Even the rich migrate and apparently turn their backs on the United Kingdom and China in favor of destinations such as the United Arab Emirates, the United States, Singapore, Canada, Australia. And also Italy. This is the balance of the “net” ability to attract the very rich, i.e. the balance between migration in and out of the country.
This is outlined in the new report on the migratory intentions of the world’s rich, the Henley Private Wealth Migration Report, drawn up by the migration consultancy firm Henley & Partners. It comes out – summarizes the Bloomberg – that the United Kingdom risks hemorrhaging 9,500 millionaires this year, double that of 2023. A figure surpassed only by the -15,200 expected for Beijing.
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The crackdown on UK taxes
“With the world grappling with a perfect storm of geopolitical tensions, economic uncertainty and social upheaval, millionaires are voting with their feet in record numbers,” he said in a statement Tuesday Dominic Volek of Henley.
It is perhaps no coincidence that this data which signals the flight of large fortunes from Great Britain arrives as the country prepares for early polls and the Labor Party – headed towards victory according to all the polls – has on its agenda an increase in taxation on richer. But this isn’t even a trend that starts today: from 2017 onwards, that is, since the specter and then the concreteness of Brexit materialized, London has lost over 16,000 rich people.
As many as 7% of Scrooges planning to move this year, the report says, will do so, leaving the City and the Thames behind. “The outflow of people with high wealth, already generated by the economic and political context, it accelerates now due to the political decisions taken in view of the elections“Hannah White, chief executive officer for the Institute for Government in London, wrote in an analysis accompanying the Henley report. If Starmer’s Labor wants to raise taxes, the Conservatives have also made it clear they will skip tax treatments favorable for non-domiciled residents.
Farewell to China
If what weighs heavily on the farewell to the Thames is above all the prospects of fiscal tightening, according to the Nikkei Uncertainty over China’s economic trajectory and geopolitical tensions are top of mind for many Chinese millionaires, who are choosing to leave their country as a result. A mockery for Xi, according to researchers they would be destined for the United States. Last year China saw 13,800 high net worth people leave, this year that will rise to 15,200. Other destinations: Canada and Singapore.
But among the favorite destinations – of the rich in general, not just the Chinese – in the lead are the United Arab Emirates, which will attract 6,700 Scrooges this year. Long a favorite of wealthy Indians and Middle Easterners, the country welcomed thousands of Russians after the war in Ukraine, says the Bloomberg. Own the exodus from Moscow is seen at a great slowdown: after the 8,500 farewells in 2022, due to war, this year it will be limited to a thousand.
The charm of the Ligurian Riviera
Italy is also in the top ten destinations for these great heritage sites: the report’s estimate is that 2,200 will arrive this year. “Many of the millionaires entering Italy head towards the rich regions of Liguria (Riviera) and Lombardy,” it says in the specific focus. The reasons? “Italy’s property tax is relatively modest at 4%, which may contribute to its recent attraction of millionaires, especially from high-tax countries such as the UK. Furthermore, the Italian economy is performing well compared to most other European countries.”
