Sydney was the top destination for millionaire migrants in the 2016 calendar year according to the Frank Knight Wealth Report published for 2017. Sydney had a net inflow of HNWIs (High Net Worth Individuals) of 4,000 for the year, Melbourne came into second place with a net inflow of 3,000.
HNWIs are classified as people who have investible assets (most commonly shares & cash) exceeding US$1 Million. However, this excludes both commercial & residential property from being counted as contributing to HNWIs status.
According to the report, Sydney has a total of 106,800 HNWIs living in the city however this number would be much higher if residential property was included in the count as the median price for Sydney property currently sits at $1,123,991 & had a median price at Sydney’s auction on the 25th of February of $1,420,000.
This means that if all forms of real estate were included in the HNWIs count then Sydney would quite possibly rank in the top 10 globally if all personal assets were included in the test, showing the strength of Sydney’s economy.
These numbers released in the report support Sydney’s Status as an Alpha+ Global City. Sydney Also had the most Millionaires moving to the city in 2015, and if trends continue it will also claim the title in 2017.