There is still a continuing machlokes on whether or not settling and living in the land of Israel is a mitzva, and quite honestly, it is only one mitzva. Until recently, Israel was called a banana republic and with good reason. The beginnings of the Israeli state were chaotic. There were quite a few socialist and communist Zionists with their idea of what the Israeli government should be like. And, quite honestly, the institutions that early Israel had with these community alliyot were completely abusive (Genocide in the Holy Land). They may not have kidnapped Yemenite children or put religious Jews on the shooting range, but there was a clear, state approved, initiative to secularize these incoming communities. Several Sephardi and Mizrachi communities have essentially disappeared as a result of this forced assimilation. I'd even argue that the state's early policies are still reminiscent in the IDF as politicians have attempted to make it into an institution of assimilation. Obviously today though, the Israeli state does not do any of this. This is not a concern anymore, but its origins and intentions are quite a scare for quite a few, religious Jews.
Continuing on, if one has an established way of life in terms of livelihood and community in a first world nation that was not founded by socialists (in the sense of the economist/socialist dichotomy and not how Republicans decide to use the term), then why would he move? Why would I move to a country that is not even a tenth the size of my state, with serious conflict with its neighbors, and with relative isolation to the rest of the first world? If a man lives in Ukraine and he's afraid that he may be killed (for being Jewish), then Israel sounds like the best alternative, but I live in a land that I am tied to for cultural, economic, and linguistic reasons.
On a more opinionated note (this isn't a part of my answer), this entire obsession with Israel just sounds like a whole lot of idolatry. The land isn't any more intrinsically special or holy than the Americas, Europe, Asia, et cetera. The only thing that are holy are mitzvot, and the mitzva related to settling the land is, at best, questionable with relation to today. It does not matter where a Jew lives as long as he can live fruitfully while being shomer mitzvot. But, when people make the land of Israel to be something more than mitzvot, as if living in the land itself imbues some kind of mystical/holy power, that distracts away from the purpose of Judaism, worshiping God. "Only God is holy and only His imperatives absolute," (The Religious Significance of the State). The Stanford Wiki actually summarizes my favorite, modern philosopher, Yeshayahu Leibowitz, pretty well on this subject. "The idea that any material object can be holy is something that, in Leibowitz's eyes, is the ultimate definition of idolatry, potentially leading to the worship of people, objects, or—significantly for his brand of Zionism—land."