Rising tensions in France, especially in Paris following a series of Islamist terrorist attacks in 2015, have spurred an exodus of its super-wealthy citizens, a new report on migration trends of millionaires and high-net worth individuals across the world reveals. The report warns that other European countries, including the UK, Belgium, Germany and Sweden “where religious tensions are starting to emerge”, will also see similar trends.
According to the report, Millionaire migration in 2015, France topped the list of countries with maximum millionaire outflows as it lost 10,000 millionaires, or 3% of its millionaire population. Among the cities that saw maximum millionaire outflow, Paris, was at the top – losing about 6% of its millionaire population or 7,000 millionaires in 2015 to the UK, the US, Canada, Australia and Israel.
“The large outflow of millionaires from France is notable – France is being heavily impacted by rising religious tensions between Christians and Muslims, especially in urban areas. We expect that millionaire migration away from France will accelerate over the next decade as these tensions escalate,” the report warns.