Israel dropped out of the 2024 Private Wealth Migration Rankings published by the International Residency and Citizenship Foundation and prepared by investment advisory firm Henley & Partners.
Henley defines a wealthy person as someone with liquid assets in excess of $1 million.
Last year, Israel ranked 12th, with the number of millionaires increasing by about 600 people the year before, while in 2022, Israel ranked eighth.
The war waged by Israel on Gaza indicates that fewer wealthy investors are interested in stability in the country and are moving their capital to other, safer locations.
The wealth migration report said: “In a reversal of fortunes, the report reveals that Israel has dropped out of the list of wealth flows for the first time. This represents a major shift as Israel has been ranked among the top ten destinations in attracting millionaires emigrating abroad for several decades,” according to a report published by the website Israeli "globes".
"The ongoing war has not shattered the country’s image. but it also threatened its economy," said Senior Client Advisor at Henley & Partners.
These comments reflect the economic damage to Israel caused by the war, as the rich showed no emotion. The damage is evident, among other things, in the high-tech sector, which relies heavily on the money of investors in startups. Investors vote with their feet, and it is not at all certain that the damage will be easy to reverse.
The UAE ranked first on the list, attracting 6,700 wealthy immigrants over the past year. The United States ranked second, attracting 3,800 immigrants, followed by Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal and Japan.
Moreover, China, the United Kingdom, and India lost the most high-net-worth immigrants over the past year.
Follow the latest news on Google News
