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Why Is France Becoming An Unpopular Place For Millionaires?

Why Is France Becoming An Unpopular Place For Millionaires?

By Ryan Velez

Despite its history as a center for culture, it appears that France is slowly becoming a rather unpopular country for the rich, according to data from research organization Research and Markets that has been reported on by Celebrity Net Worth. A recent report from Research and Markets says that 12,000 millionaires left France last year, compared to 10,000 in 2015, making it the most unpopular country for those in the millionaire bracket or higher. What is interesting about this statistic is that while it may be unpopular, the reasons aren’t necessarily based on money. In fact, France has shown some economic growth in recent quarters, leaving some confusion as to where the exodus is coming from.

For some, it is speculated that the reason for millionaires leaving is largely political. The far-right National Front party, led by Marine Le Pen, saw a rise in popularity following the recent terrorist attacks in France. The National Front Party’s policies are marked with hard stances and an extremely conservative approach to immigration and globalization. Many millionaires owe parts of their fortune to globalization, so it stands to reason that they may seek other places to live if they feel that France may become a hostile place to how they live and profit.

With this said, other countries that are becoming unpopular for millionaires aren’t necessarily in the same position as France, leaving a bit of a question as to what is and what is not appealing to them. These include China, which had 9,000 millionaires leave in 2016, a non-change from the prior year. Brazil saw a large increase, with 8,000 leaving in 2016 compared to 2,000 in 2015. Other countries ranking on the list include India and Turkey.

As for where all these millionaires are going, one destination is Australia. 3,000 millionaires moved there last year, making it top the list for the second year in a row. Other destinations of interest include the United States, the United Arab Emirates, and New Zealand. According to Market Watch, there were 13.6 million individuals with assets over $1 million, together worth $69 trillion globally during 2016.

Source

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