Ten percent of Turkey’s millionaires, some 4,000 individuals, moved out of the country in 2018, according to the Global Wealth Migration Review 2019 recently published by AfrAsia Bank and New World Wealth.
The Australia was the most attractive destination for millionaire emigration in 2018, followed by the United States.
China lost some 15,000 millionaires, amounting to 2 percent, during the year. But China produced more millionaires than it lost in the same period, according to the report.
Economically troubled countries Venezuela, Turkey and Argentina lost over 20 percent of their wealth between 2017 and 2018, the report said, with Turkey ranking second in terms of loss with 23 percent.
In a 10-year span, from 2008 to 2018, Turkey’s loss in wealth totaled 11 percent.
Turkey’s economy has been experiencing a recession according to observers, with high inflation, high interest rates and unemployment increasing by the month.