Latest news with #millionaires
Daily Mail
a day ago
- Business
- Daily Mail
Coastal enclave descends into civil war over outrageous new plans that'll cripple them (and they're blaming their most famous resident)
Swifties, sun-seekers, and second-home millionaires — brace yourselves. Rhode Island just approved a controversial new real estate tax that's got wealthy seasonal residents fuming and threatening to pack up their beach chairs for good.
ABC News
a day ago
- Business
- ABC News
Millionaires who pay no tax and richest and poorest postcodes revealed in ATO tax stats
There were 91 Australians who earned more than $1 million in total income yet paid no tax in 2022-23, according to newly released data from the Australian Taxation Office (ATO). The figures also show Australia's highest earners live in Sydney's eastern suburbs, taking in Darling Point, Edgecliff, Rushcutters and Point Piper. Analysis of the data by the Australia Institute and the ABC shows overall, these 91 millionaires claimed $390 million worth of different deductions to reduce their tax bills to zero. The vast bulk of this was the 19 of them who made $291 million in donations to tax-deductible charities, or an average of about $15.4 million each. Using a tax agent to manage tax affairs is also an allowable tax deduction for all taxpayers, meaning some of those who earned more than $1 million but paid no tax claimed these expenses. This group of non-tax-paying high-earners claimed $62.8 million in deductions for managing their tax affairs — an average of $690,815. The Australia Institute's chief economist, Greg Jericho, says this shows the nation's wealthiest and richest can use the tax system to reduce tax bills to zero "at a time when we are debating changes to superannuation taxation for the small number of people with balances over $3 million". He says this happens because the wealthy can pay "high-priced tax lawyers and accountants" to do it. The data also shows 2.3 million Australians declared rental income in 2022-23, with about 71 per cent of landlords owning only one investment property (just over 1.6 million). About 19 per cent (423,000) own two properties, around 6 per cent (130,000) own three properties, while around 4 per cent of landlords (47,000) own four properties. There are very few landlords (18,837) with five investment properties and a similarly small group with six or more (19,389). Overall net rental income for 2022–23 was $1.6 billion, down from $6.0 billion in 2021–22. More landlords made profits than losses in 2022–23. The average total net rent median was $52 and the average was $696. Of about 1,130,000 landlords who made a loss (were negatively geared), the median loss was $5,487 and the average was $9,346. The ATO figures show the country's highest-earning postcodes were in Sydney, with seven suburbs making up the top 10. The postcode with the highest average taxable income ($279,712) was in Sydney's eastern suburbs — postcode 2027 — which takes in Darling Point, Edgecliff, Rushcutters and Point Piper. That was followed by Double Bay (postcode 2028) and Woollahra (2025). Melbourne's Toorak and Hawksburn — postcode 3142 — came in fourth place, then we jump back to Sydney's eastern suburbs, with Vaucluse, Watsons Bay, Dover Heights, Rose Bay North and HMAS Watson (2030) coming in fifth place. But those living in NSW were also among the nation's lowest average income earners. The lowest-income postcodes were in areas with higher numbers of university students. The area taking in students studying at The University of Newcastle's main campus at Callaghan, postcode 2308, earned an average taxable income of $20,878. The next poorest postcode was 2052, taking in the University of NSW area, with an average taxable income of $20,892. Since reporting started in 2010–11, surgeons have remained the highest-paid occupation, with 4,247 individuals reporting an average taxable income of $472,475 in 2022–23. This was followed by anaesthetists: 3,658 individuals in this category earned an average taxable income of $447,193. The third-highest-paid occupation was "financial dealers", of which there were 5,147 with taxable incomes of $355,233. The poorest paid jobs were in the "personal careers and assistants" category, earning an average taxable income of $22,533. This was followed by "fast food cooks" earning $22,722 and "apprentices and trainees in hospitality" earning $25,358. More than 16 million Australians lodged tax returns in 2022–23. The ATO's data showed 10.3 million individuals claimed a total of $28.3 billion in work-related expenses — an average of $2,739 per person. The average superannuation account balance increased from $164,000 in 2021–22 to $173,000 in 2022–23. Net tax from companies for the 2022–23 income year increased by 9.2 per cent to $140 billion (compared to $128 billion in 2021–22). The biggest company tax liability came from the mining industry (39 per cent of company net tax) with the industry's net tax growing from $42.3 billion to $54.4 billion. The luxury car tax increased by 17.9 per cent to $1,153 million.
