Edited by Iain Hay and Jonathan V. Beaverstock
Chapter 18: Attracting wealth: crafting immigration policy to attract the rich
The Rich Are Always With Us was the title used in a 1932 Hollywood romantic comedy. Not a classic by any means, but a useful starting point for this chapter. The movie dramatizes the international travels of a wealthy socialite from New York to Paris and alludes to the travels of her lover from Romania to Paris and then on to China and India. It employs a common theme: the intimate connections between the rich, travel and periods of overseas residence. But at the heart of the title and the story line is the notion that the rich are invariably immoveable from their main base. If this was ever true it is becoming less true as there are now more wealthy looking and able to migrate and more states trying to attract them. This chapter examines the change in the regime of national immigration policies to attract the wealth of, and those with, capital. This shift towards a dual-track system, one for the wealthy and another for the rest, is more obvious in some countries than others but many states around the world are fundamentally changing as well as tweaking their immigration policies to attract the wealthy. The chronology of this shift is highlighted, the form of the policy shift is noted, and the effects are assessed.
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