CAPE TOWN - Many factors may it be political or social can lead to people leaving their home countries. According to a report by New World Wealth, these are the reasons why these 5 countries lost the most millionaires:
Here are more in-depth reasons why the wealthier class decided to leave their hometown:
1. France
Millionaires have been leaving France in their droves for some years now. In 2016, a staggering 12,000 bid farwell to the country.
High taxation has been a major catalyst and is among the top reasons high net-worth individuals are quitting France.
Other factors include:
A rise in terrorist attacks and ongoing State of Emergency and rising anti-Semitism.
2. China
Around 9,000 quit the country in 2016.
In fact, over the past 10 years, China has lost an eye-watering $3.8 trillion ($3trn) to capital flight.
Polls indicate that a majority of Chinese millionaires aspire to live overseas. They cite reasons that include restrictions on personal freedom at home, a lack of good senior management jobs and concerns about the country's levels of air pollution.
3. Brazil
A massive 8,000 millionaires emigrated in 2016.
A toxic combination of political chaos, high-level corruption, low commodity prices and a poorly-performing economy has led to a major wealth drain in Brazil.
The impeachment of President Dilma Rousseff, following her government's huge mismanagement of public funds, and the Petrobas corruption scandal have been the main drivers,
Other factors are low price of oil and lack of robust economic growth.
4. India
Around 6,000 millionaires vacated India in 2016.
An unpredictable taxation system is said to be one of the main reasons millionaires cite for leaving according to the report.
Other concerns are the country's poor infrastructure, high levels of air pollution and widespread poverty.
These are prompting the rich to move to better-developed countries that enjoy a higher standard of living and less wealth inequality.
5.Turkey
In 2015, a total of 1,000 millionaires moved away from Turkey. That figure skyrocketed to 6,000 in 2016.
Experts say the reasons are due to the political, security and economic problems plaguing the country, which have worsened of late.
Freedoms have been curtailed following July 2016's failed coup and the security situation in the country is deteriorating with terrorism and religious violence on the increase.
Also, the value of the Turkish lira has declined against the US dollar, triggering a flow of wealth overseas.