An IMGW News Report:
As the UK grapples with political uncertainty and the prospect of higher taxes under a potential Labour government, a record number of millionaires are expected to leave the country this year. According to Henley & Partners, as many as 9,500 high-net-worth individuals (HNWIs) with at least $1 million in liquid assets could relocate in 2024, more than double the figure from last year. This exodus is part of a broader global trend, with 128,000 millionaires projected to move abroad in 2024, surpassing previous records.
The UK’s appeal to wealthy individuals has been waning due to factors such as the fallout from Brexit and the perception that London is no longer the world’s leading financial centre. This decline in attractiveness is further compounded by political instability, with the country having seen five prime ministers since 2010, including the short-lived tenure of Liz Truss, whose economic policies led to market turmoil.
Keir Starmer’s Labour Party, currently leading in the polls, has promised economic stability but also intends to implement targeted tax increases that could impact the wealthy. These include ending tax breaks for private schools, closing non-dom loopholes, and increasing taxes on private equity firms.
In response to these developments, there has been a surge in inquiries from both UK and French nationals seeking alternative residency options in more tax-friendly jurisdictions. Popular destinations include the United Arab Emirates, the United States, Singapore, and within Europe, Italy—particularly Milan—has seen increased interest.
The UK, which is home to around three million US dollar millionaires, risks further eroding its status as a top destination for the rich as the wealthy vote with their feet, driven by economic, political, and fiscal concerns.
