Sharp drop in number of Israeli millionaires

The report also reveals that while the number of people with more than $1 million in net assets fell 14.9%, the number of millionaires in Israel dropped by an almost double rate of 28%.

A millionaire is defined as a person people with net assets of more than $1 million excluding their main home and everyday possessions. The report ranks an ultra-rich as a person with at a fortune of more than $30 million.

According to Merrill Lynch, the number of ultra-rich in Israel dropped from 97 to 73 in the past year – down 24.6%.