As banker Walt Wriston noted, capital goes where it is welcome and stays where it is well treated. Political instability means a proportion of the world’s wealthy are on the move. Nations are vying to attract them, even as they struggle to keep out much larger numbers of poor migrants.
The EU this week inked a €1bn deal intended to stem immigration via Tunisia. The UK parliament meanwhile passed a bill that could result in Rwanda receiving £170,000 per migrant relocated there. The efficacy of both schemes is questionable.
Developed countries make a quieter pitch to attract footloose millionaires and billionaires. About 122,000 are expected to relocate in 2023, according to a report from Henley & Partners, a consultancy.
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