World’s Wealthy Packing Up And Moving As Tensions And Taxes Take Toll

Via ZeroHedge

Rich people are picking up sticks and getting out of dodge, according to Johannesburg-based research firm New World Wealth, which notes that around 108,000 millionaires migrated across borders in 2018 – a 14% increase over 2017 and more than double the level in 2013.

The top destinations? Australia, the United States and Canada, reports Bloomberg. Around 3,000 of the millionaires left the UK last year – with Brexit and taxes cited as possible motivations.

Present conditions such as crime, lack of business opportunities or religious tensions are key factors, according to the report – which can also serve as key future indicators according to Andrew Amoils, New World Wealth’s head of research.

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QUOTES OF THE DAY

“The world needs a new generation of policymakers who don’t hobnob with billionaire speculators and who understand workers’ concerns. Unfortunately, the change will not come smoothly.”

Andy Xie

“At the root of America’s economic crisis lies a moral crisis: the decline of civic virtue among America’s political and economic elite. A society of markets, laws, and elections is not enough if the rich and powerful fail to behave with respect, honesty, and compassion toward the rest of society and toward the world.”

Jeffrey Sachs

“Wealth, in even the most improbable cases, manages to convey the aspect of intelligence. Wealth is the relentless enemy of understanding. In a community where the primary concern is making money, one of the necessary rules is to live and let live. To speak out against madness may be to ruin those who have succumbed to it. So the wise in Wall Street are nearly always silent. The foolish thus have the field to themselves. None rebukes them.

People of privilege will always risk their complete destruction rather than surrender any material part of their advantage. Intellectual myopia, often called stupidity, is no doubt a reason. But the privileged also feel that their privileges, however egregious they may seem to others, are a solemn, basic, God-given right.”

John Kenneth Galbraith

“Although I say that wisdom is better than strength, nevertheless the common wisdom is despised, and its words are not heard. A wise man speaking quietly is worth more than the shouts of a tyrant commanding fools. Wisdom is better than weapons of war, but one sinful man can destroy much that is good.”

Ecclesiastes 9:16-18

“Do you not think an angel rides in the whirlwind and directs this storm?”

John Page, To Thomas Jefferson

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