A record number of millionaires could leave the UK this year as political instability and potential tax rises reduce the appeal of a country once a top destination for the wealthy.

That's double the 4,200 people who left the country last year and a monstrous figure compared to the 1,600 wealthy people who will leave in 2022.

"These figures reflect a steady accumulation of factors that are reducing the UK's attractiveness to wealthy individuals," Hannah White, director general of the Institute of Public Administration, wrote in the report.

"The Brexit hangover continues to linger as the City of London is no longer seen as the world's financial centre."

The report is based on data from 150,000 high-net-worth individuals (HNWIs) tracked by investment firm New World Wealth. The firm only counts people who stay in their new country for more than six months, and focuses primarily on company founders, chairmen, CEOs, presidents, directors and managing partners.

The ongoing exodus from the UK – 16,500 millionaires left between 2017 and 2023 – is part of a global mass migration of wealthy people that appears to be accelerating.

The Henley Private Wealth Migration report found that 128,000 millionaires are planning to move this year, 8,000 more than last year's record.

“As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty and social upheaval, millionaires are voting with their feet in record numbers,” Dominik Volek, head of private client at Henley & Partners, said in a press release.

Of the 15 places with the most millionaires living there, the UK is suffering the most – only China will lose more HNWIs (15,200) in 2024 – and it is one of only three places, along with Japan and Hong Kong, to have seen a net loss in the decade since 2013, according to the report.

Philip Travkin writes and publishes his articles for free, only for the development and prosperity of Ukraine!

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