A sudden exodus of wealthy individuals from the UK has sparked concern, with speculation mounting that political instability and the potential for a Labour Party victory in the next election are driving factors. The possibility of increased taxes under a Labour government is fueling anxieties, prompting many affluent individuals to relocate or consider leaving the country.
A report by immigration consultancy Henley & Partners reveals that over 9,500 individuals with assets exceeding $1 million may depart Britain this year, marking a significant increase from the previous year.
Source: Top 10 Country Outflows
CNN, citing a recent report by Henley & Partners, highlights that approximately 9,500 affluent individuals, each possessing at least £10 million in liquid and investable assets, could potentially leave the UK this year. This figure represents more than double the number recorded in the preceding year.
Source: Millionaires are fleeing Britain in their thousands
Henley & Partners formulated their report based on data analysis conducted by New World Wealth, an investment firm. The list encompasses prominent figures such as company founders, chairmen, CEOs, presidents, directors, and managing partners who have resided in a new country for a minimum of six months. Between 2017 and 2023, a staggering 16,500 millionaires bid farewell to the UK.
Source: London’s Wealth Exodus
According to Hannah Wyatt, the chief executive of the Institute for Government, the UK is losing its appeal among high-net-worth individuals. The lingering effects of Brexit are palpable, and London is no longer perceived as the undisputed financial epicenter of the world.
The Henley Private Wealth Migration Report 2024 reveals that while 120,000 millionaires relocated globally in 2023, an even larger wave of 128,000 millionaires is anticipated to seek new pastures this year.
Dominic Volek, the head of private clients at Henley & Partners, attributes this ongoing trend of millionaire migration to global challenges such as geopolitical unrest, economic uncertainty, and social upheaval.
China, however, is poised to witness the most significant exodus of millionaires for the second consecutive year. Projections indicate that 13,500 millionaires will leave China this year, surpassing the previous year’s figure of 13,800. Following the UK, India secures the third position with an anticipated departure of 4,300 millionaires, down from 5,100 the previous year.
While the past decade has seen a decline in millionaire populations in the UK, Japan, and Hong Kong, countries like the United States, Canada, Australia, Germany, and France have experienced notable growth in their affluent demographics.
