The world’s wealthiest people are also the most mobile.
High net worth individuals (HNWIs) – persons with wealth over US$1 million – may decide to pick up and move for a number of reasons. In some cases they are attracted by jurisdictions with more favorable tax laws, or less pollution and crime. Sometimes, they’re simply looking for a change of scenery.
Today’s graphic, using data from the annual Global Wealth Migration Review, maps the migration of the world’s millionaires, and clearly shows which countries are magnets for the world’s rich, and which countries are seeing a wealth exodus.
The Flight of the Millionaires
It’s no secret that China has been a wealth creation machine over the past two decades. Although the country is still making a number of its citizens very wealthy, over 15,000 Chinese HNWIs still chose to migrate to other countries in 2018 – the most significant migration of any country.
Here’s a look at the top countries by HNWI outflows:
|Country||Net Outflow of NHWIs (2018)||% of HNWIs lost|
|🇬🇧 United Kingdom||3,000||0%|
|🇸🇦 Saudi Arabia||1,000||2%|
Figures rounded to nearest 1000.
Unlike the middle class, wealthy citizens have the means to pick up and leave when things start to sideways in their home country. An uptick in HNWI migration from a country can often be a signal of negative economic or societal factors influencing a country.
This is the case in Turkey, which has been rocked by instability, mass protests, and an inflation rate estimated to be in the triple-digits by some sources.
For the third straight year, Turkey lost more than 4,000 millionaires. An estimated 10% of Turkey’s HNWIs fled in 2018, which is concerning because unlike China and India, the country is not producing new millionaires in any significant number.
Time-honored locations – such as Switzerland and the Cayman Islands – continue to attract the world’s wealthy, but no country is experiencing HNWI inflows quite like Australia.
The Land Down Under has a number of attributes that make it an attractive destination for migrating millionaires. The country has a robust economy, and is perceived as being a safe place to raise a family. Even better, Australia has no inheritance tax and a lower cost of health care, which can make it an attractive alternative to the U.S.
In 2018, Australia jumped ahead of both Canada and France to become the seventh largest wealth market in the world.
Here’s a look at HNWI inflows around the world:
|Country||Net Inflow of HNWIs (2018)||% of HNWI Gained|
|🇺🇸 United States||10,000||0%|
|🇦🇪 United Arab Emerates||2,000||2%|
|🇳🇿 New Zealand||1,000||1%|
Figures rounded to nearest 1000. *Bermuda, Cayman Islands, Virgin Islands, St Barts, Antigua, St Kitts & Nevis, etc
Greece, which was one of the worst performing wealth markets of the last decade, is finally seeing a modest inflow of millionaires again.
Ranked: The Best and Worst Pension Plans, by Country
As the global population ages, pension reform is more important than ever. Here’s a breakdown of how key countries rank in terms of pension plans.
Ranked: Countries with the Best and Worst Pension Plans
The global population is aging—by 2050, one in six people will be over the age of 65.
As our aging population nears retirement and gets closer to cashing in their pensions, countries need to ensure their pension systems can withstand the extra strain.
This graphic uses data from the Melbourne Mercer Global Pension Index (MMGPI) to showcase which countries are best equipped to support their older citizens, and which ones aren’t.
Each country’s pension system has been shaped by its own economic and historical context. This makes it difficult to draw precise comparisons between countries—yet there are certain universal elements that typically lead to adequate and stable support for older citizens.
MMGPI organized these universal elements into three sub-indexes:
- Adequacy: The base-level of income, as well as the design of a region’s private pension system.
- Sustainability: The state pension age, the level of advanced funding from government, and the level of government debt.
- Integrity: Regulations and governance put in place to protect plan members.
These three measures were used to rank the pension system of 37 different countries, representing over 63% of the world’s population.
Here’s how each country ranked:
The Importance of Sustainability
While all three sub-indexes are important to consider when ranking a country’s pension system, sustainability is particularly significant in the modern context. This is because our global population is increasingly skewing older, meaning an influx of people will soon be cashing in their retirement funds. As a consequence, countries need to ensure their pension systems are sustainable over the long-term.
