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The wealthy are fleeing London in large numbers for destinations like Florida, Dubai, and Paris, leading to the UK’s second-highest rate of millionaire exodus globally.

Millionaires are leaving the UK at a faster rate than any country except China, new data reveals, as the wealthy abandon London for destinations like Dubai, Paris, and Florida.

According to the Henley Private Wealth Migration Report, 9,500 millionaires, defined in US dollar terms, departed the UK last year. Only China, which has more than twice as many individuals with seven-figure net worths, saw a higher number of millionaire exits. Henley stated, “This represents a new record outflow for the UK, with London expected to be particularly affected. The top destinations for millionaires leaving the UK include Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney, and Singapore, as well as retirement hotspots such as Florida, the Algarve, Malta, and the Italian Riviera.”

In addition to the UK and China, countries experiencing significant millionaire exoduses included India, South Korea, and Brazil. The UK and Russia were the only European nations to report a net outflow of millionaires.

The country with the largest influx of millionaires is the United Arab Emirates, followed by the United States.

Henley noted, “Millionaire migration figures are also a crucial indicator of the health of an economy, especially regarding outflows. If a country is losing large numbers of millionaires to migration, it likely signals serious underlying issues. This trend can also be a negative sign for the future, as wealthy individuals are often the first to leave.”

“Migrating millionaires are a significant source of foreign exchange revenue, as they typically bring their wealth with them when they move to a new country. For example, a migrant bringing USD 10 million is equivalent to a country generating USD 10 million in export revenue, as both transactions generate the same amount of forex revenue. Many relocating high-net-worth individuals (around 20%) are entrepreneurs and company founders, who often start businesses in their new country and create local jobs. This percentage rises to over 60% for centi-millionaires and billionaires.”

di Il Quotidiano Online

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