A new report has revealed that wealthy individuals looking to move overseas will soon be flocking to a different destination than in years gone by.
Despite the US being one of the top locations for affluent immigrants, the tide is slowly turning and Asia is set to take its spot as the most desirable place to be.
Super-wealthy individuals intent on leading a more comfortable life overseas currently migrate to the US in many cases, a land known for its luxuries and ability to create sumptuous surroundings in the blink of an eye.
However, the indications are that more and more well-heeled immigrants are shunning the move to the west and instead are heading east, seeking out top class accommodation across Asia.
In fact the move to Asian countries has been so marked that the continent has been tipped to knock the US permanently from its throne and take over as the number one destination for wealthy immigrants starting a new life abroad.
The changes have already started to be seen, with the Asia-Pacific region being the most popular destination in 2011 amongst the richest and most elite expats. Between 2007 and 2012, the whole region became increasingly desirable with some of the world's richest individuals opting to set up home there. In the same five year period, the number of millionaires living in the Asia-Pacific region doubled, and then tripled compared to the rest of the nations around the globe.
The economic downturn has been pinpointed as part of the reason for the change in attitudes, with the US in particular struggling to manage its debts and with a bitter power battle going on amongst the country's top politicians.
US reclaims crown – but for how long?
Despite the on-going fiscal problems, the US managed to wrest its crown back as the most popular destination for wealthy immigrants by the end of 2012. However, there are many who are predicting it won't hold onto it for long.
Some experts have forecast that the Asia-Pacific region will once again come out on top, but this time will hold on to the coveted title of most desirable location for an almost indefinite period of time.
The level of millionaires in the region is set to climb even higher if recent reports are to be believed. The 2013 Asia-Pacific Wealth Report suggests that the number of super-wealthy individuals will climb by a further 10% every year, a situation which will continue for the next few years at least.
The total amount of wealth within the region is expect to top USD $15.9 trillion within the next two years, a situation which could benefit hotspots such as Hong Kong and Singapore. In the past, Asian consumers have tended to stick to Asian suppliers so a growing affluence within those countries is predicted to become compounded, increasing wealth in the region even further.
?However, not all countries in the Asia Pacific region are expected to profit from such an upturn in their fortunes. Taiwan and Japan are the two exceptions who experts are suggesting will not have a share of the spoils. These two nations were the only two in the region who did not register an increase in the number of millionaires of more than 10%.
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