The United Kingdom is facing an unprecedented exodus of millionaires, with a record number of high-net-worth individuals expected to leave the country in the coming year. New research from the Henley Private Wealth Migration Report indicates that the UK will experience a net loss of 9,500 millionaires in 2024, more than double the previous year’s figure of 4,200. This trend is expected to be exacerbated by the upcoming general election, further driving wealthy individuals away from the country.
Once considered a prime location for the world’s super-rich, the UK has seen a significant decline in the number of millionaires choosing to reside within its borders. Henley, a consultancy that tracks migration trends, highlighted the reversal in migration patterns over the past decade. While the UK used to attract rich families from across mainland Europe, Africa, Asia, and the Middle East, it is now witnessing more millionaires leaving the country than coming in. The six-year period post-Brexit saw a total of 16,500 millionaires leaving the UK, with projections for 2024 painting an even more concerning picture.
The upcoming general election in the UK is expected to accelerate the exodus of high-net-worth individuals from the country. Recent polls indicate that the left-of-center Labour Party is ahead of the right-wing Conservative Party by a substantial margin. With Labour positioning itself as a pro-business party while also targeting loopholes benefiting the wealthy to fund public services, the political landscape is further driving millionaires away. Policy decisions ahead of the election, such as ending the non-dom tax regime and removing tax exemptions for private schools, are contributing to the outflow of wealthy individuals.
According to the Henley report, the number of millionaires in the UK has fallen by 8% over the past decade, a stark contrast to other major economies in Europe and beyond. While countries like Germany and the US have seen an increase in high-net-worth individuals, the UK is facing a decline in its wealthy population. The combination of economic and political factors, along with policy decisions related to taxation and social services, is driving millionaires away from the UK.
The UK is experiencing a significant exodus of millionaires, with projections indicating a further decline in the wealthy population in the coming years. The political landscape, policy decisions, and economic factors are all contributing to this trend, painting a challenging picture for the UK’s ability to retain its high-net-worth individuals. It remains to be seen how the country will address these issues and whether it can reverse the current trend of millionaire outflows.
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