Over 10,000 millionaires left the UK in the past year – only China has greater exodus of wealthy residents

https://www.mirror.co.uk/money/exodus-millionaires-qutting-uk-only-34512902

Posted by daily_mirror

32 comments

  1. What are the percentage of these millionaires who have sold their long term property for 6 figures and have set up themselves for retirement in costal Spain?

  3. Oh no! Who wll do all the millionairing now that they have left? Only yesterday I was looking for a local millionaire to do a bit of millionairing in my back garden but I couldn’t find one. Now I understand why.

  4. Don’t blame them. If I had that much money I’d be living large in Monaco too.

  5. The UK seems to hate successful people, until we shake this weird cultural issue we’re going to continue the decline.

  6. Let’s not do a Dr Evil and forget that actually, being a millionaire in todays world is not *that* big a deal any more.

    Janet who bought her London Semi in 1975 for £10,000 is now a millionaire, but it doesn’t mean she’s Jeff Bloody Bezos.

  7. The extent to which we care should depend upon the tax position and asset ownership.

    If they hold no assets in the UK, then lower demand for luxury goods. Lower GDP which causes issues for the government in terms of tax take, but if anything lowers prices for normal people.
    Also lowers demand for housing, which is great for the wider population.

    If they hold onto assets (particularly thinking about housing) and extract rent, then this is bad as it’s withdrawing wealth from the country. If they’re being heavily taxed for that, then that minimises the damage, but the cynic in me assumes they withdraw that wealth at no real cost.

  9. Look trickle down economics doesn’t work, life hasn’t changed one bit.

  11. Who are the ones that left? Would be interesting to know a bit more about them. Are we talking Dave who now runs his successful building contractor from an office in Dubai, or are we talking about people who arrived in London cos it was non-dom tax friendly and you could hide your cash in property but that’s a bit harder now so they’ve upped sticks again and gone to another big city that lets them hide assets?

  12. These articles always, very deceptively, leave out a very important statistic – how many millionaires there are in the UK. It’s around 2 million.

    So if 10,000 are leaving we still have 1.99 million millionaires left. Which means, with recent laws from Labour, 99.95% of millionaires choose to stay in the UK.

    So what could actually be good evidence that Labour’s laws are not scaring off millionaires, becomes ‘evidence’ that Labour is scaring off millionaires.

  13. Millionaire often means “my parents owned their house and then died”

  14. It’d be interesting to see the breakdown on PAYE, entrepreneurs or retirees for these people leaving.

    I know people in this sub like to hate on people with money, but if the people with means are leaving it will make the UK weaker.

    Our tax take so heavily weighted to the top 10% paying 60% of the tax, this exodus (subject to makeup of people) is not good for the UK. This could even lead to more tax rises in the future for the squeezed everyone else to fill the hole.

    Personally, I can see why they might want to leave. Taxed to the hilt, the UKs relative low pay (compared to other places these people can go), bad public services, lack of optimism for the future…. If I was in a position to emigrate, I’d be weighing up my options too.

  15. It is worth remarking that this report comes from a firm called new world wealth, notable for having only one employee listed on linkedin, and for its website having as much published research on exotic birds as it does HNWI immigration.

    I am deeply suspicious about this “data” until I see a source for it.

  16. Need to be banned from returning for the NHS when they are sick with cancer and other long term illnesses.

  17. Is it the ones with 100+ million or the one with a couple million?

    A couple million isn’t even rich these days. It seemed like mega wealth when I was growing up.

  18. So we have enough wealth distribution that our lack of ludicrously rich people is noteworthy? Good.

  19. We’re supposed to buy that people simultaneously can be rich enough to dent a first world economy by leaving yet also aren’t rich enough to live where they want?

    There’s been cheaper places to live since forever and these folk aren’t staying in the UK for the weather and the local pub’s Sunday roast. I’m not personally concerned.

  20. Oh but did we get to keep the best and brightest??? /S

  22. Top 1 % of earners pay 40% of all income tax. Having these sorts of people walking away from the UK will just mean higher taxes for ordinary people.

  24. This is mostly due to Brexit, we’re importing mouths to feed at a record rate while a lot of the wealthy who voted for Brexit are emigrating somewhere warm with more friendly tax regimes.

  27. Which millionaire is it though ?.

    Is it nana and grandad John and Brenda in London selling there 3 bed semi and retiring abroad, or is it doctors nurses business owners, or is it people literally just using the non-dom to avoid taxes moving onto the next place.

    People keep saying the wealthy pay the most tax which is true, but old people selling up million pound houses and moving abroad isn’t really affecting tax revenues etc

  29. And where did they/we get this statistic from without a ONS survey, which means it takes 6-12-18 months until such a statement can be substantiated?

  30. I presume the average millionaire in the country is a pensioner that had a reasonably middle class income so is this just pensioners retiring to Spain?

  31. Well that can’t be true… Redditors always tell me that the wealthy will stay put and pay whatever tax the government demands!

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