Australia is the world's number one destination for millionaires with the rich moving for the climate, lifestyle and safety.
A report by AfrAsia Bank found high-net worth individuals had preferred it to the United States for the fourth year running.
In 2018, 12,000 wealthy people moved to Australia, with Sydney proving particularly popular.
Australia is the world's number one destination for millionaires with the rich moving for the climate and lifestyle (pictured is the Sydney Opera House at night)
'Sydney is one of the top financial centres in Asia and has become one of the most sought-after destinations for the world's super-rich due to its lifestyle, safety and climate,' the 'Global Wealth Migration Review' report said.
Australia, which has avoided a recession for a record 28 years, was praised for having the 'fastest growing world market over the past 20 years'.
Despite having had seven prime ministers since 2007, Australia was also regarded as being the 'most politically developed country in the world'.
'Politicians in Australia are seen as everyday public servants and do not have extreme power,' the report said.
A report by AfrAsia Bank, with headquarters in Mauritius, found high-net worth individuals had preferred it to the United States for the fourth year running. In 2018, 12,000 wealthy people moved to Australia, with Sydney proving particularly popular
'Notably, the Prime Minister of Australia is often replaced between elections if party members feel they need a change.'
After Australia, the U.S. was the second most prevalent destination for the rich, with 10,000 high net worth individuals moving there last year, as 108,000 wealthy people migrated globally.
By comparison, 4,000 wealthy people
