Millionaire Migrants: Countries That Rich People Are Flocking To
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Millionaire Migrants: Countries That Rich People Are Flocking To

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Millionaire Migrants: Countries That Rich People Are Flocking To

Millionaire Migrants: Countries That Rich People Are Flocking To

The Chart of the Week is a weekly Visual Capitalist feature on Fridays.

Money may not buy happiness, but it does buy the ultimate flexibility for making financial and lifestyle decisions.

For many of the world’s millionaires, money provides a highly effective means to escape their home country when times get tough. They can pack their bags, and move their family and capital to a location that will provide superior opportunities for prosperity.

According to a new report by New World Wealth, this couldn’t have been truer for 2016, as the amount of millionaire migrants increased by 28% from the previous year.

Human and Capital Flight

In 2016, there were a total of 82,000 millionaire migrants that left for greener pastures.

The Top Five Countries (Net Outflows)

 Country20162015Change
1France-12,000-10,00020%
2China-9,000-9,0000%
3Brazil-8,000-2,000300%
4India-6,000-4,00050%
5Turkey-6,000-1000500%

France tops the list for a second straight year, as rich people dodge conditions that they consider to be adverse. France has rising religious tensions and populism, but it also has a tax system that is not particularly friendly to the ultra rich. The International Business Times calls the ongoing problem a “Millionaire Exodus”.

China and India both continue to have net outflows of millionaires, but two of the more interesting countries on this list are Brazil and Turkey.

Brazil continues to be deep in economic crisis, with its worst-ever recession likely continuing into its eighth-straight quarter in Q4 2016. The country also recently impeached Dilma Rousseff in August 2016. On the other hand, the Washington Post describes Turkey as a country that is in a “permanent state of crisis”. This may be a fair criticism, since in 2016 there was the assassination of a Russian ambassador, a currency crisis, an economic crisis, and also an attempted military coup.

Like most people, millionaires don’t like uncertainty – and they have the wherewithal and conviction to get out of places that have ongoing issues.

The Top Five Countries (Net Inflows)

 Country20162015Increase
1Australia+11,000+8,00038%
2USA+10,000+7,00043%
3Canada+8,000+5,00060%
4UAE+5,000+3,00067%
5New Zealand+4,000+2,000100%

In 2016, Australia was the number one destination for millionaire migrants, with the United States and Canada being close behind.

New Zealand also had the amount of net inflows double, while the UAE remained a popular location for the wealthy in the Middle East.

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The Richest People in Human History, to the Industrial Revolution

What do Augustus Caesar, Cosimo de Medici, Mansa Musa, and Genghis Khan have in common? They were some of the richest people in all of history.

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The Richest People in Human History, to the Industrial Revolution

Click here for a larger, more legible version of the infographic that you can explore in-depth.

When we think of wealth today, we often think of the massive personal fortunes of business magnates like Bill Gates, Elon Musk, Jeff Bezos, or Warren Buffett. However, it is only since the Industrial Revolution that measuring wealth by one’s bank account has been a norm for the world’s richest.

For most of recorded human history, in fact, the lines around wealth were quite blurred. Leaders like Augustus Caesar or Emperor Shenzong had absolute control of their empires—while bankers like Jakob Fogger and Cosimo de Medici were often found pulling the strings from behind.

This infographic we created with Texas Precious Metals focuses on the richest people in history up until the Industrial Revolution, and it highlights key facts and anecdotes on how they created their wealth.

Is This List of People Definitive?

While it is certainly fun to speculate on the wealth of people from centuries past, putting together this list is exceptionally difficult and certainly not definitive.

Here’s why:

Firstly, much wealth in early periods is tied to land (Genghis Khan) or entire empires (Augustus, Akbar), which makes calculations extremely subjective. What is most of Asia’s land worth in the year 1219? What separates personal fortune from the riches of an empire that one has full control of? There are a wide variety of answers to these questions, and they all influence the figures chosen to be represented.

Secondly, records kept from Ancient eras are scarce, exaggerated, or based on legends and oral histories. Think of King Solomon or Mansa Musa—these are characters described as immeasurably rich, so trying to put their wealth in modern context is fun, but certainly not guaranteed to be historically accurate.

Lastly, wealth and conversion rates can be approached in different ways as well. Take Crassus in the Roman Republic, who had a peak fortune of “200 million sesterces”. Well, that’s a problem for us in modernity, because that stash could be worth anywhere from $200 million to $169.8 billion, depending on how calculations are done.

So, enjoy this list of the wealthiest historical figures, but keep in mind that it is mostly for fun—and that the list of the richest people in history may change depending on who you ask!

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Personal Finance

Is $1 Million Enough for Retirement in America?

The average American needs their retirement savings to last them over a decade. In which cities is $1 million enough to retire comfortably?

