Narayan AmmachchiThe number of millionaires in Costa Rica has jumped by more than 72% over the past ten years, according to consulting firm Henley & Partners.
No other country in Latin America attracts as many wealthy individuals as Costa Rica. Globally, the Central American nation now ranks sixth.
Over the past decade, around 8,400 wealthy individuals have moved to Costa Rica, with another 350 expected to arrive by the end of this year.
Political stability, low levels of violence, and a pleasant climate are among the main factors drawing this influx of millionaires.
Most of these individuals do not stay year-round. On average, they spend about six months in Costa Rica and the rest abroad.
While the majority come from the United States and Canada, there is also a steady flow from Venezuela, Colombia, and Mexico.
However, local residents have begun expressing concerns about the influx of foreigners. They are reportedly blaming the the rising property prices to the influx of wealthy foreign individuals.
In coastal cities, property values have been doubling roughly every two years, say local media reports, fueling fears of a housing crisis for locals.
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