Posted on 06/19/2024 7:54:15 AM PDT by Twotone
LONDON — A record number of millionaires is expected to leave the United Kingdom this year, according to new research, with this year’s general election expected to further exacerbate the exodus.
The Henley Private Wealth Migration Report indicates that Britain will experience a net loss of 9,500 high-net-worth individuals in 2024 — more than double last year’s figure of 4,200 (which in itself was a record-high figure).
The U.K. came second to only China in Henley’s ranking, with the eastern Asian giant expected to see net outflows of 15,200 millionaires in 2024.
The projections mark a stark turnaround for Britain, once viewed as a prime location for the world’s super-rich. Henley, a consultancy that tracks migration trends, noted that between the 1950s and the early 2000s, the country saw swathes of rich families relocate to its shores from across mainland Europe, Africa, Asia, and the Middle East.
“However, this trend began to reverse around a decade ago as more millionaires began to leave the country and fewer came in,” it said in its report.
(Excerpt) Read more at cnbc.com ...
People vote with their feet away from high taxes and less freedom. The Royal Family basically robs Brits of their hard-earned money.
So, where are they going?
I was rather wondering the same thing.
POINTS
The United Arab Emirates is set to lead for the third year in a row as the world’s top destination for the wealthy, expecting to see a record-breaking inflow of 6,700 millionaires by year end, according to The Henley Private Wealth Migration Report 2024.
The United States comes in second for attracting foreign high-net-worth individuals, and is projected to see an inflow of 3,800 millionaires in 2024.
China expects to see the biggest millionaire exodus with a projected 15,200 HNWIs anticipated to leave the country by the end of the year
The UAE is increasingly solidifying its position as a safe haven for high-net-worth individuals globally, owing largely to the country’s favorable tax policies, strategic location, world-class infrastructure and more, according to the report.
The Middle Eastern country also offers a “golden visa” aimed at attracting talent to reside in the UAE. The visa is aimed at “providing long-term residence to foreign investors, entrepreneurs, and talented individuals including specialists, students, and researchers who make a significant investment to the country,” according to Henley & Partners.
These migration inflows into the UAE are largely boosted by movement out of the greater Middle East region, India, Russia, Africa, and more recently, the expected influx of individuals from the United Kingdom and Europe, according to the research.
Related info on which countries in Europe have wealth tax. Not as many as I thought. Norway, Spain, and Switzerland and then some aspects of a wealth tax in France and Italy.
https://taxfoundation.org/data/all/eu/wealth-taxes-europe-2024/#:~:text=As%20today‘s%20map%20shows%2C%20only,individual’s%20net%20wealth%20per%20se.
So, where are they going?
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I was wondering the same thing.
I wonder if any are stupid enough to go to Calif. or New York state.
“The Royal Family also brings in tourist dollars.”
Their public execution by guillotine could bring in huge dollars.
Then they can replace them with a troupe of elephants with honor guards to impress the dumb plebes.
https://blog.pssremovals.com/reasons-to-move-to-dubai-uae
Why so many expats are choosing to live and work in Dubai and the UAE. Will you join them?
“””””So, where are they going?”””””
Many are going home, it never gets mentioned but a lot of these small business owners from foreign countries build their business in the West and America, buy a home, invest, get invested in government pensions and income producing properties, become the modest working millionaire with his mechanic shop or whatever and then retire to their homeland where they can live as the very or even the super rich in beautiful scenic places where they fit right in and can build palaces for modest sums, have servants and also have the security of their Western Social Security, medical care, and citizenship.
Maybe PI?
The Royal Family probably makes money for the UK on all the tourism income.
And I’m no friend of Royalty, could not care less about all the drama/gossip.
Now, the massive levels of socialism, THAT is what causes the high taxes and less freedom. Combine that with creeping Islamism, and you have good reasons to get out.
Not really. It’s Parliament.
Not likely. 👎
I haven't been to Dubai but if you're wealthy and you have a young family, you may be better off in Dubai at this point.
The West is crazy and our culture is toxic.
The UAE is increasingly solidifying its position as a safe haven for high-net-worth individuals globally, owing largely to the country’s favorable tax policies, strategic location, world-class infrastructure and more, according to the report.
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With the U.S. poised to bottom out in the future due to our politicians selling us out and spending us into oblivion, I am always kinda curious where in the world the extremely elusive combination of freedom, safety and prosperity might manifest in the future, but UAE being almost dead center in the middle of the Muslim world would make me very nervous as a non-muslim to plan my future, despite how secular and safe they might seem at the current time. But I suppose most of the very rich don’t look at UAE as a long term settlement, but more of a temporary haven. Thinks can turn unfavorable awfully fast sometimes though.
Inland Revenue will follow.....
Thanks.
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