By 2028, nearly one in six of Britain’s dollar millionaires are expected to have left the country, but their numbers are expected to increase in other nations including the US and Taiwan.
This information was released in a report released on Wednesday.
In 2028, there will be 2,542,464 dollar millionaires in Britain, down from 3,061,553 the previous year, according to the UBS Global Wealth Report for 2024.
This is a 17% decline. It also predicted that the Netherlands will decline by 4%, from 1,231,625 to 1,179,328.
The move out from Britain, according to Paul Donovan, Chief Economist at UBS Global Wealth Management, was partially caused by the country’s now “disproportionately high” millionaire rate—it has the third-highest number of millionaires.
“You have obviously seen in the U.K. over the last few years, as you have seen in other countries, implications arising from sanctions against Russia,” he stated at a press conference.
Laptops 1000The decision by Britain to abolish its “non-dom” status—which exempts rich, frequently foreign people from paying taxes on their abroad income—had a “small effect,” according to Donovan.
“The global population, which is constantly changing, made up of non-indigenous millionaires, will always be searching for low tax locations,” he stated.
He said this was “not a function of UK policies per se,” but rather those other countries’ “pull factors,” citing Singapore and Dubai as examples.
The British real estate organization Winkworth said separately on Wednesday that the new Labor government’s plan to charge private schools and tax laws aimed at the wealthy had hurt demand for upscale real estate.
According to a UBS analysis, by 2028, there will be 16% more dollar millionaires overall in the US, 14% more in Germany, 16% more in France, 28% more in Japan, 12% more in Spain, and 9% more in Italy.
