Report: UK Expected to Experience Largest Outflow of Millionaires Since China in 2024
Experts point to the termination of the non-dom tax regime and the declining healthcare system as key factors contributing to the rapid exodus.
An annual report reveals that the UK is on track to lose more millionaires in 2024 than any other country except China. The Henley Private Wealth Migration Report 2024, released by Henley and Partners, projects that 9,500 millionaires will leave the UK in 2024, resulting in an unprecedented net loss.
The end of the non-dom tax regime, healthcare challenges, Brexit, and a lack of competitiveness in the hi-tech sector are cited as reasons for the exodus. Analysts warn that further developments, possibly influenced by campaign promises from the recent general election, may prompt more individuals to leave the country.
According to the report, China is expected to experience the largest net loss of millionaires in 2024, with India, South Korea, and Russia following closely behind in the outflow rankings.
The top destinations for migrating millionaires are projected to be the UAE, the United States, Singapore, Canada, and several other countries.
Recent data shows that the UK has seen a decrease in the number of millionaires, while other countries have experienced significant increases. The UK currently ranks fifth among the top 15 countries with millionaires.
Projections for 2024 are based on affluent individual movement data until June of that year. The data is sourced from New World Wealth, which tracks the movements of high-net-worth individuals, focusing on those with substantial assets.
The exodus of millionaires from the UK has been ongoing for over a decade, with various factors influencing their decision to leave. New projected destinations for these individuals include Paris, Dubai, Amsterdam, Monaco, and others.
Reasons for the millionaire exodus include tax policies, healthcare concerns, changes in global economic landscapes, and educational opportunities in other countries.
Specific tax policies, such as the end of non-dom status, have been identified as driving factors for wealthy individuals leaving the UK.
The impact of tax policies, healthcare challenges, and uncertain economic conditions has led to an influx of millionaires leaving the UK. Political instability and policy changes have added to the uncertainty for wealthy individuals residing in the country.
Analysts and experts predict that conditions may worsen before improving, especially if certain policies are implemented by political parties in power.
