'Israel' no longer top destination for millionaires

By Al Mayadeen English
Source: Israeli media
18 Jun 2024 13:14
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The Israeli occupation has fallen off as a top destination for millionaires due to the Israeli war on Gaza, an investment firm found.

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Tel Aviv beach, seen mostly empty following the government's new restrictions in the three-week nationwide lockdown to protect the spread of COVID-19, in occupied Palestine, on September 25, 2020. (AP)

"Israel" is no longer among the top ten destinations for millionaires for the first time in several decades, according to a 2024 wealth migration report by international investment migration advisory firm Henley & Partners.

"This seismic shift underscores how swiftly conflict can unravel a country’s appeal to the world’s wealthy and globally mobile," Senior Client Advisor at Henley & Partners "Israel", Dan Marconi, said.

Henley & Partners' report assesses the appeal of governments around the world to wealthy individuals seeking to take their business away from their country of origin.

According to Marconi, the ongoing war on Gaza "has not only shattered Israel's image as a safe haven but also threatened to overshadow its economic achievement."

In the report, the firm analyzed the net inflows and outflows of high-net-worth individuals with liquid investable wealth of at least one million dollars.

Additionally, the report revealed that the United Kingdom and China will lose a large number of millionaires in 2024, while the United Arab Emirates, which offers wealthy people highly-sought after amenities and tax cuts, will likely be the "world's leading wealth magnet" for the third consecutive year.

Operation Al-Aqsa Flood shatters the Israeli dream

The Israeli regime and the Zionist project have historically depended on the migration of Jewish workers, farmers, and capitalists, as a means to sustain and expand the colonial entity.

However, Operation Al-Aqsa Flood, which took place on October 7, 2023, and the subsequent unrest in Israeli-occupied territories, have led to the mass migration of nearly 500,000 settlers.

The ease of international movement, marked by a strong passport and the fact that nearly 10% of Israelis still hold dual citizenship, has helped a large portion of settlers leave the occupied territories. Jewish migration to the occupied territories has also been dealt a hefty blow as only 12,977 people migrated to the territories from October 2023 to March 2024.

In comparison, the same period a year earlier saw 41,007 people migrate to Israeli-occupied territories.

The economy has also been heavily affected. Years of relative calm saw the war-based Israeli economy transform into a leading technology and tourism-based economy, which became a start-up haven. Now, the Israeli economy is slowly transitioning back to a war economy as the government makes drastic changes to the annual budget.

All of these factors have affected the occupation's standing as a safe destination for capitalists and safe long-term investment.