The Media Line: 1,700 Millionaires Left Tel Aviv for Greener Pastures in 2024

1,700 Millionaires Left Tel Aviv for Greener Pastures in 2024

By The Media Line Staff

Around 1,700 millionaires left Tel Aviv and its neighboring city of Herzliya last year, bringing the cities down to 48th place on the ranking of metropolitan areas with the most millionaires. That’s according to a new report released Tuesday by the investment firm Henley & Partners and the research group New World Wealth.

The combined number of millionaires in Tel Aviv and Herzliya declined from 24,300 to 22,600, with those worth in the hundreds of millions falling from 82 to 76 and billionaires decreasing from 10 to nine. The report attributes the decline to political instability and security concerns stemming from Israel’s ongoing war with Hamas as well as widespread discontent over the government’s judicial overhaul.

Global financial bodies have expressed similar concerns. In 2024, Israel’s credit rating was downgraded by Moody’s and S&P Global Ratings. Moody’s lowered Israel’s rating twice—first from A1 to A2 in February and then to Baa1 in September—while S&P downgraded it from A+ to A in April, with both agencies citing increased security risks and economic uncertainty.

According to Henley & Partners, Israel lost 200 millionaires in 2023, following a gain of 1,100 millionaires in 2022.

“Israel’s experience serves as a poignant reminder of how quickly a country’s status as a wealth nexus can unravel in the face of mounting risks. Political instability, eroding democratic norms, social unrest, and persistent conflicts can rapidly undo a nation’s hard-earned reputation as an attractive destination for the world’s wealthy and talented,” Dan Marconi, senior consultant at Henley & Partners’ Israel branch, wrote last year.

https://themedialine.org/headlines/1700-millionaires-left-tel-aviv-for-greener-pastures-in-2024/