Reasons behind the Great Migration

Singapore is indeed the land of opportunity. There are a growing number of wealthy people here and that is not surprising considering that the industry or the market here is lucrative. However, a great number of wealthy people think about moving or migrating to other countries. According to Barclays Wealth Insights, twenty three per cent of two thousand high net worth individuals from seventeen countries are planning to move or migrate.

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Before delving into details, it is important that you know the definition or parameters of high net worth individuals. When you hear this, it refers to individuals with more than US$1.5 million net worth. Barclays Wealth Insights released their report on September 15, 2014. The report captured the survey saying that twenty three per cent of two thousand high net worth individuals are thinking about moving abroad in the next five years. What are the reasons behind the migration?

The main reason is broadening the wealthy people’s horizon. The prospect of increasing their assets and economic security prompts them to migrate. Apart from that, what are other reasons? Here are some according to a survey conducted by Ledbury Research:

  • Desirable climate: Wealthy people move because of the climate. Thirty five per cent would go for climate than anything in the world.
  • Retirement: Twenty four per cent would move or migrate for retirement. Maybe they want a different environment to retire to.
  • International career: Twenty per cent would migrate for their career.
  • Education: Twenty per cent would also migrate to get their education and possibly opportunities after graduation.
  • Experience another culture: Another twenty per cent would migrate to experience new culture.

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  • Lower cost of living: Eighteen per cent would migrate because they are seeking low cost of living.
  • Work-life balance: Another eighteen per cent would go for the balance that they deserve – work-life.
  • Starting own business: Twelve per cent would migrate because they believe that starting another business is easier in other countries.
  • Political security: Ten per cent migrate because of the political instability of their country.
  • Healthcare/social services: Nine per cent would migrate to avail of the best healthcare or social services. There are many countries who take pride in their healthcare and social services.
  • Marriage/partner: Only seven per cent move to find a partner or marry their partner.
  • Born/grew up there: Six per cent of people move or migrate because they are born or raised there.

What are the countries that these wealthy people go to? Well, there’s the United States, Australia and the Britain.

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