During the current year, 88,000 millionaires are expected to pack their belongings and relocate to another country due to instability in the global economy.
This is according to a study by the law firm Henley Global.
Which countries will be allowed to absorb them?
We analyzed the list.
According to the study, the UAE leads the list of the 10 most magical countries for millionaires, which is expected to absorb 4,000 of them by the end of the year.
It is followed by Australia (3,500) and Singapore (2,800).
Israel ranks fourth and most impressive and is expected to absorb 2,500 of the world's richest - more than Switzerland (2,000) and the United States (1,500).
"Despite inflation, the Israeli market continues to demonstrate price increases and is a relatively stable ground for international investors thanks to the strength of the economy, resilience to upheavals and the great demand for housing in all parts of the country," explains Desi Leibel, owner of LYCO.
According to her, "the Israeli market is a convenient channel for Israelis who have defined a strategy of investing in a recognized market."
"Attractive destination for foreign investors"
In seventh place comes a surprise in the form of Portugal, which is expected to attract 1,300 millionaires by the end of the year.
"Portugal has taken a series of significant steps aimed at attracting investment and they are now bearing fruit," explains Itai Moore, founder of the Portuguese Investors' Club.
"It offers a 'Golden Visa' program that gives investors citizenship in the country and in the EU, grants income tax exemption for 10 years on income outside the country for those who become Portuguese tax residents, allows residency based on passive income, grants department for high-tech companies and startups operating in the country and more. All this, along with banking incentives in the form of attractive interest rates and high financing percentages, a growing economic climate and demand for basic things like residential and tourism real estate, make it a prominent and convenient destination for entrepreneurs and investors.
"Quite a few Israelis have also chosen to immigrate to Portugal in recent years, in light of the opportunities and economic benefits it offers," said Moore.
Another surprise on the list is Greece (1,200).
"The country is experiencing a recovery from the crisis that befell it in 2008, and today there is a possibility to purchase properties at low prices, along with the rise in GDP in the last three years and the ability to receive grants and loans on favorable terms and low interest rates," notes Label.
"Greece is an attractive destination for foreign investors in terms of taxation. The tax treaty of Israel and Greece allows for very favorable conditions to make investments both individually and under a local company. It is possible to issue a 'Golden Visa' through investments in the country and a digital nomadic visa," she added.
Canada (1,000) and New Zealand (800) close the list.
According to the study, the United States and Britain are losing their attractiveness to the wealthy sector. A significant proportion of immigrants come from Russia, where about 15,000 seek refuge from sanctions following the war in Ukraine, and some are eligible to come to Israel thanks to the Law of Return. Their families will choose to emigrate to another country in 2023, and their choice of destination will be affected, among other things, by the climate crisis.
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