Millionaires are leaving Britain and China en masse: which countries are they choosing
The United Arab Emirates is emerging as an attractive new hub for millionaires, with 6,700 high-net-worth individuals expected to arrive this year. This surge in popularity is explained by zero personal income taxes, convenient time zone and developed infrastructure.
This is reported Bloomberg citing the Henley Private Wealth Migration Report
The UAE is becoming an increasingly attractive destination for millionaires thanks to zero personal income taxes, a convenient time zone for doing business with Europe, Asia and Africa, and developed infrastructure, including world-class airports, financial centers and luxury resorts. The country’s political stability is also an important factor for those looking for a safe place to live and invest.
On the other hand, the UK and China face challenges that make them less attractive to millionaires. Brexit has led to uncertainty and rising costs for British businesses, while the energy crisis in Europe has caused energy prices to rise, making it expensive to live in the UK.
The latest surge in emigration of wealthy Britons is a continuation of a trend that began with Brexit. Since 2017, the country has lost 16,500 millionaires to migration, a significant reversal for a country that previously attracted wealthy people from around the world.
More than 7% of millionaires are expected to leave the UK this year. Experts attribute this to an “accumulation of factors” such as Brexit, the energy crisis, the war in Ukraine and inflation, which make the country less attractive to wealthy people.
The war in Ukraine has brought additional uncertainty and risk to Europe, scaring away investors. In addition, inflation is rising in many countries around the world, including the UK and China, making life expensive for everyone, including millionaires.
Brexit, the energy crisis, the war in Ukraine and inflation are the reasons for the outflow from Great Britain. Chinese millionaires, in turn, are looking for more stable and safer places to live and invest.
Instead, the most popular destination for millionaires has become the United Arab Emirates, which expects the arrival of 6,700 wealthy individuals. The US and Singapore are also attractive destinations, expecting 3,800 and 3,500 new millionaires respectively.
