Millionaire Refugees

Vocabulary

Millionaires are Fleeing France

Around 10,000 millionaires left France in 2015, according to a report by New World Wealth, which provides analysis on international wealth.

Paris saw the biggest exodus of high, net-worth individuals, with 7,000 millionaires leaving the city last year. That’s roughly 6% of Paris’ millionaires, a population of 126,000, according to the report.

Most of these millionaire Parisians have moved to the United Kingdom, United States, Canada, Australia and Israel.

The Analysis

The study is based on wealth statistics, surveys, interviews with migration experts, second citizenship platforms, wealth managers and property agents, and also considers investor visa statistics.

Other Nations

China saw 9,000 millionaires — 1% of its total — emigrate in 2015. Meanwhile, 6,000 left Italy, 4,000 exited India and 3,000 left Greece.

“The outflows from India and China are not particularly concerning, as these countries are still producing far more new millionaires than they are losing,” the report said. “Once the standard of living in these countries improves, we expect some wealthy people to move back.”

Inflow

On the flip side was Australia; it saw 8,000 millionaires coming to its shores. Around 7,000 millionaires moved to the US and 4,000 to Israel.

The report said the millionaire exodus is a “bad sign,” for countries. “Millionaires are often the first people to leave . . . they have the means to escape, unlike middle class citizens.”

The millionaire exodus could also hurt local economies, as many are business owners employing people and paying high taxes.

Questions

1. A large number of rich people have left France, especially Paris. True or false?

2. Were their favorite destinations Germany, Sweden and Switzerland?

3. The researchers got their information from the French Ministry of Migration. Yes or no?

4. Have rich people emigrated only from France?

5. Is there a major difference between rich people leaving China and India, those leaving Greece and Italy?

6. It’s not good (it’s very bad) that rich people are emigrating from their homelands. Is this right or wrong?

7. Is it easier or more difficult for rich people to emigrate? Who can emigrate more easily, rich, middle-class or poor people?

A. Is there or has there been an exodus of rich people from your country? Do rich people settle in your country?

B. Why do these rich people leave their countries?

C. Why do they settle in the UK, US, Canada, Australia, Israel?

D. Are people happy, sad, disappointed, angry or indifferent about rich migrations?

E. If you could, would you or your friends emigrate?

F. What will happen in the future?