A record number of millionaires could leave the United Kingdom this year as political turmoil and the potential for higher taxes under a future Labour government reduce the appeal of what was once among the top destinations for the rich.
As many as 9,500 people with at least $1 million in liquid, investable assets, will leave the country, more than double the number that left in 2023, according to provisional estimates contained in a report Tuesday by migration advisers Henley & Partners.
“These figures reflect a steady accumulation of factors detracting from the UK’s appeal to high-net-worth individuals,” Hannah White, CEO of the Institute for Government, wrote in the report. “The hangover from Brexit continues to be felt, with the City of London no longer seen as the financial center of the world.”
The report is based on data on 150,000 high-net-worth individuals (HNWIs) tracked by investment firm New World Wealth. The firm only counts people who stay in their new country more than half of the year, and focuses primarily on company founders, chairs, CEOs, presidents, directors and managing partners.
The continuing exodus from the UK — 16,500 millionaires left between 2017 and 2023 — is part of a global mass migration of the rich that appears to be accelerating. The Henley Private Wealth Migration report found that 128,000 millionaires are set to relocate this year, beating last year’s record by 8,000.
“As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty and social upheaval, millionaires are voting with their feet in record numbers,” Dominic Volek, head of private clients at Henley & Partners, said in a press release.
You got so much more to learn about how the real world works.
It feels like that education you’re suggesting may involve a cork bulletin board with documents and photographs tacked on it connected varying lengths of red yarn.
I aint never shy to talk shop on some tinfoil but no that’s not what we got here.
"Henley & Partners is the global leader in residence and citizenship by investment. Each year, hundreds of wealthy individuals and their advisors rely on our expertise and experience in this area. The firm’s highly qualified professionals work together as one team in over 55 offices worldwide.
The concept of residence and citizenship by investment was created by Henley & Partners in the 1990s. As globalization has expanded, residence and citizenship have become topics of significant interest among the increasing number of internationally mobile entrepreneurs and investors whom we proudly serve every day."
https://www.henleyglobal.com/
These clowns literally shill for the rich because that’s their clients… learn how to check your sources and their bias, dear.
You’re telling me to check my sources? Before I got here, “the source” was a half-assed summary of a summary from CNN.com. I’m the one that found the original authors and the original report from the CNN article, honey.
Of course they’re shills for the rich, everyone is that serves that market. You’ve made a total of 4 posts in this thread so far. Not a single one is offering an opinion on the topic. I have no idea what you agree or disagree with on the topic except 50% of your posts here are attacking people with ad homiem or vague references of superiority.
Any time you’d like to join the conversation on the topic with a post of substance, you’d be welcome. So far I’m seeing nothing from you.