Millionaires are abandoning the UK in droves, new research shows

CNBC ^ | June 18, 2024 | Katrina Bishop

[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.

[jjotto]

It does mention that the number of millionaires in the US has grown 62% in the last decade.

[Mr. Jeeves]

It is - but you have to be pretty wealthy nowadays. They raised the global investor visa threshold to require a $25 million dollar investment and housing is more expensive than New York or London.