There are several factors that affect a pension system’s sustainability, including a region’s private pension system, the state pension age, and the balance between workers and retirees.
The country with the most sustainable pension system is Denmark. Not only does the country have a strong basic pension plan—it also has a mandatory occupational scheme, which means employers are obligated by law to provide pension plans for their employees.
Adequacy versus Sustainability
Several countries scored high on adequacy but ranked low when it came to sustainability. Here’s a comparison of both measures, and how each country scored:
Ireland took first place for adequacy, but scored relatively low on the sustainability front at 27th place. This can be partly explained by Ireland’s low level of occupational coverage. The country also has a rapidly aging population, which skews the ratio of workers to retirees. By 2050, Ireland’s worker to retiree ratio is estimated to go from 5:1 to 2:1.
Similar to Ireland, Spain ranks high in adequacy but places extremely low in sustainability.
There are several possible explanations for this—while occupational pension schemes exist, they are optional and participation is low. Spain also has a low fertility rate, which means their worker-to-retiree ratio is expected to decrease.
Steps Towards a Better System
All countries have room for improvement—even the highest-ranking ones. Some general recommendations from MMGPI on how to build a better pension system include:
- Increasing the age of retirement: Helps maintain a more balanced worker-to-retiree ratio.
- Enforcing mandatory occupational schemes: Makes employers obligated to provide pension plans for their employees.
- Limiting access to benefits: Prevents people from dipping into their savings preemptively, thus preserving funds until retirement.
- Establishing strong pension assets to fund future liabilities: Ideally, these assets are more than 100% of a country’s GDP.
Pension systems across the globe are under an increasing amount of pressure. It’s time for countries to take a hard look at their pension systems to make sure they’re ready to support their aging population.
Animated Map: What America Searched for on Google, Over the Last Decade
This fascinating animated map provides an overview of the top trending Google searches in every state over the last decade.
What America Searched for on Google, in the Last Decade
Cultural shifts come in many shapes and forms, and some are harder to measure than others.
Thankfully, Google search volume provides an easy avenue for measuring large-scale cultural trends. And because Google makes up more than 90% of all internet searches in the U.S., looking at what’s trending on Google is a great way to understand the shifting questions and interests that are captivating society at any given time.
This animated map by V1 Analytics provides an overview of the top trending Google searches in every state over the last decade. It sheds light on what types of new information, events, and stories received the most attention in the last ten years—and more generally, it shows us what the U.S. population has been thinking about.
Trending Searches versus Top Searches
Before diving into the top trends of the decade, it’s worth taking a moment to distinguish between “trending searches” and “top searches”:
- Trending Searches: Keywords that had the largest increase in traffic, in a specific period of time
- Top Searches: The most searched keywords in a given time frame
This video would look a lot different, and a lot less interesting, if it showed Google’s top searches. To give some perspective, here are the Top 10 Searches in the U.S. (as of 2020):
Understanding the difference between trending searches and top searches is important because it gives us insight into why certain keywords trend in some places, but not others. For instance, in March 2020, the word “coronavirus” was trending throughout a majority of the U.S., with a few exceptions—it wasn’t trending in Massachusetts, California, Texas, Nevada, or Arizona.
It’s easy to make the assumption that people in these states were not concerned about COVID-19—however, that’s not necessarily the case.
It’s important to remember that trending searches are measured by the increase of traffic, not just the overall amount of searches. Therefore, in states where it wasn’t trending, the word “coronavirus” may have already been a popular search term for a while, so the keyword didn’t see a sudden spike in interest like it did in other places.
In the last decade, there were moments when the entire country was googling the same thing. Some keyword trends lasted a day, while others lasted over a week.
