"World's wealthy are targeting Australia"

This latest article comes from the March 7th Financial Review, and was written by Tim Binsted.

"The number of people world wide with assets of $S30 million or more increased by 5 per cent, or 8700 in 2012, and will increase by another 50 over cent over the coming decade, according to Knight Frank's annual global Wealth Report.
The fastest growth in wealth creation in the next 10 years will be in Asia and Latin America, although London and New York, the top two destinations for high net worth individuals (HNWIs) in 2012, are forecast to remain in pole position until 2023.
In a sign that Australia is well-positioned to attract investment from global HNWIs, Sydney cracked the top 10 cities that matter most to HNWIs, coming in at seventh, while Melbourne ranked 22nd. Melbourne and Sydney also came in at No. 2 and No. 3 respectively for quality of life.
"High net worth individuals, particularly from Asia, favour destinations with adequate liquidity and transparency, and an existing Asian population. The puts Australian cities high on the list alongside London and New York," night Frank Australia's executive chairmanm Stephen Ellis said.
Mr ellise pointed to recent transactions like the sale of 460 Bourke Street and 370 Docklands Drive in Melbourne, as well as 10 Barrack  Street and 80 Alfred Street in Sydney, as examples of top-end purchases by Asian investors.
In an attempt to harness investment from wealthy foreigners, Australia's Significant Investor Visa, which fast-tracks residency for foreigners who spend $5 million or more in complying investments, came into force last November.
Local real estate agents say that the anticipated surge in luxury property sales as a result of the visa's introduction is already gaining momentum, while the Knight Frank report showed that online Australian property searches rose by 36 per cent from 2011 to 2012.
That growing interest should help Sydney's luxury market keep its premium validations. Sydney came in as the world's 9th most expensive prime residential property market, with prices averaging $US21,700-$S24,000 per square metre on the fourth quarter 2012.
"Wealth creation has not been dented by the global economy slowing, nor has this affected the demand for prime property as the search for safe-haven investments has continued," Knight Frank head of global residential research Liam Bailey said.
The report's survey of wealth advisers and private bankers also found an increasing interest in commercial property. More than 30 per cent of respondents said their clients planned to invest more in Australasian commercial property.
The number of HNWIs across the key Asian region is expected to rise by 88 per cent over the next decade, with an estimated 82,300 HNWIs in Asia with a combined wealth of $US12.6 trillion by 2022.

Rank    City                 4Q 2012
1           Monaco          57,600 - 63,700
2           Hong Kong    49,200 - 54,400
3           London          41,900 - 46,300
4           Geneva          29,300 - 32,400
5           Paris              25,300 - 28,000
6           Singapore      25,200 - 27,800
7           Moscow        22,000 - 24,300
8           New York      21,800 - 24,100
9           Sydney          21,700 - 24,000
10         Shanghai       19,600 - 21-700"