MEXICO CITY — The United Kingdom is on track to lose 9.5 billionaires this year, more than any country except China, according to a new report on the migration intentions of the world’s rich.
That’s more than double the number leaving the country in 2023 and behind only China, which is estimated to lose 15,200 millionaires this year, according to the Henley Private Wealth Migration Report.
“As the world faces a perfect storm of geopolitical tensions, economic uncertainty and social unrest, millionaires are voting with their feet in record numbers,” Dominic Volek, head of Henley’s private client group, said in a statement.
The figures in the report refer to net arrivals and departures, reflecting where millionaire populations are growing or shrinking.
Henley’s research partner, New World Wealth, calculated the migration figures based on relocation data, statistics from investment migration programs and interviews with intermediaries in the wealth industry.
The projection comes as Britain prepares for an election in just over two weeks in which the opposition Labour Party, which advocates higher taxes on the wealthy, has a lead of around 20 points over the ruling Conservatives.
More than 7% of the millionaires moving globally this year will leave the UK, the report says.
The top destination for millionaires is the United Arab Emirates, which is expected to attract 6,700 wealthy people this year. The country, long a favourite of the wealthy from India and across the Middle East, welcomed thousands of Russians following the war in Ukraine.
Only regarding 1,000 millionaires are expected to leave Russia this year, less than half the number who left last year and down from 8,500 in 2022.
“While the influx of Russians to the UAE has slowed over the past year, this has been partly offset by a higher number of relocated Europeans and Britons, the report said. The number of millionaires living in the UAE’s largest city, Dubai, has increased by 78% over the past decade,” Henley said.
With zero personal income tax, a time zone convenient to multiple continents and a world-class airport, the United Arab Emirates has made efforts to attract the wealthy. Both Abu Dhabi and Dubai have created sophisticated financial markets to attract global companies and family offices.— EFE
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2024-07-07 01:20:11
