malaymail online posted a report titled “Malaysia losing millionaires at world’s second-fastest rate” on March 15, 2016.
Well, No News Is Bad News opines a more befitting headline would be “Millionaires fleeing Malaysia faster than the plague”.
Not that the rich fear catching the “Black Death” in Malaysia but they have given up on their country as a progressive socio-economic political nation.
In short - there is no future for them, and staying on is at the risk of losing their hard-earned wealth to thieves.
malaymail online quoted an international property consultancy firm as saying over one in four ultra-rich Malaysians are seeking permanent residence abroad, making Malaysia’s emigration rate among the rarefied set second only to China worldwide.
According to Knight Frank, the trend, largely credited to a purported lack of opportunities in Malaysia, could worsen in the coming years if Malaysia continues down the road to conservatism.
“As far as push factors are concerned, sometimes the lack of opportunities that may prevail here, which of course our government is trying best to improve, and these could be some of the push factors in this country.
“Of course if Malaysia continues to become, in terms of liberalism, we’re not as liberal as we used to be, being liberal is curtailed, you might see more Malaysians moving to more liberal countries,” Knight Frank Malaysia’s managing director Sarkunan Subramaniam said at the launch of “The Wealth Report 2016.”
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 Knight Frank Malaysia managing director Sarkunan Subramaniam says a purported lack of opportunities is seen as a push factor. — Picture by Saw Siow Feng |
He added that ample business and education opportunities in cities such as London in the United Kingdom and New York in the United States are also considered “pull factors” that were luring wealthy Malaysia to leave their home country for greener pastures abroad.
“As I said, this trend will continue as Malaysians become more and more international and of course as I said … there are a lot of business opportunities presented as far as business growth and education et cetera there is a major pull factor,” he added.
This comes after Employees Provident Fund (EPF) chief executive Shahril Ridza Ridzuan said in February that 23 per cent more Malaysians withdrew from their principal retirement pension account last year, indicating a rise in the number emigrating.
Over two million Malaysians are estimated to have emigrated since independence in 1957.
Skin colour-blind peace-loving Malaysians have the Umno-led Barisan Nasional (BN) federal government to thank for the sad state of affairs.
After all, it is the BN federal government that is allowing racial and religious bigots to continue spewing hatred against the non-Malays and non-Muslims, seemingly unabated.
And the judicial system and justice are also getting clearer by the day.
Malaysians are seeing how Namewee has been treated by the police and how the “Yang di-Pertuan Agong is MO1” Umno MP is still roaming free without handcuffs.
Yes, who else can you blame for accusations levelled at the BN federal government for having two sets of laws - one for Umno and another for the layman and pro-Opposition citizens.
And, of course, those who are fleeing or have fled Malaysia include those who had benefited from political patronage and projects.
If I have RM5 million, I would also try to migrate, wouldn’t you? Of course not to developed countries like the US, Australia, etc.
Perhaps China and even Thailand and Indonesia (Medan), why? Because the countries are still affordable and their foreign reserves are stronger than Malaysia.
In fact, Singapore, Thailand and Indonesia have stronger foreign reserves than Malaysia, and the Philippines is fast catching up.
If it just because the reason to migrate is because of Foreign Reserves, you might as well be pronounced a lunatic or demented. Take into consideration in countries like Indonesia, Thailand and Philippines, their populations are much larger than Malaysia. Malaysia average gross annual income belonged to the higher middle income group compared to the rest of the countries in the globe. Take in term of the cost of living, Malaysian spending power equivalent to the high income countries. The earlier three mentioned countries plus Singapore, purchasing power are much lower than us.
ReplyDeleteIn Malaysia 94 percent of the families have their own car and 91.7 percent of the families have their own house. Malaysia is a great country filled with milk and honey. There's a future here!
Did the article say foreign reserves is the only reason for migration?
ReplyDeleteExcuse me, if you have RM5 million, don't even bother to think about migration. After conversion to AUD, if you go to Australia, you end up with peanuts AUD 1.3 million. Now what can you do with this amount? Homes nowadays cost above AUD1 million....so how much do you have left? Stuff here is expensive. You guys don't know the full story. I know because I live in Melbourne.
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