I cannot escape my nature. I am analytical and data driven and often “geek out” on statistics. As a real estate expert focused on relocation and with so many people moving into Nashville, I often study migration trends. My focus has been predominantly United States based, but as I meet more and more foreigners selecting Nashville as a home base, my curiosity for international inflow has increased.
According to the Nashville Chamber of Commerce website:
- One in six Nashvillians is foreign-born.
- Nashville is home to large Hispanic, Middle Eastern, Kurdish and South and Southeast Asian populations.
- In 2008, the Japanese Consulate relocated to Nashville to service the growing Japanese community in Middle Tennessee.
- Middle Tennessee has more institutions of higher education than cities of similar size. These 18 colleges and universities are home to thousands of international students pursuing many types of programs and degrees.
- Nashville and Middle Tennessee have a wide variety of international cultural and social organizations.
- Nashville currently has an active Sister City relationship with cities in eight different countries involving business, cultural and educational exchanges.
Nashville’s business friendly climate also helps attract foreign investments and companies to our region. 2013 data from the Nashville Chamber of Commerce International Business Brochure reveals that:
- There are 265 foreign-owned company locations
- Foreign-owned companies employ more than 37,000 people in the area.
- Foreign direct investment (FDI) activities create and sustain 83,000 jobs within the Nashville area.
- FDI supports nearly $5.9 billion of labor income in the Nashville area annually.
- FDI contributes $10.2 billion to the local economy, for a total output of $25.5 billion within the Nashville MSA.
Although most of these companies may opt to hire locally, some may be relocating a portion of their staff particularly their executives and c-level suite.
I am a member of the Institute for Luxury Home Marketing (ILHM) and I recently came across a really interesting article about the migration of high net worth individuals (HNWI) across the globe. According to sources like Wikipedia and Investopedia HNWI’s are typically are defined as having investable finance (financial assets, excluding primary residence) in excess of $1 million. According to New York-based international law firm cited by ILHM, the last ten years have seen the largest inflows and outflows of HNWI relocating in history. (ILHM, blog, 7/2015)
The largest outflows of HNWI’s have been seen from:
- China- 76,000
- India- 43,000
- France- 32,000
The largest inflows of HNWI’s went to:
- UK- 114,000
- US- 42,000
- Australia- 22,000
Although I have not found data that specifically points to countries with the largest outflows to Nashville, it is undeniable that foreign presence is growing. This is an extremely exciting opportunity and proof that Nashville is quickly becoming a global city.
(Originally published for 12th&Broad: 9/2/15)