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Millionaires continue to move out of the UK to countries in Asia and the Middle East, putting the country’s status as a financial hub in doubt, The Times reported, citing a report by citizenship advisory firm Henley & Partners.
According to Henley & Partners, many millionaires now prefer to move their funds in these regions. The UK was losing its shine among the super-rich, the report added.
Previously, Britain was a destination of choice for many high-net-worth individuals who now prefer to relocate elsewhere. Analysts at Henley & Partners noted that the UAE was the most attractive country for the rich in 2022.
About 1,400 people with a net worth of more than $1 million left the UK in the previous year. The outflow began after the Brexit referendum in 2016. Currently, about 737,000 millionaires live in the UK.
Published 31 January 2023
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