Millionaires Are Expected to Leave the U.K. in Droves This Year
19th June 2024
A record number of millionaires are expected to leave the country this year, according to a new migration report published on Tuesday by Henley & Partners. The consultancy, which looked at data from 150,000 high-net-worth individuals, estimates that the U.K. will lose a staggering 9,500 people who own at least $1 million or more in liquid assets. For context, that’s more than double the 4,200 lost in 2023. The outflow is partly due to political uncertainty and the possibility of higher taxes under a new Labour government, pending the results of the country’s upcoming general election on July 4.
“These figures reflect a steady accumulation of factors detracting from the U.K.’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.”