On the other end of the spectrum, the report revealed that countries like France, Turkey and Brazil lost large numbers of HNWIs in 2016, which it claims is a ‘very bad sign and generally shows serious problems in a country’.
’The large outflow of millionaires from France (over 12,000 millionaires is 2016) is notable – France is being heavily impacted by rising religious tensions between Christians and Muslims, especially in urban areas,’ stated the report.
‘We expect that millionaire migration away from France will accelerate over the next decade as these tensions escalate.
‘In our view, other European countries where religious tensions are starting to emerge such as Belgium, Germany, Austria, the UK, Holland and Sweden will also be negatively affected in the near future.
Of further concern, since 2000, France has experienced a net outflow of over 60,000 millionaires. Around 6,000 left in 2014, 10,000 left in 2015 and 12,000 left in 2016. This shows that wealth migration away from the country is accelerating.’
Note: loosing HNWIs is a very bad sign and generally shows serious problems in a country.