Israel sees 1,700 millionaires leave due to Gaza war

At least 1,700 millionaires left Israel last year due to the deteriorating economic conditions arising as a result of the occupation state’s genocidal war against the Palestinians in Gaza, local media said on Tuesday, Anadolu has reported.

Figures released by Henley & Partners, a leading British company specialising in migration services, and New World Wealth, a South-Africa-based data intelligence firm, showed that there were 22,600 millionaires living in Tel Aviv and Herzliya in central Israel in 2024, down from 24,300 in 2023.

“This means no fewer than 1,700 millionaires departed Israel over the past year,” said Henley & Partners.

While the report did not specify reasons for their departure, previous Israeli media reports suggested that many Israelis had left the country following the start of the Israeli war on Gaza and its repercussions on the economy and security in the occupation state.

Last year, American credit ratings agency Fitch downgraded Israel’s level from A+ to A. Israel has incurred enormous losses as a result of the ongoing war on the Gaza Strip, causing a domestic economic crisis.

Far-right Finance Minister Bezalel Smotrich complained months ago about the cost of the war saying, “We are in the longest and most costly war in Israel’s history.” Smotrich added that the cost of military operations could range between 200 and 250 billion shekels ($54 and $68bn). However, experts believe the figure to be higher.

Over 50,800 Palestinians have been killed in Gaza in a brutal Israeli onslaught since October 2023, most of them women and children.

The International Criminal Court issued arrest warrants last November for Israeli Prime Minister Benjamin Netanyahu and his former Defence Minister Yoav Gallant for war crimes and crimes against humanity in Gaza. Israel also faces a genocide case at the International Court of Justice for its war on the enclave.

READ: UK police looking into foreign fighters’ war crimes with Israeli forces in Gaza