Dynamite News UK's Millionaire Mass Exodus: London Is Losing Its Super-Rich to Asia & America
London's millionaire exodus hits record high. Over 11,000 fled in 2023 amid rising taxes, post-Brexit woes, and economic stagnation. Read more at Dynamite News.
London: Most people think that only Indian Millionaires are leaving India because of a lack of basic amenities like education, infrastructure, tax benefits, lower standard of living, etc.
According to Dynamite News correspondent, the numbers are steadily increasing since 2011, with the highest recorded figure being 2.25 lakh in 2022. In 2023, 2.16 lakh Indians relinquished their citizenship, a slight decrease from the record 2.25 lakh in 2022.
Which countries are Indian millionaires moving to? The most popular destinations are the UAE and the US, with other choices including Singapore, Canada, and Australia.
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But, the UK is also witnessing the same trend as India. London, once a global magnet for the wealthy, is now witnessing a mass exodus of millionaires.
According to a new report by Henley & Partners, over 11,000 high-net-worth individuals left the British capital between January and December.
Millionaires are fleeing London, not in handfuls or dozens, but by the thousands, with most relocating to Asia or the Americas.
Here’s why this matters?
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While this trend has persisted for years, the alarming part is the exponential rise in both the frequency and scale of departures.
Data from wealth advisory firms highlights key reasons behind this dispel, including ever-increasing taxes and London’s failure to thoroughly recover from the 2008 financial crisis.
And, of course, Brexit, Britain’s decision to separate from the European Union.
Despite its millionaire exodus, London remains the world's fourth most expensive city, with property prices per square meter surpassed only by Hong Kong, New York, and Monaco.