Middle-east Arab News Opinion | Asharq Al-awsat

82,000 Millionaires Shifted Overseas in 2016 | ASHARQ AL-AWSAT English Archive 2005 -2017
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United States money printing plates are seen at the Museum of American Finance in New York October 15, 2010. REUTERS/Shannon Stapleton/Files

London – Global wealth migration is accelerating as around 82,000 ultra-rich people shifted overseas in 2016 compared to 64,000 in 2015, according to New World Wealth’s latest report on global wealth and wealth migration trends in 2016.

Large outflow of millionaires from France (over 12,000 millionaires in 2016) is notable — France is being heavily impacted by rising religious and ethical tensions.

Besides France, there is China that has lost 9,000 millionaires while 8,000 departed Brazil then India and Turkey where 6,000 millionaires migrated.

Reasons behind migration from Brazil are basically related to the economic crisis and the ongoing recession since two years.

As for Turkey, it is in a continuous phase of crises including the failed military coup in 2016 and the terrorist and aggressive actions – the most recent one is the assassination of the Russian Ambassador to Ankara Andrei Karlov.

According to the report, wealthy people who leave their countries are in quest of safety and security in addition to countries of excellent education system as well as delicate health services. Some others are looking for a better climate and cleaner environment.

In 2016, countries that experienced large inflows of millionaires in 2016 included Canada, UAE, New Zealand and Australia.

An estimated 11,000 millionaires moved to Australia in 2016 compared to 8,000 in 2015.

US attracted more than 10,000 millionaires or High Net Worth Individuals (HNWIs), then Canada with 8,000 and UAE with more than 5,000. Dubai has proven itself to be the best destination for the Middle East millionaires while New Zealand received more than 4,000.

Although several social and economic theories show that money does not purchase happiness, however it seems that when conditions worsen money can facilitate the decision-making process.