Millionaires exodus deal mighty blow to Israeli economy: Israeli media
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Israeli media reported that 1,700 millionaires have fled "Israel" during the past year as the occupation continues to wage wars in the Middle East.
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Travelers line up for check-in at Fly Dubai airline counter at Ben Gurion International Airport in Lydd, occupied Palestine, on Sunday, Nov. 10, 2024. (AP)
Thousands of Israeli millionaires have left "Israel" in the past year, Israeli media reported on Tuesday.
Israeli Channel 13 revealed that in the past year, 1,700 millionaires have fled "Israel", with experts warning that this exodus deals a significant blow to the regime's economy.
In a similar context, Ynet reported that around 8,300 workers in the hi-tech field left "Israel" between the start of the war in Gaza and July 2024, which constitutes around 2.1% of the workers in this industry.
According to the report, those who left make up roughly 2.1% of "Israel's" entire high-tech workforce—a figure described as "deeply alarming," reflecting the troubling state of the sector in 2025.
This comes as "Israel" faces more and more economic crises, severely exacerbated by a weakened economy following more than a year of war and, more recently, tariffs imposed by the United States.
On April 4, dubbed "Liberation Day" by Donald Trump, the United States announced tariffs targeting both allies and adversaries alike, just one day after "Israel" removed its remaining customs duties on American imports.
In detail, Israeli Minister of Finance Bezalel Smotrich signed a directive ordering the revocation of all tariffs imposed by "Israel" on the United States, stating that “fully eliminating tariffs on imports from the US is an important step to safeguard the Israeli economy during a sensitive period and to strengthen the economic relationship with our most important ally – the US."
Nevertheless, Israeli goods were slapped with a 17% tariff, marking one of the harshest penalties imposed on US trade partners.
Tariffs hit as Israeli economy plunges
Moody’s Investors Service warned of "Israel’s" “very high political risks that have weakened economic and fiscal strength," Israeli media reported late March.
Moody’s said in a regular update report on the occupation entity’s credit rating that “uncertainty over Israel’s longer-term security and economic growth prospects is much higher than is typical, with risks to the high-tech sector particularly relevant, given its important role as a driver of economic growth and significant contributor to the government’s tax take."
The report noted that these negative developments could significantly impact the government’s finances and lead to further deterioration in institutional quality.
The Jerusalem Post reported on February 11 that "Israel's" economy continued to struggle in the second half of 2024, as its war on Gaza deepened financial instability and eroded investor confidence. According to the Bank of Israel's latest financial stability report, macroeconomic risks remain high despite minor improvements in credit and asset pricing.
The central bank's risk assessment, which evaluates the exposure of "Israel's" financial system to macroeconomic challenges, found that economic instability persisted due to the security situation. The report pointed to the war's impact on global perceptions of "Israel's" economy, affecting businesses, government finances, and borrowing costs.
The observations align with projections from the International Monetary Fund (IMF), which recently revised "Israel's" 2024 GDP growth forecast down to 0.7%, citing regional conflicts and heightened uncertainty as major concerns.
Despite a somewhat modest GDP growth following a contraction at the end of 2023, "Israel's" economy has yet to regain its expected trajectory.
