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As many as 9,500 millionaires are expected to leave the UK this year.

As many as 9,500 millionaires are expected to leave the UK this year.
As many as 9,500 millionaires are expected to leave the UK this year.

 


The UK is increasingly becoming a no-go destination for millionaires, with record numbers of Britons leaving the country due to the aftermath of Brexit, political uncertainty and the controversial non-resident tax overhaul.

Henley & Partners' latest Personal Wealth Migration Report 2024 predicts that 9,500 millionaires will leave the UK by 2024. This is more than double last year's figure. The number of millionaires scheduled to leave China this year is second only to China.

The United Arab Emirates continues to attract millionaires from other countries with its very attractive features, including golden visas, income tax exemptions and a focus on extravagant luxury. The region will add 6,700 millionaires this year.

year of democracy

It's no surprise that 2024 will be a record year for the global migration of millionaires. More than two billion people will head to the polls this year, making it the largest number on record.

At the same time, geopolitical volatility has reached its highest level in generations, creating an urgency to move money around the world, according to the World Economic Forum.

British people will go to the polls in July to elect a new government, with the center-left opposition Labor Party overwhelmingly favored to replace the ruling Conservatives.

The party is expected to crack down on wealth-building methods used by the rich, including tax evasion loopholes and controversial non-dom status. We also plan to impose additional value-added tax (VAT) on private school tuition.

The Conservatives also plan to launch a crackdown on non-domes, which opponents say is a mistake.

It may have been clever politics, Alec said, but it was a red flag for the world's wealthy elite, who saw Britain's centre-right party suddenly prepared to play fast and loose with the established rules that affect them for short-term political gain. Marsh is a contributing editor for wealth management magazine Spears.

The United States is bracing for political change in the country as Donald Trump faces President Joe Biden for the presidential election later this year.

Trump is likely to enjoy widespread popularity among the wealthy thanks to his liberal fiscal policies, but others have been unable to shake memories of his last term in office and the legal troubles after he left office.

In an interview with Fortune in March, wealthy Americans detailed how they see real estate in Europe as an escape route for the possibility of another Trump presidency before the November election.

Inquiries about passports and pathways to citizenship surged last year as U.S. citizens grew anxious about the domestic political situation, advisers told Fortune.

But the U.S. is expected to add about 3,800 millionaires this year, according to Henry. Since 2013, the country's millionaire population has increased by 62%.

In France, the threat of a showdown between the extreme left and right of the political spectrum is causing the wealthy to fear aggressive tax increases or erode trust in public markets. They too may seek refuge abroad.

The British Escape

In the UK, the recent record-breaking exodus of millionaires is not an anomaly in the political context, but part of a long-term trend of the wealthy leaving the country.

According to Henry, there are currently 602,500 millionaires in the UK, but since 2013 the country's millionaire population has fallen by 8%.

Unfortunately, since the 2016 Brexit referendum, the UK has suffered a reverse Midas touch and is struggling to maintain its lead in attracting global wealth, Spears Marsh said. The pound underperformed during that period, but not as well as the UK's main financial index, the FTSE 100, which until earlier this year was as underperforming as the UK's overall economy.

Sources

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2/ https://fortune.com/europe/2024/06/18/record-9500-millionaires-expected-leave-uk-bid-protect-wealth-political-upheaval/

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