Report: Israel Falls From Private Wealth Migration Rankings Amid Ongoing War

By Aryeh Stern

(Hadar Youavian/FLASH90)

Israel has fallen out of the Private Wealth Migration rankings for 2024, published Tuesday by international residence and citizenship by investment consultants Henley & Partners. This marks a significant departure from previous years when Israel was a top destination for wealthy migrants.

Last year, Israel was ranked 12th with an influx of 600 wealthy individuals, while in 2022, it was ranked eighth. However, the ongoing war has deterred wealthy investors, who are now seeking safer locations for their capital. Henley & Partners defines a wealthy person as someone with liquid assets exceeding $1 million.

The Wealth Migration Report states, “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.”

Dan Marconi, senior client adviser at Henley & Partners Israel, commented, “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.”

Marconi’s remarks highlight the economic damage inflicted by the war, particularly in the high-tech sector, which heavily relies on investor funding for startups. Investors are withdrawing, and reversing the damage may prove challenging.

The UAE topped the list, attracting 6,700 wealthy migrants over the past year. The U.S. ranked second with 3,800 migrants, followed by Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal, and Japan. Conversely, China, the U.K., and India saw the highest outflows of wealthy individuals.

Henley & Partners stresses that the Wealth Migration Report is a leading indicator of the overall economic health of countries.

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