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In 2024, more than 10,000 millionaires left the UK, according to an analysis by New World Wealth (NWW). This figure is the highest in recent years and is caused by a number of economic and social factors that reduce the country’s attractiveness to wealthy citizens, dpa reports.
Among the key reasons cited is the growing tax burden, including high capital gains and property taxes. This has created difficulties for investors and business owners, forcing them to look for more favourable conditions abroad. Analysts also point to the declining importance of the London Stock Exchange in the global economy, especially as the US and Asia become more influential in the technology sector. Another factor was the degradation of public services, in particular the healthcare system, which has lost confidence among wealthy citizens.
Over the past seven years, covering the Brexit period and the COVID-19 pandemic, the UK has lost 16,500 millionaires. The country used to be one of the main centres for wealthy families from Europe, Africa, Asia and the Middle East, but now it is losing this position.
London, which was once a magnet for the wealthy, is no longer a priority choice. Instead, millionaires are moving to cities such as Paris, Dubai, Amsterdam, Monaco and Geneva. Retirement destinations such as Florida, the Algarve, Malta and the Italian Riviera are also popular.
Andrew Amoyles, research director at NWW, notes that the UK’s English-speaking ability, which has historically been an important advantage, no longer plays a decisive role. The economies of other English-speaking countries, such as the US, Canada, and Australia, continue to strengthen, and Singapore, the UAE, and Switzerland offer comfortable living and business conditions.
Critics, such as Charlie Mullins, the founder of Pimlico Plumbers, who moved to Spain, blame the government for creating an unfavourable business environment. He believes that high taxes, new labour laws and political instability are exacerbating the country’s problems, making it difficult for businesses to grow.
The massive outflow of millionaires is posing new challenges for the UK, forcing the government to look for ways to restore its attractiveness as one of the world’s key financial centres.
