According to a recent report from Bloomberg, more than 108,000 millionaires left their home countries last year in search of greener pastures.
Most emigrated from countries like China and Russia… no surprise there.
India also saw a large outflow of millionaires as tax authorities tightened their grip. And Turkey continues to see an exodus, in the wake of strong-man President Erdogan.
But Western countries like France and England also lost boat loads (or planes full) of millionaires. Excessive taxation is the most obvious reason.
Did you know? You can receive all our actionable articles straight to your email inbox... Click here to signup for our Notes from the Field newsletter.
For instance France taxes the net wealth of households worth more than €1.3 million. As a result there are fewer and fewer households worth more than €1.3 million every year. What a surprise!
And the United States was the second most popular destination for fleeing millionaires.
There are plenty of great reasons to move to the US: safety, a strong economy, certain personal freedoms. It still has a reputation worldwide as a good home for the wealthy.