Posted on 06/10/2021 5:06:21 AM PDT by blam
Data shows that 16,000 Chinese and 7,000 Indian high net worth individuals moved out of their respective countries in 2019. The study by AfrAsia Bank covered only individuals with a net worth of $1 million to $9.9 million, who took up residency in a new country and spent at least half of the year there.
While these millionaires for China and India constituted only a loss of 2 percent of their HNWI population, Statista’s Katharina Buchholz notes that the relative outflow from Russia and Turkey was higher at 6 and 8 percent, respectively.
According to the report, work opportunities, tax and financial concerns were among the reasons HNWI were deciding to make these moves. But the decision could also be of a personal nature. Better health care systems, better education systems, safety, a better standard of living and – last but not least – escaping an oppressive regime also led to HNWI picking a new home.
You will find more infographics at Statista
Australia topped the list of receiving countries, attracting 12,000 HNWI in 2019, which upped its HNWI count by 3 percent.
The U.S. and Switzerland came in rank two and three, adding 10,800 and 4,000 HNWI.
Portugal and Greece were also among the top 10 of countries attracting HNWI. In addition to their sunny climates, both countries run investor programs which grant access to EU residency and citizenship. Only around 30 percent of HNWI emigrate using investor visas, however. The majority actually uses traditional means like work visas, family visas or gaining a second passport through ancestry.
Where does one go to escape the tyranny of the US?
Florida. (For now).
+1
“Australia topped the list of receiving countries”
China would like to take over Australia. I’d be wary of the Chinese coming in.
He's recently been outbid on two different properties he's tried to buy...Chinese money, he believes.
The ones going to Switzerland may know something.
They’d also like to take over the US, their #1 ultimate target.
Very difficult.
Some used to say "New Zealand".
Since their ultra-leftist female PM has been in charge, New Zealand has been going downhill fast.
$1MM ain’t that high. It is subsistence in retirement.
The Japanese went on a US property buying spree in the 80s. I guess the plus side is that they can’t take it with them.
Most of then lost their butts too.
>>$1MM ain’t that high. It is subsistence in retirement.
True and yet that is about 7 times the median amount people actually have when they retire (and 2X the average, which is skewed by those top few percenters).
Personally, $2M is probably the minimum for a ‘comfortable’ retirement these days (80K per year draw) - $3M would be better (120K per year draw)...and by comfortable, I don’t mean living a luxurious jet-setting lifestyle, I mean being able to pay for your basics, including health care, splurge once in a while on a few trips a year or spoiling the kids and grand-kids once in a while, and not having to worry about running out in your 80’s and being dependent on your kids (or the government).
>>Personally, $2M is probably the minimum for a ‘comfortable’ retirement these days (80K per year draw) - $3M would be better (120K per year draw)...and by comfortable, I don’t mean living a luxurious jet-setting lifestyle, I mean being able to pay for your basics, including health care, splurge once in a while on a few trips a year or spoiling the kids and grand-kids once in a while, and not having to worry about running out in your 80’s and being dependent on your kids (or the government).<<
I see the same. Fortunately, I will be retiring to Mexico in a few years where $30K a year puts you in the top 10%. My $ will stretch a LOT further there.
The tax base is almost entirely based on property taxes.
We have the highest property taxes on average in the country.
HOWEVER, it depends on the town you live in, the commercial real estate in your township and how fancy your school system is.
The other factor is if your town has a lake in it or is one the ocean. The houses on the lakefront or ocean front pay the bulk of the taxes.
So, IF you live in a town like Tuftonborough or Moultonborough the houses on the lakefront pay the bulk of the taxes in the town. The houses a mile away from the lake, especially if you do not have a view of the lake are a few thousand dollars/year.
This is also the case in the town of Rye, NH on the Atlantic Ocean. There are a huge amount of $1-5 million dollar houses in Rye. However, even some of the $1 million houses pay less in real estate taxes than I do on a house assessed for a third in the town I live in. The houses along the ocean front pay the huge tax bills.
These are all the countries I have given consideration to retiring to. I am 58, my wife is 57, so I have a few years to go.
>>What other countries have you considered other than Mexico?<<
My wife is from Mexico so it is easy. She is a citizen so can outright purchase property at the shoreline (not allowed directly now for non-citizens).
We have been to Mexico hundreds of times both for family and for fun since we got married so the only decision is where to settle and when (we are 60-something). We are looking at the coastal area between Cancun and Playa del Carmen. A spot almost halfway is named Porto Morelos looks really attractive, especially for real estate prices.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.