The Other Immigration

This is one of the more illuminating reports available at the moment. It is an important and easily digestible discussion of HNWI (high net worth individual) migration patterns in 2015. What qualifies for this threshold is always evolving with the FRB’s printing press, though by most definitions it applies to those with a seven-figure net worth excluding the net value of their primary residence.

As an aside, I’ve always noted a sizable loophole in this metric. A man who doesn’t have a nickel for chicken wings, but owns Mar-a-Lago unencumbered is demonstrably much wealthier than another in an apartment with $20 grand stuffed in his couch. But that’s a quibble.

There’s obviously multiple reasons why migration patterns of the monied are more telling than those of Honduran squatters. One group has global vision and the financial latitude to act on it, while the other is just dumbly trudging north. So let’s observe the most perspicacious rats in flight.

The top recipient cities in descending order of raw millionaire inflows for 2015 are as follows:

Tel Aviv
San Francisco


That is to say, Australia, Aliyah, and the financially gated Pacific Northwest.

We’ve previously discussed the moating of the latter, and Israel’s border control is the stuff of xenophobic legend. Though what’s Australia’s attraction? Apparently Operation Sovereign Borders smells a lot like cheese. This piece from 2015 describes the aroma.

Lieutenant General Angus Campbell said there had been no successful boat arrivals in Australia for six months.

Lieutenant General Campbell said only one vessel had arrived in Australia in 2014 and all those aboard that vessel were transferred to Nauru.

Not one landed boat since 2013. 😎 Ahh how the view from Sydney harbor must remain unsullied.

Of course Aussie readers may point out how their legacy population is being betrayed otherwise, but we are talking about the migration of wealth. And such personalities are less inclined to avoid rich Asians than they are to shriek for third-world rights from a very safe distance.

The notes were as interesting as the numbers:

* Sydney, Melbourne and Perth all benefitted from millionaire inflows from China, Europe, the UK, USA and South Africa. Other Australian areas such as the Gold Coast, Brisbane, Noosa and the Sunshine Coast also experienced inflows. 

* Tel Aviv had large inflows from Europe, especially France. Other Israeli cities such as Herzliya, Jerusalem and Netanya also experienced inflows. 

* San Francisco, Seattle and Vancouver all experienced large millionaire inflows from China and South East Asia. 

* Dubai saw strong inflows from North Africa (Egypt, Algeria, and Morocco) and Turkey.

French Jews escaping their Muslim mess; Europeans scuttling down under; and Asia colonizing the West Coast.

London’s situation was equally interesting:

London experienced a net inflow of around 500 millionaires in 2015. This was low compared to recent years as a number of millionaires left the city in 2015 (around 3,000 came in and 2,500 left).

Many of the 2,500 that left moved to other parts of England, mainly to small towns in the London commuter belt along the Thames (such as Maidenhead, Beaconsfield, Bray, Cookham and Marlow). A large number also moved overseas, mainly to English speaking countries such as Australia, Canada, New Zealand and USA.

Of interest, most of the millionaires that left London were UK born whereas almost all of the millionaires that came into the city were from other countries.

This may be a trend that continues in future as several wealthy UK born people that we spoke to said they were concerned about the way London and the UK in general had changed over the past decade or so. Australia seems to be their preferred destination.

Note how the local money is being replaced by foreign. And that wealthy Londoners are vexed enough to move watching their ancient city transform into Karachi. Though that concern was never so vivid as to animate any resistance to it. You simply extract the capital and GTFO. Dealing with radioactive aftermath is a little people’s problem.

So now we know the to, but where are they absconding from? The cities with most lost millionaires in 2015 are ordered as follows:


The City of Lights? Why would would wealthy people leave there? Maybe we can ask some of the locals.


Or maybe the rich can speak for themselves.

We interviewed migration experts and HNWIs to find out on their reasons for leaving. Notable reasons that they mentioned included: 

* Paris: Rising religious tensions, lack of opportunities.
* Rome: Economic slump, lack of opportunities.
* Chicago: Rising racial tensions, rising crime levels.
* Athens: Economic slump, migration crisis with Syria/Turkey.

The large outflow of millionaires from France is notable – France is being heavily impacted by rising religious tensions between Christians and Muslims, especially in urban areas.

We expect that millionaire migration away from France will accelerate over the next decade as these tensions escalate.

In our view, other European countries where religious tensions are starting to emerge such as Belgium, Germany, Sweden and the UK will also be negatively affected in the near future.

As always, man lies about diversity with his tongue while speaking the truth with his feet. And that truth is going to be spoken with increasingly loud footsteps.

Countries with sufficient foresight to eschew the tensions of migration are going to be the future recipients of significant human capital, as those with means seek relief from the results of their own delusions. This is taking the form of Australia and the PacWest today. Tomorrow it will be Prague, Warsaw, and Budapest.

It is not where is great, but where is better. And as the West grimly lowers that bar on its own head, the rodents always find higher ground.