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Is $1 Million Enough for Retirement in America?

The average American needs their retirement savings to last them 14 to 17 years. With this in mind, is $1 million in savings enough for the average retiree?

Ultimately, it depends on where you live, since the average cost of living varies across the country. This graphic, using data compiled by GOBankingRates.com shows how many years $1 million in retirement savings lasts in the top 50 most populated U.S. cities.

Editor’s note: As one user rightly pointed out, this analysis doesn’t take into account interest earned on the $1 million. With that in consideration, the above calculations could be seen as very conservative figures.

How Long $1 Million Would Last in 50 Cities

To compile this data, GOBankingRates calculated the average expenditures of people aged 65 or older in each city, using data from the Bureau of Labor Statistics and cost-of-living indices from Sperling’s Best Places.

That figure was then reduced to account for average Social Security income. Then, GOBankingRates divided the one million by each city’s final figure to calculate how many years $1 million would last in each place.

Perhaps unsurprisingly, San Francisco, California came in as the most expensive city on the list. $1 million in retirement savings lasts approximately eight years in San Francisco, which is about half the time that the typical American needs their retirement funds to last.

CityHow long $1 would last (years)Cost-of-living IndexAnnual expenditures
(after using annual Social Security)
Memphis, TN45.376$22,043
El Paso, TX40.381.4$24,789
Wichita, KS39.782.1$25,145
Tulsa, OK38.883.2$25,705
Indianapolis, IN38.683.5$25,857
Milwaukee, WI37.684.9$26,569
Oklahoma City, OK37.385.4$26,824
Columbus, OH37.285.5$26,875
Kansas City, MO36.786.2$27,231
Detroit, MI35.887.6$27,943
Baltimore, MD35.388.2$28,248
Louisville, KY35.388.4$28,349
San Antonio, TX34.489.7$29,011
Omaha, NE34.389.8$29,062
Albuquerque, NM33.691.1$29,723
Tucson, AZ33.391.6$29,977
Jacksonville, FL32.393.5$30,943
New Orleans, LA30.896.3$32,367
Houston, TX30.896.5$32,469
Charlotte, NC29.698.9$33,690
Forth Worth, TX29.399.8$34,148
Arlington, TX28.8100.6$34,554
Philadelphia, PA28.6101.2$34,860
Nashville, TN28.5101.4$34,961
Dallas, TX28.4101.6$35,063
Raleigh, NC28.2102.3$35,419
Fresno, CA28.1102.6$35,572
Phoenix, AZ27.6103.7$36,131
Mesa, AZ27.4104.2$36,385
Colorado Springs, CO27.3104.5$36,538
Virginia Beach, VA26.9105.6$37,097
Minneapolis, MN26.6106.5$37,555
Chicago, IL26.4106.9$37,759
Atlanta, GA26.3107.5$38,064
Las Vegas, NV24.8111.6$40,149
Sacramento, CA22.9118.2$43,506
Austin, TX22.7119.3$44,065
Miami, FL21.7123.1$45,998
Denver, CO20.4128.7$48,846
Portland, OR20.0130.8$49,914
Washington, D.C.16.4152.1$60,747
San Diego, CA15.4160.1$64,816
Long Beach, CA15.3160.4$64,969
Boston, MA15.1162.4$65,986
Seattle. WA14.0172.3$71,021
Los Angeles, CA13.9173.3$71,530
Oakland, CA13.8174.4$72,089
New York, NY12.7187.2$78,599
San Jose, CA10.8214.5$92,484
San Francisco, CA8.3269.3$120,355

A big factor in San Francisco’s high cost of living is its housing costs. According to Sperlings Best Places, housing in San Francisco is almost 6x more expensive than the national average and 3.6x more expensive than in the overall state of California.

Four of the top five most expensive cities on the list are in California, with New York City being the only outlier. NYC is the third most expensive city on the ranking, with $1 million expected to last a retiree about 12.7 years.

On the other end of the spectrum, $1 million in retirement would last 45.3 years in Memphis, Tennessee. That’s about 37 years longer than it would last in San Francisco. In Memphis, housing costs are about 2.7x lower than the national average, with other expenses like groceries, health, and utilities well below the national average as well.

Retirement, Who?

Regardless of where you live, it’s helpful to start planning for retirement sooner rather than later. But according to a recent survey, only 41% of women and 58% of men are actively saving for retirement.

However, for some, COVID-19 has been the financial wake-up call they needed to start planning for the future. In fact, in the same survey, 70% of respondents claimed the pandemic has “caused them to pay more attention to their long-term finances.”

This is good news, considering that people are living longer than they used to, meaning their funds need to last longer in general (or people need to retire later in life). Although, as the data in this graphic suggests, where you live will greatly influence how much you actually need.

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