Tel Aviv, once among the rising stars of global wealth, is losing its shine — and its millionaires. Amid a grinding war and deep political rifts, the city has slipped in the latest global rankings of the world’s wealthiest cities, dropping to 48th place.
1,700 Millionaires Pack Up — And That’s Just the Start
The latest annual report by Henley & Partners and New World Wealth paints a stark picture. Over the past year, Tel Aviv and neighboring Herzliya have lost 1,700 high-net-worth individuals. That brings the total number of millionaires in the area down to 22,600 — a drop of nearly 7%.
Centimillionaires, those with $100 million or more in assets, also thinned out, dipping from 82 to 76. Billionaires? Down to just 9 from last year’s 10.
Sure, the numbers may seem small at first glance. But in wealth management circles, where individual fortunes often translate into entire business ecosystems, these drops carry weight. Fewer wealthy residents means less local investment, less luxury consumption, and a potential drain on tax revenues.
War, Politics, and Uncertainty — A Toxic Mix
Well, the reasons are piling up fast. At the top of the list is the ongoing war with Hamas, which erupted in full force in October 2023 and shows no clear signs of resolution. Add to that the sporadic clashes with Hezbollah and Iran’s growing influence, and it becomes clear why even those with deep roots in Israel are exploring options abroad.
Prime Minister Benjamin Netanyahu’s government continues to push for a controversial judicial overhaul — a plan that critics say threatens the country’s democratic foundations. Protests have rocked the streets. Investor confidence has wobbled. And some of the wealthiest Israelis are making quiet — and not-so-quiet — exits.
One local banker put it bluntly: “When billionaires start pulling their money, it’s not just about politics — it’s about fear.”
A Slide on Multiple Fronts
Tel Aviv’s wealth exodus isn’t happening in a vacuum. The city’s broader appeal has also taken a hit.
The Economist’s 2024 Global Livability Index saw Tel Aviv drop a staggering 20 spots, landing at 112th. That’s the biggest fall in the entire ranking — and it matters. Livability is a key factor for wealthy individuals when deciding where to live, invest, or raise families.
Here’s a snapshot of what’s changed year-on-year:
| Metric | 2024 Value | 2025 Value | Change |
|---|---|---|---|
| Total Millionaires | 24,300 | 22,600 | -1,700 |
| Centi-millionaires ($100M+) | 82 | 76 | -6 |
| Billionaires | 10 | 9 | -1 |
| Economist Livability Rank | 92nd | 112th | -20 spots |
Who’s Gaining While Tel Aviv Loses?
While Tel Aviv drops, other global cities are climbing. The likes of Dubai, Singapore, and Miami continue to attract high-net-worth individuals at record rates.
These cities offer something Tel Aviv currently cannot:
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Political stability
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Investor-friendly policies
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High quality of life
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And most importantly — a sense of safety
For the Israeli government, this is more than just a PR problem. If the talent and capital drain continues, the impact will ripple through the economy.
One Tel Aviv tech entrepreneur, who recently opened a satellite office in Lisbon, summed it up with a sigh: “I love this city. But I have to think about my team, my business, and my family. Right now, that means looking outside.”
The Tipping Point May Already Be Here
While 1,700 millionaires leaving might not collapse the economy overnight, it’s the kind of slow erosion that changes cities forever.
Luxury real estate demand starts to dip. Private schools lose donations. Local businesses catering to high-spenders take a hit. Confidence wanes. Others follow.
It’s a pattern that’s played out in places like Hong Kong and San Francisco. Once the top tier starts moving, the ripple effect can grow fast.
It depends on what happens next. But one thing’s clear: If the government hopes to stop the bleeding, it’ll need more than speeches. It’ll need action — on security, on political stability, and on restoring the confidence of the people who’ve built wealth in the country.
