UK millionaires leaving in significant numbers are mainly owed to worries about employment prospects, security, and taxes.
This post will talk about the particulars for how many millionaires are leaving the UK and certain countries where they relocate.
The UK economy is shaken by the migration of wealthy people, which could result in lower tax collections and have an effect on the creation of jobs locally.
These people are probably going to look into fresh investment options in their selected countries after they depart, thereby increasing luxury markets, real estate, and alternative asset investments in their new home.
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This includes if you are looking for alternatives or a second opinion.
How many millionaires are leaving the UK?
Estimates indicate that under 10,000 individuals deemed high net worth will depart the UK in 2024, which could result in the loss of about one-sixth of the country’s millionaire populace by 2028, based on the 2024 UBS Global Wealth Report.
The roughly 17% decline from UBS’ forecast puts the number of remaining dollar millionaires in the UK during that period to about 2.5 million.
The country has become less attractive to rich individuals due to increased tax burdens, such as frozen tax thresholds and anticipated hikes in inheritance and capital gains taxes, which are named a major factor in this so-called exodus.
According to Reuters, UBS Global Wealth Management Chief Economist Paul Donovan stated that the “disproportionately high” number of millionaires in Britain, which presently ranks third in the world, was one factor in the decision to leave the country.
Why are millionaires leaving UK?
There are several causes behind this wealth migration:
- A major factor is worries about excessive taxes and possible future hikes.
- London is becoming less attractive as a financial hub, particularly when compared to emerging Euro cities.
- Interest in improved security and quality of life overseas is growing.
Where are UK millionaires moving to?
According to recent data, UK millionaires are progressively moving to different locations in Europe, with London not ranking among the top five targets.
As per CNBC, the cities below have been shown to be the most desirable for individuals with high net worth, citing Knight Frank’s European Lifestyle Report.
According to the report, 83% of wealthy people favor cities because of their cultural and economic offerings.
Paris
Paris, which is ranked top because of its robust economy and human capital, continues to be a popular destination for wealthy people.
Berlin
It is a popular destination for people looking for a dynamic metropolitan backdrop because of its thriving culture and economic prospects.
Madrid
Madrid is drawing affluent people seeking both work and pleasure due to its ideal environment and way of life.
Amsterdam
This city is a popular place for living abroad given its strong infrastructure and well-known standard of living.
Lisbon
Millionaires are drawn to Portugal’s capital because it combines a strong cultural heritage with advantageous taxation.
Due to shifting affluent tastes, London has dropped to the 7th spot in this ranking.
Henley & Partners also identified retirement locations including Florida, the Algarve, Malta, and the Italian Riviera, along with Monaco, Geneva, Sydney, and Singapore, as top destinations for millionaires departing the UK through 2025.
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