Rich leave London in droves for Florida, Dubai and Paris as UK has world’s second-biggest millionaire exodus
Millionaires are leaving the UK faster than any country in the world except China, new data shows, as the rich ditch London for Dubai, Paris and Florida.
According to the Henley Private Wealth Migration Report, 9,500 millionaires, defined in US dollar terms, left the UK last year. Only China – which has more than twice as many people with seven-figure net worths – saw more millionaires leave.
Henley said: “This represents a new record outflow for the UK, with London expected to be especially hard hit. The top 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 with large exoduses besides the UK and China included India, South Korea and Brazil. The UK and Russia were the only two European nations to record an outflow of millionaires.
The country seeing the largest influx of millionaires is the United Arab Emirates, followed by the United States.
Henley said: “Millionaire migration figures are also an important overall indicator of the health of an economy, especially on the outflow side. For instance, if a country is losing large numbers of millionaires to migration, it is probably due to serious problems in that country. It can also be a negative sign for the future, as wealthy people are often the first to leave.”
“Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a new country. For instance, a migrant who brings USD 10 million with them is equivalent to a country generating USD 10 million in export revenue as both transactions generate USD 10 million of forex revenue for the country.
“Many relocating high-net-worth individuals (around 20%) are entrepreneurs and company founders, who often start businesses in their new country and therefore create local jobs. This percentage rises to over 60% for centi-millionaires and billionaires.”
