Brazil is experiencing an exodus of high net worth individuals (HNWIs), as new figures show more than 2,000 dollar millionaires left the country over the 12 months to January.
The findings are published by South Africa-based research group New World Wealth in partnership with AfrAsia Bank in Mauritius as part of its annual survey of wealth migration worldwide. On publication, New World Wealth said that a large departure of HNWIs can signal serious problems in a country, like crime and lack of business or investment opportunities.
While Brazil came 7th in the overall ranking of countries, China, India and Turkey occupy the top three spots for people with $1 million or more in assets emigrating last year.
São Paulo, Istanbul, London and Moscow were the cities from which the largest number of dollar millionaires left in 2017.
The upheaval surrounding president Nicolás Maduro’s government has led to shortages of everyday items and his short tenure has been marked by frequent protests. This instability, accompanied by continued stock market losses, is thought to have contributed to people leaving the country. The country is still emerging from its deepest recession in years.
America, Spain and Portugal were the main destinations for Brazilian émigrés, the report found.
Over the same time frame, more than 1,000 dollar millionaires left troubled Venezuela, where inflation is forecast by some economists to reach 1,000,000% by the end of 2018.