Countries are losing their financial backbone. Muslim influx is resulting in a “millionaire exodus” in many countries, with France at the top of the list.
A new report on migration trends of millionaires and high-net worth individuals reveals that millionaires are simply pulling up stakes and leaving the countries where Islamic terrorist activity has caused rising tensions.
According to the report, Millionaire migration in 2015, France topped the list of countries with maximum millionaire outflows as it lost 10,000 millionaires, or 3% of its millionaire population. Among the cities that saw maximum millionaire outflow, Paris, was at the top – losing about 6% of its millionaire population or 7,000 millionaires in 2015 to the UK, the US, Canada, Australia and Israel.
Australia was the favourite destination with maximum inflows in 2015 – a total of 8,000 new millionaires. The US was ranked second with 7,000 inflows, followed by Canada, Israel, the UAE and New Zealand.
The report highlights a trend that saw many UK-born wealthy people relocating their bases to other English-speaking nations like Australia, US, Canada and New Zealand. “This may be a trend that continues in future as several wealthy UK-born people that we spoke to said they were concerned about the way London and the UK in general had changed over the past decade or so. Australia seems to be their preferred destination,” the report says. In 2015, London saw an inflow of 3,000, but an outflow of 2,500 millionaires, who moved to small towns in other parts of England or other English speaking countries.
(Via IB Times)
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