Thousands of British millionaires flee the UK

CNN London —

A record number of millionaires could leave the UK this year. That's as political turmoil and the possibility of tax rises under the next Labor government reduce the appeal of what was once a favorite travel destination for the wealthy.

Up to 9,500 people with liquid investable assets of at least $1 million will leave the country in 2023, more than double the number who left, according to a report released Tuesday by immigration adviser Henley & Partners. .

The figures reflect a steady accumulation of factors making Britain less attractive to high-net-worth individuals, Hannah White, CEO of the Institute for Government, wrote in the report. The fallout from Brexit continues to be felt, and the City of London is no longer considered a global financial

The report is based on data on 150,000 high-net-worth individuals (HNWIs) tracked by investment firm New World Wealth. The company only counts people who stay in a new country for more than half the year, and focuses primarily on company founders, chairman, CEOs, presidents, directors and managing partners.

The ongoing exodus of 16,500 millionaires from the UK between 2017 and 2023 is part of a global mass exodus of the rich that appears to be accelerating. According to the Henry Private Wealth Migration report, 128,000 millionaires plan to emigrate this year, surpassing last year's record by 8,000.

As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty and social upheaval, millionaires are voting in record numbers, says Dominic Volek, head of private clients at Henley & Partners. ) stated in a press release.

Of the 15 regions with the most millionaires, the UK is suffering the most, with only China expected to lose more HNWIs (15,200) in 2024, along with Japan and Hong Kong, which have both suffered net losses over the past decade. It is one of three locations. According to the report, it has been since 2013. In contrast, wealth ranks increased in the United States, Canada, Australia, Germany and France during the same period.

This was compounded by Brexit, which ended free movement of people between the UK and the EU and raised new barriers to trade and investment, and other economic shocks, including the war in Ukraine and the resulting surge in energy prices. A time of unprecedented political uncertainty.

Britain has had five prime ministers since 2010, including Liz Truss' 45-day term in 2022. Liz Truss's plan to increase government borrowing to cut her taxes has sent the pound crashing to a record low against the dollar and sending the Bank of England into a slump. Intervene to prevent financial crises.

This instability has made it much more difficult for policymakers to address the country's poor economic growth and create a better investment climate.

Now a new danger is approaching. Labor, which leads Conservative Prime Minister Rishi Sunax by about 20 points in opinion polls, has done its best to lure businesses and investors, promising economic stability and stronger growth if it wins the upcoming election. July 4th.

Starmer and his finance spokeswoman Rachel Reeves, who previously worked at the Bank of England, pledged not to increase income tax or sales tax and to stick to the fiscal rules adopted by the Sunak government.

But Labor is targeting tax rises that could hit the rich. Eliminating the 20% tax break in private schools to fund new teachers in the state-run sector, allowing so-called non-domestic residents to shield some of their overseas earnings from taxes and raising more funding from private equity firms. We want to close any remaining loopholes. .

The outflow of high-net-worth individuals, already driven by the economic and political context, is now being accelerated by policy decisions ahead of the election, Mr. White said.

Still, no matter what the outcome is on the Fourth of July, one very wealthy couple will certainly remain. Millionaire former hedge fund manager Sunak and his wife Akshata Murthy, the daughter of an Indian tech billionaire, are worth $651 million ($826 million). The Sunday Times Rich List makes them richer than King Charles.

Sunak said last week that he would serve out his term if re-elected as an MP for his northern England constituency, even if his party was kicked out of government.

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