In 2024, the UK is expected to lose a net 9,500 wealthy people, which is more than double last year’s figure, CNBC reported citing the Henley Private Wealth Migration Report. The report ranked the United Kingdom second after China.
A record number of millionaires will leave the UK this year, and this year’s general election is expected to further intensify the mass exodus of wealthy people from the United Kingdom, CNBC reported, citing the Henley Private Wealth Migration Report.
According to the report, the UK is expected to see a net loss of 9,500 wealthy people in 2024, more than double last year’s figure of 4,200, which was already a record high in itself. The wealthy are leaving Foggy Albion because of political turmoil in the country and for economic reasons, particularly rising property taxes and the high cost of educating children at prestigious UK universities. In the ranking, the UK ranked second behind China, which is expected to be left by 15,200 millionaires.
CNBC notes that the prediction marks a dramatic turnaround for the UK, once considered the primary residence of the world’s wealthiest people. “However, about a decade ago, that trend began to reverse, with more millionaires leaving the country and fewer arriving,” the report claims.
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