Japan Times
2 days ago
- Business
- Japan Times
Japan among most appealing Asian nations for high net worth individuals
Asia is becoming a magnet for the migration of millionaires and billionaires around the world, with Japan expected to see 600 wealthy individuals moving to the country — many of them from China — according to an annual report from a U.K. migration consultancy firm. Following domestic economic instability after the real estate market's 2020 collapse, and global geopolitical uncertainty, wealthy Chinese have sought to establish bases in other countries, with Japan as one of them . Henley & Partners' analysis of country wealth flows, part of its Private Wealth Migration Report 2025 released Tuesday, showed China alongside the U.K., India, South Korea, Russia and Brazil as the countries with the biggest losses of millionaire headcount. In the Asia-Pacific region, researchers placed Japan behind Hong Kong, which is estimated to attract 800 high net worth individuals (HNWI) in 2025, as well as Australia, set to greet 1,000, and Singapore, expected to welcome 1,600. The standard of living, health care, and safety and security were among factors that made Japan attractive to wealthy Chinese expatriates, said Andrew Amoils, head of research at New World Wealth, which acted as a data intelligence partner for the study. Tokyo, Osaka, Kyoto and Kobe are typically the main destinations for this demographic. 'Notably, Osaka–Kyoto–Kobe is the fastest growing part of Japan for HNWIs,' Amoils said, crediting the region's rapidly developing technology sector. The recent strong performance of the Japanese stock market has made the country more compelling for entrepreneurs. But lifestyle and family considerations are also a factor. 'The University of Tokyo is widely seen as the best university in Asia,' Amoils said, explaining that schooling and education opportunities for expatriate children were among the considerations. The Times Higher Education Asia university rankings for 2025 placed the University of Tokyo fifth in the region. But for the uber-wealthy, Japan does suffer from some drawbacks. Other favored choices Singapore and Hong Kong have low tax rates, which have long established them as attractive options for corporate headquarters and wealthy individuals. In Japan, the highest earners are taxed at a rate of 45%. In Hong Kong, the highest tax rate is 17% while in Singapore, it's 24%. But Hong Kong, which is classified as a 'special administrative region' under the control of mainland China, may be a more complex choice for Chinese HNWIs who want to shield their assets from the risk of political fallout. While Japan may be steadily attracting more wealthy individuals, Japanese HNWIs were also looking to retire in other countries. Australia, Thailand, Malaysia and the U.S. were the most attractive choices for this demographic, Amoils said, noting that around 300 HNWIs were expected to leave Japan in 2025. The wealthy migration report also showed Japan ranked fourth for its number of HNWIs, after the U.S., China and Germany. As of December, Japan had 714,000 millionaires in dollar terms, down from 754,800 the year before, and 44 billionaires, up from 39 the previous year.
South China Morning Post
2 days ago
- Business
- South China Morning Post
Why are fewer wealthy Chinese likely to emigrate this year?
The number of wealthy mainland Chinese choosing to emigrate is projected to drop to a 10-year low this year thanks to the country's improved business environment and its growing appeal to tech entrepreneurs, according to a report by a London-based advisory firm. Henley & Partners' annual wealth migration report also said that Hong Kong is starting to see steady inflows of millionaire migrants from the rest of Asia, with an anticipated net inflow of 800 this year, including many executives from fast-growing hi-tech companies in neighbouring Shenzhen. A record 142,000 high-net-worth individuals – people with more than US$1 million in investible wealth – are expected to relocate internationally this year, according to the report, which was released on Tuesday. It said the net outflow of mainland Chinese millionaires would drop to 7,800 – down from 15,200 last year and 13,800 in 2023 – ending the country's decade-long run as the world's leading source of wantaway wealthy. The United Kingdom is set to have the largest net outflow of any country, losing 16,500 millionaires this year, the report said. Other European countries such as France, Spain and Germany are likely to be other major sources of outflow, it added. The rise of Chinese tech hubs such as Shenzhen and Hangzhou, alongside rapid growth in the private banking, healthcare and entertainment industries, is giving mainland millionaires new reasons to stay, Henley & Partners said. An emigration consultant and a wealthy Chinese mother said another major reason for the expected reduction in the outflow of mainland millionaires – likely to be the lowest since the Covid-19 pandemic according to the Henley & Partners report – was the growing uncertainty facing Chinese students studying abroad.
UAE Moments
3 days ago
- Business
- UAE Moments
9,800 Millionaires Expected to Relocate to the UAE in 2025
The UAE is expected to attract a record 9,800 relocating millionaires this year, according to the Wealth Migration Report 2025. UAE topped the list and was followed by the US, Italy, Switzerland, Saudi Arabia, Saudi Arabia, Portugal, Greece, Canada, and Australia. The Gulf country made it to the top of the list because of the introduction of golden visas and a tax-friendly lifestyle. Saudi Arabia is set to welcome 2, 400 millionaires because of a surge in returning nationals and international investors settling in Riyadh and Jeddah. Globally, 142,000 millionaires are expected to relocate this year. China is expected to lose 7,800 millionaires. The UK is expected to lose 16,500 millionaires this year because of sweeping tax reforms, making it the largest net outflow of high-net-worth individuals (HNWIs) by any country in the past ten years. Dubai and Abu Dhabi lead the list of the top five preferred global locations for high-net-worth individuals, according to a report by Savills in April. In 2024, Dubai had 81,200 millionaires, 237 centimillionaires, and 20 billionaires, based on that report.
