Millionaires are leaving the UK faster than any country in the world except China, with richer nations abandoning London for Dubai, Paris and Florida, new data shows.
According to the Henley Private Wealth Migration Report, 9,500 millionaires, in US dollars, left the UK last year. Only China — which has more than twice as many people with seven-figure net worths — has seen more millionaires leave.
Henley said: “This represents a new record influx for the UK, and London is expected to be particularly hard hit. Key destinations for millionaires leaving the UK include the likes of Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney and Singapore, as well as retirement hotspots such as Florida, the Algarve, Malta and the Italian Riviera.” .
Other countries that have seen significant displacement besides the UK and China include India, South Korea and Brazil. The United Kingdom and Russia were the only European countries to record an outflow of millionaires abroad.
The country with the largest influx of millionaires is the United Arab Emirates, followed by the United States.
“Millionaire immigration figures are also an important general indicator of the health of the economy, especially in relation to outflows,” Henley said. “For example, if a country is losing large numbers of millionaires due to immigration, it is likely due to serious problems in that country.” “It can also be a negative sign for the future, as the wealthy are often the first to leave.”
“Immigrant millionaires are a vital source of foreign exchange earnings because they tend to bring their money with them when they move to a new country. For example, an immigrant who brings with them US$10 million is equivalent to a country generating US$10 million in export earnings as both transactions generate 10 Millions of US dollars in foreign exchange revenue for the country.
“Many high-net-worth individuals (about 20%) who move elsewhere are entrepreneurs and company founders, often starting businesses in their new country, thus creating local jobs. This percentage rises to more than 60% among millionaires and billionaires.” .