Brazil is losing its millionaires to Portugal, their favourite destination
Brazil has ranked again as one of the countries "exporting" more millionaires, worldwide. Insecurity and economic instability have caused Brazilians to leave their land, and Portugal is their top pick
Brazil is at the top ten of the ranking elaborated by the New World Wealth, a global market research group, based in Johannesburg, South Africa. The country is, for the third consecutive year, at the top ten list of their report which focuses on Wealth Migration. And Portugal is seen as their favourite place to move to.
According to BBC Brazil, around 2000 people owning more than one million dollars in assets have packed their bags and moved abroad in 2017. Estimations show that since 2015 around 12.000 Brazilian millionaires have fled their country of origin. The dooming scenario outlines the socio-economic issues that have been hitting the country and they also emphasize that politics in the country are wary, fragile and unstable, as a report from AfrAsia Bank showed.
The data reports show a worrying picture of Brazil: it was the seventh country in the world that saw more of their own millionaires fleeing to other countries in 2017. A story published in the Wall Street Journal (paid access) pointed out the insecurity climate and political and economic instability as root causes for the migration movement of wealthy Brazilians moving to foreign countries.
Another thing is for sure: Portugal is their most wanted country of destination, and according to the Global Wealth Report Review 2018 the majority of the Brazilians emigrating from their country were choosing Portugal as the first pick, followed by the United States, and Spain.
São Paulo city is the municipality that witnessed more of their wealthy people leave, a city where the public safety is in decay.
