Granted, displaced millionaires get little if any sympathy, but no country gains by losing the talent and capital of its wealthiest residents, particularly not emerging countries like India. Stunningly, India in 2017 suffered a net loss of 7,000 members, or 2 percent, of its millionaire population. Right now, this forensic accounting offers clear evidence of looming financial difficulty in only one major country: Turkey. The 12 percent decline in Turkey’s millionaire population last year was by far the largest of any major economy, and second only to the 16 percent decline in Venezuela, with its small, hyperinflationary economy. Turkey’s millionaires appear to be fleeing both deteriorating financial conditions marked by very high inflation, and President Recep Tayyip Erdogan’s crackdown on his critics, including those in business.

Source: New York Times June 02, 2018 18:22 UTC