JERUSALEM / ANKARA

At least 1,700 millionaires left Israel last year due to deteriorating economic conditions in the wake of the Gaza war, Israeli media said on Tuesday.

Figures released by Henley & Partners firm, a British-based global leader in immigration 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,” Henley & Partners said.

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

Last year, global ratings agency Ftich downgraded Israel’s credit score from A+ to A.

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 Defense 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.