New Geography chief Joel Kotkin taps data from consultancy New World Wealth that tracks millionaire migration around the world, and comments on why it's important to keep tabs on them.
Kotkin notes that investors, entrepreneurs and innovators are extraordinarily mobile by nature. They also bring with them capital, connections and tax revenues that are then lost to their former host countries and cities. There is also an employment impact. Kotkin writes
For communities around the world the choice is increasingly a Hobbesian one. Attract more of the wealthy to town, and see housing prices soar beyond the reach of the middle class, or push the rich away, and live with the likely loss of jobs, tax revenues and businesses.