25 thoughts on “The Other Immigration

  1. Going long on Budapest and Warsaw seems like a good bet; especially with neighborhood bully Russia shrinking by 800k per year and being peopled entirely by drunks. Not so bullish on Prague as its wedged between cucked Germany and semi-cucked Austria. Spillover issues are more likely there.

  2. At an advanced age, with three ex-wives, all deceased, and no progeny to speak of no matter how long you engage me in conversation, I migrated from African-American [hate that term, but must use it so I can comment on it] Maryland. Alas, I did not scamper holding millions in offshore bank accounts, but did find a quiet, peaceful, respect-thy-neighbor neighborhood. With murder-by-the-day-York 15 miles south and murder-by-the-day-State Capitol-Harrisburg 30+miles to the north, I may hang in for five more years. A heart attack could provide the magic bullet for that quest. What is happening large scale in the large world is happening small scale in the small scale slice of the world. Always has. It is just comforting to read that nothing has changed despite the liberal-progressive onslaught. Oops, there is a knock at the door, time for me to go hide.

  3. DNP: I think the Visegrad Group in general has excellent real estate appreciation potential. Especially given very reasonable entry costs.

    I haven’t been to Prague, though once in Paris was talking to one of the most beautiful ice-blue eyed blonds I’ve ever met in my life. She had a nearly flat Midwestern accent with only a hint of some unplaceable origin. Upon my finally asking she said she was from the Czech Republic. She’s probably there now still holding out for me.

    Dave: Hang in there, brother. You’ve still got a part to play.

  4. Pingback: The Other Immigration | Reaction Times

  5. As white countries outsource their industries to Third World serf-hives, there’ll be lots more billionaires from places like China and India who want to leave behind all the corruption and toxic pollution they helped create in their home countries. They’ll be looking for a soft landing in a clean, high-trust country where they can take over whole neighbourhoods by pricing the natives out of the property market. Of course the US and Western Europe will be welcoming them with open arms. I hope places like Hungary and the Czech Republic will be wiser.

  6. Romania is a beautiful, largely homogenous Christian country not yet a part of the schengen zone that I would go so far as to say would be paradise for a man who commands the simple sum of 1-2million dollars…it would be enough to retire there and live like a king at the ripe age of 30 if one were wise with money. Did I mention some of the most beautiful, educated and feminine women I’ve met happen to populate that eastern gem?

  7. Heidi Cruz helped author this report from the CFR:

    She also submitted an additional view which can be read towards the end.

    Parsing the economic crypto-talk (which is meant to rat-ionalize and hide the power transfers inherent in the proposals); the report wants to dissolve certain aspects of human identity. Chiefly, national borders which delineate the States charges (the responsibility of taking care or control of someone or something) from those of other States. Also, to destroy independent militaries which act to defend those charges. And to create tranny-nationalist legal organizations.

    Cruz’s additional view? Parsing that crypto talk equates to: Yes, do those things, but make sure the power remains in the hands of the private sector (let’s not give the power to the trannies we create, individual capitalists are more efficient globalists).

  8. Dunno if you saw this Porter. It wasn’t even close to only being the NFL…

    Maybe at some point, your readers that are Austrian economics followers/laisezz-faire capitalists/free-market capitalists will honestly ask themselves: “Do I really understand the inherent assumptions, implications, and logic of Capitalism better than the CEOs of major companies?”

    • Yeah, it was an across-the-board indictment. I imagine many conservatives will use this as an opportunity to reevaluate their allegiances. Ahh, who the hell am I kidding?

    • Just took a quick look through the list of CEOs and the corporations they’re connected with.

      Airbnb, Paypal, Citibank, Pfizer, IBM, Kellogg, Tumblr, Barnes and Noble, Levi Strauss, Intel – yeah, just a few eccentrics from the outer fringes of the corporate world. Real capitalists believe in freedom of association.

      • Q: “Do I really understand the inherent assumptions, implications, and logic of Capitalism better than the CEOs of major companies?”

        Rob’s A: “Real capitalists believe in freedom of association.”

      • Assuming you are at least somewhat familiar with evolutionary psychology/PUA/the manosphere, this might be helpful:

        I understand you “want” Capitalism to mean “free-market capitalism” and don’t want to discuss how “non free-market capitalism” actually operates, but only your idealized version. This strikes me as very similar to the Average Frustrated Chump (AFC) who just wants “Love” to be that thing he sees in the movie. He doesn’t want to contemplate the inner-working, dirty, and disappointing aspects of what relationships and females entail. Those who only speak about “True Capitalism” want desperately for real world “Capitalism” to be that thing they read about from Ayn Rand or Mises. But is it?

        What happens when we do hold the Disney-version of “Love” up as our ideal and expectation of reality? Doesn’t if fail precisely because women and men are not like these portrayals, because “love” is portrayed as desiring those qualities the good princess should desire; when, in reality, what your AFC calls “love” is often just a strange combination of impulse, hypergamy, and delusion. Thus the AFC cannot understand what happened or why.

