Paris alone saw 7,000 Parisians flee the city. This represents six percent of the city’s population of millionaires, which is estimated at 126,000.
New World Wealth came to these numbers after studying wealth statistics, interviews with migration experts, talking with wealth managers and property agents, investor visa statistics, and talking with migration experts. It’s unclear how many of these fleeing millionaires actually renounced their citizenship, however, and how many who were relocating temporarily.
China lost nearly as many millionaires, with 9,000 leaving the country in 2015. This represents approximately 1 percent of China’s total. India, meanwhile lost 4,000. Back in Europe, Italy lost 6,000 millionaires and Greece lost 3,000.
Experts expect many of the millionaires to return to their home countries, especially China and India, as conditions improve.
So where are all of these millionaires going? Australia saw 8,000 arrive at their doorstop, while the United States saw 7,000 newcomer millionaires. Israel, a relatively small country, welcomed 4,000.
Millionaires fleeing the country could suggest that those with the means to do so are deciding to leave. These millionaires could potentially be canaries in the coal mine, hinting at worsening underlying conditions. At the very least, local economies will suffer as their spending power is taken elsewhere.
In the United States, only 4,279 Americans renounced their American citizenship last year. This represents a 20 percent increase from 2014, however. It’s unclear how many of these Americans were millionaires and renounced their citizenship for economic reasons, however. The United States’ reporting and tax burdens for dual citizens living in other countries can be extremely high, even for non-millionaires.
