Displacement is underway in Lebanon after financial collapse, but not as events of migration, rather, as processual disruption to people’s lives that begins in place, preceding the potential outcome of forced migration. Financial collapse has shifted the population into extremes of constraint, dispossessing them of assets needed to live in valued ways. Widely circulated claims of an exodus are premature. Historic mass emigration from Lebanon occurred in times of capital availability whilst today’s financial collapse denies most people of the capital needed to emigrate. Migration remains limited to the few with social and cultural capital unaffected by the crisis. This article was prompted by the author’s observations of financial collapse whilst living in Lebanon in 2020 and long-standing engagement with the country. Regardless of whether mass emigration occurs, perhaps after the economy’s recapitalization, the displacement process already underway warrants attention from refugee and forced migration studies.