The UK national election is knocking on the door. According to various surveys, a change of power may happen in the country. Because the ruling Conservative Party may lose to the Labor Party. A record number of millionaires could leave the UK this year amid fears of renewed political unrest and tax hikes.
Citing a report by immigration consultancy Henley & Partners, US media CNN reported that 9,500 wealthy individuals with at least £1 million in cash and investable assets could leave the UK this year, more than double the number of wealthy individuals who left last year.
Hannah White, chief executive of the Institute for Government, said the UK was no longer attractive to the wealthy for a number of reasons. Moreover, the negative impact of Brexit will continue. Even London is no longer an economic center.
Henley and Partners has prepared this report based on the data and statistics of 150,000 rich people from an investment company called New World Wealth. Basically people who stay in their new country for more than one year are taken into account. In this regard, founders, chairman, chief executives, presidents, directors and managing partners of various companies have gained importance.
Every year the rich change their location. As part of that, 16,500 wealthy people left the UK between 2017 and 2023. According to the Private Wealth Migration Report, this year 128,000 of the world’s richest people may change countries, which is much more than last year’s 8,000.
“Record numbers of the wealthy are leaving the country as the world experiences geopolitical tensions, economic uncertainty and social upheaval,” said Dominik Voleck, head of private consumer affairs at Henley & Partners, in a statement.
Of the 15 countries in the world where the richest live, more of the rich can move to other countries than the UK. But in this case, only China will surpass the UK, because in 2024, 15 thousand 200 rich people may leave China.
After 2013, the number of ultra-rich has decreased in Japan and Hong Kong. But at the same time, the number of rich people increased in the United States, Canada, Australia, Germany and France.
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