Canada has become the third most popular destinations for wealthy migrants, and believe it or not, what attracts them is low cost of housing, especially in cities like Vancouver and Toronto.
Canada saw the world’s third-largest influx of rich migrants in 2018, according to a report from market research group New World Wealth. Only the United States and Australia saw a larger gain.
Canada added 4,000 “high net worth individuals” (HNWIs) to its population in 2018, meaning people with US$1 million or more in wealth, not including their principal residence.
That comes amid an unprecedented migration of the world’s wealthy, primarily from developing countries to wealthier, more stable developed countries.
The largest outflows of rich people came from China, Russia, India and Turkey, in that order, which together lost 31,000 millionaires in 2018. Overall, some 108,000 millionaires switched countries in 2018, up from 95,000 the year before.
Investor visa programs — which allow a wealthy person to settle in a country in exchange for an investment in that country — have become an increasingly popular mechanism for the wealthy to migrate. Canada has a number of these programs.
The report said the top reason for millionaire migration is safety — particularly the safety of women and children.
Millionaires are also leaving their home countries due to “lifestyle” concerns such as climate, pollution, space, nature and scenery. Concerns about the standard of living, taxes, education and oppressive governments also factor into the equation, New World Wealth said. -CINEWS