Posted on 06/04/2018 8:57:54 AM PDT by SeekAndFind
Tracking the rich has become a voyeuristic global industry, a form of celebrity worship. But it can also provide serious clues about where countries are headed.
When a country begins to fall into economic and political difficulty, wealthy people are often the first to ship their money to safer havens abroad. The rich don’t always emigrate along with their money, but when they do, it is an even more telling sign of trouble.
Since 2013, New World Wealth, a research outfit based in South Africa, has been tracking millionaire migrations by culling property records, visa programs, news media reports and information from travel agents and others who cater to the wealthy. In a global population of 15 million people each worth more than $1 million in net assets, nearly 100,000 changed their country of residence last year.
In most countries it is fair to assume that any millionaire exodus is composed mainly of locals, and not foreign investors, because the wealthy classes will be dominated by citizens or longtime residents. In 2017, the largest exoduses came out of Turkey (where a stunning 12 percent of the millionaire population emigrated) and Venezuela. As if on cue, the Turkish lira is now in a free fall. There were also significant migrations out of India under the tightening grip of its overzealous tax authorities, and from Britain under the cloud of Brexit.
On the flip side, slowing outflows can be a welcome sign, and in 2017 the biggest shift for the better came in that caldron of anti-rich hostility, France.
Equally surprising was the lack of change in the United States, where the arrival of a billionaire president did not seem to attract or repel millionaires. A net total of 9,000 millionaires migrated to the United States last year,
(Excerpt) Read more at nytimes.com ...
FOR THOSE INTEREST IN WHERE THE RICH ARE MOVING TO...
Millionaire migrations can be a positive sign for a nation’s economy. The losses for India, Russia and Turkey were gains for havens like Canada and Australia, joined lately by the United Arab Emirates.
Owing largely to the stability and glitter of the most famous emirate, Dubai, the United Arab Emirates in 2017 had a net inflow of 5,000 millionaires, increasing the size of its affluent population by 6 percent, the largest gain in the world. Britain was among the millionaire havens until 2016, but may continue losing ground until it can resolve the uncertainties raised by Brexit.
Equally surprising was the lack of change in the United States, where the arrival of a billionaire president did not seem to attract or repel millionaires. A net total of 9,000 millionaires migrated to the United States last year,
BUT WAIT . . .we were told that Hollyweird’s multi millionaires were going to beat it out of USA and emigrate to other WHITE countries?
Wealthier Chinese people have been getting as much of their money out as possible for years now.
What is a "millionaire?"
Somebody with a positive net-worth of a million dollars or more?
A million dollars isn't that much these days. A house that you paid off decades ago and appreciated, a 401K, a savings account and a brokerage account get a lot of people there these days.
My bet is there are a lot more than 5 million in the USA.
Millionaires leaving s***hole places like India, Turkey & Russia for high taxing social democracies like Canada and Australia.....
Makes you go hmmm......
That’s why it’s so “surprising.”
-PJ
Sounds like attract to me...
Are millionaires leaving or going to certain states like Illinois, New York, New Jersey, Connecticut, California? What about free states like Texas, Tennessee, Florida, Georgia?
Would think this same reasoning applies to states.
Writer is a total dumbass. 5 million millionaires in the USA?
Uh:
“As of the end of 2016, there were a record 10.8 million millionaires nationwide, according to a new study from Spectrem Group’s Market Insights Report 2017.”
“Writer is a total dumbass. 5 million millionaires in the USA?”
I agree.
I know millionaires and I’m sure most of us do——much of it is in real estate———paid off homes in areas where real estate has soared.
.
Erdogan is destroying Turkey’s economy at its roots.
Turkey led the world last year, in millionaires moving out. The smart money is leaving, as part of a broader brain drain of the skilled and educated.
“In 2017, the largest exoduses came out of Turkey (where a stunning 12 percent of the millionaire population emigrated) and Venezuela. As if on cue, the Turkish lira is now in a free fall.”
Although the current stampede of capital flight from Iran might edge Turkey out of first place this year, the Turkish exodus continues, as Erdogan has only become more oppressive and capricious.
The same reasoning does apply. Which is why NYS has lost almost half its House seats in 60 years.
RE: “As of the end of 2016, there were a record 10.8 million millionaires nationwide, according to a new study from Spectrem Group’s Market Insights Report 2017.”
OK, How does one define “Millionaire”?
Does it include those who own properties worth over a million? ( like they do in NY and San Francisco )?
Does this include those who have saved over a million over their careers in their retirement plan?
If so, I bet it’s even greater than 10 Million ....
Result? BOOM!
Anyone who thinks Trump wasn't predictable is, as you say, a "total dumbass". I'd venture that he's been the MOST predictable President in history.
However, the author does bring out useful conclusions from tracking the movement of millionaires. This makes me wonder what the movement is in the USA from state-to-state. My guess is that CA, IL, NY, and NJ have millionaire flight, while TX is a millionaire haven. But what about other states?
A million won’t get you much in Los Angeles.
Actually, did you think they’d REALLY move?
They’re stupid, yes, but they know where their bread is buttered
And where they can have private ARMED security . . . and secure gated hoods.
All hat, no cattle for these bastards
Correct. The real “millionaires” of today are the billionaires.
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