Israel has slipped out of the Private Wealth Migration rankings for 2024 published today by international residence and citizenship by investment consultants Henley & Partners.
Each year Henley lists the 20 countries that have taken in most wealthy people. Last year Israel was ranked 12th with 600 more wealthy people living in the country, while in 2022 Israel was ranked eighth. The war means that fewer and fewer wealthy investors are interested in settling in the country and are taking their capital to other, safer locations. Henley defines a wealthy person as someone with liquid assets of more than $1 million.
The Wealth Migration Report says, "In a reversal of fortunes, the report reveals that Israel has dropped out of the top inflows list for the first time. This represents a major turnabout as Israel has been ranked among the top ten destinations for migrating millionaires for several decades."
Henley & Partners Israel senior client advisor Dan Marconi says, "This seismic shift underscores how swiftly conflict can unravel a country’s appeal to the world’s wealthy and globally mobile. The ongoing war has not only shattered Israel’s image as a safe haven but also threatened to overshadow its economic achievement."
Marconi's comments reflect the economic damage wrought on Israel by the war with the rich showing no sentiment. The damage is manifested, among other things, in the high-tech sector, which relies heavily on investors' funds for startups. Investors are voting with their feet, and it is not at all certain that it will be easy to reverse the damage.
The UAE took top spot in the list, attracting 6,700 moneyed migrants over the past year. The US was second, attracting 3,800 migrants, followed by Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal and Japan. China, the UK, and India lost most money migrants over the past year.
Henley stresses that the report is a leading indicator of the overall economic health of countries.
Published by Globes, Israel business news - en.globes.co.il - on June 18, 2024.
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