Petronas Towers, Kuala Lumpur. (Source: Michele Moroni/flickr)
A report issued on Tuesday found that over a quarter of wealthy Malaysians are seeking permanent residency abroad. The economy is doing well, growing at 4.5% this year, with a financial system that is widely lauded. But Malaysians with a net worth of over $30 million feel there are few opportunities in the country.
It doesn’t help that the government of P.M. Najib Razak is becoming increasingly illiberal, cracking down on independent press while fending off corruption allegations. But given the country’s largely ethnic-based politics, at least for Malays (who have historically reaped most economic and political rewards over the Chinese and Hindu groups) he’s one of their own. However, according to Andrew Aeria, a politics professor at the University of Malaysia Sarawak, there is a “genuine fear” that Malays “will lose all their privileges and benefits accorded to them” if the opposition manages to take power.
Meanwhile, better business and educational opportunities in places like London and New York…
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