centres such as Sydney, Australia (the city ranked #1). Melbourne, Australia was ranked #2, Tel Aviv was ranked #3, having received millionaires from France. Paris alone lost 6% of its millionaires in 2015. Dubai #4, San Francisco #5 and Vancouver was ranked #6.
Why Do Millionaires Leaving a Country Matter?
Losing millionaires should not be the only concern for countries like India losing wealth. They should be concerned about the Brain drain – millionaires are normally highly skilled, highly educated and many are also innovators.