        Likewise, what would it mean if you are holding up an idealized version of Capitalism you read about, but fails to exist precisely because it portrays humans as something other than they are (free, rational, and non-aggressive), and because it portrays “Capital” as desirous of the things this ideal capitalist should desire (freedom, voluntary action, peaceful exchange); when, in reality, Capital only seeks to accumulate more capital. Thus the “True Capitalist” cannot understand what happened or why.

        Again, I understand what you mean by Capitalism as only “free market capitalism.” But consider that this sounds like someone saying “Love and Relationships” as only that thing the romantics describe in their stories.

      • And apologies to Rob, complete misinterpretation of his post on my part.

        Again, apologies Rob.

  9. So New Zealand (pop. 4.6 million) managed to attract 2000 millionaires from abroad while the US (pop. 322 million) only attracted 7000? To match NZ on a per capita basis, the US would have had to attract about 140,000 millionaires in 2015.

    Far more millionaires (per capita) went to NZ than to Canada or Australia as well. Yet Auckland, NZ’s only metropolis with about one-third of the population, fails to make the top 8 cities, unlike cities in the US, Canada and Australia, which take up 6 of the top 8 spots.

    According to the study, NZ has 89,000 resident millionaires. Again, this is far more (per capita) than in the other 3 Anglosphere nations. Yet when we look at the most recent per capita GDP numbers…

    US: $55,904
    Australia: $51,642
    Canada: $43,935
    New Zealand: $36,963

    …we find that NZ brings up the rear, being considerably poorer than the US and Australia in particular.

    New Zealand and Australia have an open borders arrangement where citizens of each country are free to live and work in the other. Mostly this has led to a brain drain from NZ to Oz because of the greater opportunities in the latter.

    And NZ has traditionally been more socialistic than Oz, in the same way that Canada has been compared to the US, so wealthy Kiwis have long had an additional reason to make the move to Oz (lower tax rates).

    Yet we’re supposed to believe that high tax NZ, long the poor cousin of the Anglo settler societies, is a haven for the super rich and continues to attract millionaires at a rate exponentially higher than the (relatively) low tax US?

    It’s unexplained discrepancies like this that makes me doubt the veracity of this survey, though admittedly I could be missing something here.

    • The net millionaire flow is measuring movement of individuals with accumulated wealth over some amount, it doesn’t have anything to do with per capita GDP of the country.

      It’s unexplained discrepancies like this that makes me doubt the veracity of this survey

      There’s a section called methodology towards the end. If you can make any sense out of it, kudos.

    • There’s probably some funny business going on there in NZ. I wonder where these disproportionate numbers of “millionaires” are from, and if their bank balances would stand up to much scrutiny. One thing is sure – you’re asking for trouble inviting immigrants solely on the basis of their supposed wealth.

    • One thing to bear in mind is the vast continuum of HNWI as it has customarily been used. There are more than a few parsimonious middle-aged accountants driving Toyota Camrys who have seven-figure net worths outside their residence. No one, least of all themselves, would consider them to be super-rich. Since their more modest level of wealth skews far more toward the meat of the bell curve, I imagine this profile represents (in terms of people, not dollars) a non-insignificant portion. Though corporate execs and small businessmen likely make up broader slices.

      The point being in non dollar-weighted surveys such as this one, there’s going to be a lot of profiles and motivations being captured. It would have been fascinating to see the results broken out by some more granular bands of wealth.

      Regarding NZ, I have no idea if my own experiences are merely anecdotal or represent some larger sentiment, but I have heard several men of the barely-rich variety talk of wanting to retire there. For whatever reason, there seems to be romanticism around the place–and it certainly does appear to have a variety of natural beauty. Who knows if that’s more than a dozen people, but such a cohort wouldn’t be interested in opportunity or income tax rates, but low crime, good medicine, and scenic vistas.

      • A little late to the conversation, but I have a friend in Auckland who tells me the country has been absolutely flooded by Chinese money for several years. Real estate values have been following a San Francisco-like ascent as a result.

        When comparing these wealthy migration figures, total population of a destination country is not as relevant as the number and attractiveness of cities where the global wealthy want to live and park money. The vast majority of ARE COUNTRY might as well be Antarctica to them.

  10. Pingback: Где находится глобальная Рублёвка? Глубокая аналитика – Агрегатор постов ЖЖ по тегу "Деньги"

  11. As a German, and one who unfortunately is not quite on the millionaire side of things, the Czech Republic and Poland indeed look attractive. If only their languages were a little more, er, accomodating … Slovakia might also be an option, a hidden gem.

    • Don’t worry about the language. If enough Germans migrate there, your language becomes the new language. The downside of that scenario is, your German ex-pat neighbors will bring their refugee problems in their rucksacks.

  12. When a country’s political system runs off the tracks, the rich depart quietly, one by one, citing “personal reasons” so as not to depress the value of the fixed assets they still own. It’s not like anyone cares what rich people think, though they should.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s