Asia becomes favourite destination for high net worth individuals
Many high net worth individuals that have previously chosen West Europe and the United States for their primary immigration destinations are now heading for Asian countries such as Hong Kong, Singapore and Macao. In addition to that, some recent research on international immigration trends shows that China and India were some of the favourite destinations for Millionaire expats during the period 2007-2012.
In that time the number of millionaires in those two countries has increased three times in comparison to the rest of the world. In 2011 the regions became the most desirable destination for rich individuals due to the fact the United States and Western Europe were struggling with the Global Economic Crisis and its aftermaths. During the end of the last ear, the United States restored its position as a top destination for rich businessmen from all over the world.
Nevertheless, many immigration experts expect that Asia will soon overtake the USA and will stay on the top for indefinite amount of time. According to the 2013 Asia-Pacific Wealth Report, the number of super-rich in the region will increase by 10 per cent per annum over the next few years. The reason for this is that although Western Europe and the USA are in the process of economic recovery, the recovery is still very slow and fragile.
The unemployment in the Eurozone is at its historical high and this creates a lot of social problems. Millionaire wealth in total is expected to hit more than US$15.9 trillion by 2015, and the financial centres of Hong Kong and Singapore are expected to benefit hugely from the increase as Asians in general prefer to trust other Asians and their businesses. Japan and Taiwan are however not seeing high growth in the number of high nets worth individuals. The increase there is expected to be of less than 10%