Millionaires are fleeing Britain faster than any country except China, amid concerns over a likely Labour victory in the upcoming July 4 snap election. The Henley Private Wealth Migration Report reveals that 9,500 millionaires left Britain last year, with only China seeing a higher number of departures.
“This represents a new record outflow for the UK, with London expected to be especially hard hit. The top destinations for millionaires leaving the UK include Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney, and Singapore, as well as retirement hotspots such as Florida, the Algarve, Malta, and the Italian Riviera,” the report notes.
Countries like Brazil, where a leftist government has ousted former president Jair Bolsonaro, known as the ‘Trump of the Tropics,’ have also experienced significant millionaire exits. However, in Europe, only Britain and Russia saw a net outflow of millionaires—in the latter case, as a result of oligarchs and others, many of whom are dual nationals of Israel, leaving to evade Western sanctions.
“Migrating millionaires are a vital source of [foreign exchange] revenue as they tend to bring their money with them when they move to a new country. For instance, a migrant who brings USD 10 million with them is equivalent to a country generating USD 10 million in export revenue as both transactions generate USD 10 million of forex revenue for the country,” Henley explains.
Many high-net-worth individuals (around 20 percent) who relocate are entrepreneurs and company founders, often creating local jobs in their new countries. This percentage rises to over 60 percent for centi-millionaires and billionaires.
Leftist-run U.S. states are experiencing similar issues, with many millionaires abandoning California and New York for conservative-run Florida and Texas, where taxes and regulations are less punishing.
