Great Britain with its capital London is no longer the focus of the wishes and interests of many rich people who prefer to move elsewhere. In fact, the ability to attract nabobs from around the world willing to invest in businesses and luxury real estate and avail of the city’s banking services has waned in recent years.
According to Henley & Partners, a citizenship consultancy, Around 1,400 millionaires left Great Britain in 2022. According to research, a flight that began shortly after the vote in the 2016 Brexit referendum sanctioning Britain’s departure from the European Union is continuing. Since then, an estimated 12,000 millionaires have left the kingdom to go elsewhere, in part because of fears of losing the metropolis’ central importance on a global scale.
For example, many bankers have effectively been forced by their employers to relocate to a European country after their company has moved to a financial center on the continent such as Amsterdam, Paris or Frankfurt.
Certainly In addition to Brexit, the international political climate played a very important role in recent years, which has alienated businesspeople from emerging markets. The reasons include both the tightening of regulations on the origin of foreign capital (including anti-money laundering rules) and British sanctions against states that have had bad relations with the West. Chinese and Arabs have historically invested large amounts of capital in the kingdom.
While London had long been a magnet for Russian oligarchs, who along with other super-rich bought luxury properties to inflate the real estate bubble, until relations with Moscow hit rock bottom, particularly after the outbreak of war in Ukraine and the spate of sanctions against celebrities Business people.
However, visitor numbers from millionaires are still high, while there are 737,000 in the kingdom, new favorite destinations are emerging for many wealthy in the Middle East, starting with the United Arab Emirates, and in Asia. The Emirates, particularly Dubai, attracted the largest influx of millionaires last year, according to Henley & Partners. The UK’s internal stressors include the political instability that has emerged over the past year, with a government structure characterized by up to three leadership changes in a few months, and an economy that, while not in an expansionary phase, is struggling to recover in various sectors and is less able to attract investors and business people.