In an unprecedented reversal of fortunes, the latest Henley & Partners Private Wealth Migration Report has unveiled a dramatic decline in Israel’s status as a top destination for migrating millionaires. For the first time in several decades, Israel has dropped out of the coveted top inflows list, marking a significant departure from its long-standing position among the top ten destinations for wealthy migrants.
Dan Marconi, Senior Client Advisor at Henley & Partners Israel, commented on this startling development: “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 achievements.”
The annual report highlights that more affluent individuals are now leaving Israel than settling, a stark contrast to previous years. In 2023, Israel was ranked 12th, with an influx of 600 wealthy individuals, while in 2022, it proudly held the 8th spot. Henley & Partners define wealthy individuals as those possessing liquid assets exceeding $1 million.
Israel drops out of the top 10 millionaire destinations for the first time in decades, as the ongoing war impacts its image and economic achievements, according to Henley & Partners' 2024 wealth migration report.
— The Jerusalem Post (@Jerusalem_Post) June 18, 2024
✍🏽 @EveBelleYoung https://t.co/T8JmIz7fNP
The report paints a grim picture: “In a reversal of fortunes, 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.” The exodus of wealthy migrants underscores a broader economic malaise precipitated by the ongoing conflict.
Marconi’s observations highlight the far-reaching economic damage inflicted by the war. The affluent are showing no sentimentality, moving their capital to safer havens, and leaving Israel’s high-tech sector—heavily reliant on investor funds—vulnerable. This investor exodus poses a formidable challenge to reversing the economic damage that has afflicted Israel since Hamas launched their devastating attack on October 7th that killed 1,200, injured over 5,000 and saw around 250 people taken hostage.
Benefitting from the Jewish State's decline, the United Arab Emirates now claimed the top spot, attracting 6,700 wealthy migrants over the past year. The United States follows with 3,800 migrants, trailed by Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal, and Japan. Conversely, China, the United Kingdom, and India saw the most significant losses in wealthy migrants over the past year.
"Israel" fell from the list of the top ten countries to which millionaires travel for the first time in several decades, according to the 2024 Wealth Migration Report issued by the international investment migration consulting firm Henley & Partners.#الميادين #طوفان_الأقصى https://t.co/qR2vgtxkRk
— Ali Dawi. 🦂 (@5670Ibrahim) June 18, 2024
Henley & Partners emphasize that their report serves as a leading indicator of the overall economic health of countries. Israel’s fall from grace signals deeper economic and social ramifications, making it imperative for policymakers to address the underlying causes and restore confidence among global investors.
As Israel grapples with these challenges, the path to regaining its status as a prime destination for the world’s wealthy remains uncertain. The nation’s resilience and strategic economic reforms will be crucial in reversing this trend and reestablishing its image as a secure and prosperous haven for affluent individuals.
