Data analysis is a key asset to manage challenges
DATA ANALYSIS has evolved into a key asset for today’s world to manage challenges and opportunities, considering rapid technological advancements and global interconnectedness, according to Henley&Partners. “The amount and variety of data that a company and even more so countries generate includes valuable insights that can be easily used for unprecedented benefits,” the company told TR MONITOR in a written statement.
Global research firms transform millions of data points into actionable business and governance intelligence. With dynamic changes in business objectives, even consultancy firms craft reports regularly, not just for enterprises but also for entire countries. A prime example is the UK-based migration consultancy firm Henley&Partners.
Henley&Partners created the concept of residence and citizenship planning in the 1990s. It operates over 55 offices worldwide, including Turkey, and advises governments and wealthy families on residence-by-investment (RBI) and citizenship-by-investment (CBI). It aims to attract permanent and sustainable foreign direct investment (FDI) with quality through investment migration. So far, it has raised over USD 12bn in FDI. The company also analyses data and publishes reports on different topics such as climate change, sustainability, passport power, and wealth migration to empower businesses, individuals, and governments to evaluate their standing and performance across specific parameters.
Data analysis offers valuable insights into economic trends, societal needs, and environmental challenges. “This is now also relevant in wealth migration-related analysis, and some companies harness vast amounts of data to generate actionable intelligence, enabling policymakers to make informed decisions and optimize resource allocation in different sectors,” the firm said. “By leveraging data-driven governance, nations can anticipate emerging trends, mitigate risks, and capitalize on opportunities, thereby fostering economic resilience and competitiveness on the global stage,” it added.
Within this frame, the Investment Migration Climate Resilience report, prepared by the firm delves into how extreme conditions like droughts, hurricanes, floods, and storms impact the economic environment. Its Investment Migration Climate Resilience Index, on the other hand, includes over 900 data points within five parameters to assess 180 countries across the globe in terms of their resilience to the impacts of climate change. “Recognizing the influence of climate on life-altering decisions, nations must proactively work towards creating environments conducive to growth,” the statement read. According to the index, Turkey is the 15th country in the medium and higher resilience bands and ranks 34th globally in climate resilience. “Controlling carbon emissions for pollution checks, monitoring infrastructure to prevent disruptions in supply and distribution chains, and ensuring prompt flood relief are crucial, especially in labor-intensive countries.”
WEALTH MIGRATION IS A COMMON CHALLENGE
Another study by the firm is the Wealth Migration Report. It indicated that approximately 8,000 High Net Worth Individuals (HNIs) left one particular country in 2018. Another report by Morgan Stanley revealed that 2% of the total number of HNIs of the same country left in 2020. “That unveils crucial business sentiments of that country. Beyond tax loss, this migration may signal a reluctance among the wealthy to conduct business, impacting the national economy significantly,” the firm said, adding that by utilizing such data, governments can anticipate citizen needs and optimize policies, creating an environment that discourages emigration or even changes of nationalities.
According to Henley&Partners, wealth migration is a common challenge for many countries. As globalization continues to evolve, the concepts of residency and CBI have gained considerable attention over time among a growing community of globally mobile entrepreneurs and investors. Over 100 countries, including Turkey, offer residence or citizenship through some form of investment. The Turkey CBI program requires a minimum investment of USD 400,000.
The Quality of Nationality Index (QNI), another Henley & Partners report jointly published with a Dutch professor, analyzes in detail various parameters and ranks the quality of nationalities based on internal and external factors. This report and the ensuing data provide countries with insights into their performance compared to others. “By weighing local, regional, and global opportunities and limitations, nations can strategically address shortcomings, aiming for higher rankings and allowing citizens to revel in the prestige of their nationalities,” the statement read. Turkey’s ranking rose from 82nd to 76th among 160 countries in 2018 in the QNI.