Here’s a look at keywords that took over the whole U.S, and when they were trending unanimously:
|Date Range||Category||Search Term|
|Feb 4, 2011||Music||Adele|
|Feb 6 - Feb 23, 2011||Music||Born This Way|
|Feb 28, 2011||Music||Born This Way|
|March 22 - Apr 1, 2011||Pop Culture||Rebecca Black|
|June 12 - June 27, 2011||TV & Film||Game of Thrones|
|Nov 9, 2012||Current Events||Abortion|
|Jan 10 - Jan 27, 2014||TV & Film||Frozen|
|Feb 28 - March 2, 2014||Electronics||Samsung Galaxy s5|
|Jan 11 - Jan 13, 2015||Music||Blank Space|
|Feb 26 - Mar 30, 2015||Music||Uptown Funk|
|June 5, 2015||Pop Culture||Caitlyn Jenner|
|June 16 - June 19, 2015||TV & Film||Jurassic World|
|Feb 26, 2016||Pop Culture||Damn Daniel|
|June 3, 2016||Pop Culture||Harambe|
|June 20, 2016||TV & Film||Finding Dory|
|June 30, 2016||TV & Film||Finding Dory|
|July 6, 2016||TV & Film||Finding Dory|
|Aug 4 - Aug 7, 2016||TV & Film||Suicide Squad|
|Aug 24 - Sept 8, 2016||Pop Culture||Harambe|
|Sept 23 - Sept 26, 2016||Pop Culture||Brad Pitt|
|Oct 21, 2016||Electronics||Google Pixel|
|Nov 24, 2016||Electronics||Google Pixel|
|Dec 14 - Dec 20, 2016||Current Events||Aleppo|
|Jan 7 - Jan 10, 2017||TV & Film||This Is Us|
|Jan 23 - Feb 2, 2017||TV & Film||This Is Us|
|Feb 8 - Feb 12, 2017||Sports||Super bowl|
|Feb 22 - Feb 24, 2017||TV & Film||This Is Us|
|March 7 - March 11, 2017||Electronics||Nintendo Switch|
|March 21 - Apr 1, 2017||TV & Film||Beauty and the Beast|
|May 7 - May 16, 2017||Pop Culture||Fidget Spinner|
|June 17 - July 18, 2017||Music||Despacito|
|Sept 22, 2017||TV & Film||It|
|Oct 13, 2017||Current Events||Harvey Weinstein|
|Nov 3, 2017||Current Events||Kevin Spacey|
|Jan 12 - Jan 23, 2018||Current Events||Logan Paul|
|Feb 6 - Feb 11, 2018||TV & Film||Altered Carbon|
|March 15 - March 29, 2018||Video Games||Fortnite|
|May 4, 2018||Video Games||Fortnite|
|July 21, 2018||Video Games||Fortnite|
|Aug 5 - Aug 22, 2018||Video Games||Fortnite|
|Jan 17 - Feb 3, 2019||Music||7 Rings|
|Feb 21 - Feb 23, 2019||Current Events||Jussie Smollett|
|March 12 - March 22, 2019||TV & Film||Captain Marvel|
|March 27, 2019||Music||Billie Eilish|
|March 30, 2019||Music||Billie Eilish|
|Aug 24 - Aug 27, 2019||Music||Billie Eilish|
|Oct 9 - Oct 29, 2019||TV & Film||Joker|
|Nov 20 - Nov 24, 2019||TV & Film||The Mandalorian|
|Dec 5 - Dec 14, 2019||Pop Culture||Baby Yoda|
|Jan 15, 2020||Current Events||Prince Harry|
|Jan 20, 2020||Current Events||Prince Harry|
|Feb 13 - Feb 15, 2020||TV & Film||Jojo Rabbit|
|May 5 - May 14, 2020||Current Events||Elon Musk|
|June 24, 2020||Current Events||Bubba Wallace|
It’s interesting to look at the variety of topics that dominate the population’s collective thoughts. There’s a unique mix of popular culture, entertainment, electronics, prominent figures, and public scandals.
Something else worth noting is how country-wide trends became a lot more common in the latter part of the decade—in 2019 for example, 9 keywords trended unanimously. This was more than in the entire first half of the decade.
While the secret to going viral remains a mystery, one thing remains clear—the public certainly has a broad range of interests. So really, it’s anyone’s game.
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