According to a new study released by Henley & Partners London has fallen out of the top five wealthiest cities globally as over 11,300 dollar millionaires have left the UK’s capital over the past year – a higher proportion than anywhere in the world other than Moscow.
This includes 18 centimillionaires — an individual with a net worth of $100 million or more (£78 million) — and two billionaires. The decline has been attributed to tax rises under the Conservative and Labour governments, failure to recover from the 2008 recession, economic uncertainty following Brexit and the fall in the value of the pound.
Gus Morison, CEO & founder at AYU, has commented on this, saying:
“We’ve been seeing AYU members leaving the UK first-hand throughout most of this year, at an average rate of approximately one per week. Some of our members have relocated to jurisdictions such as Dubai, Switzerland, Milan, Portugal, Miami, and Lisbon due to more favourable tax regimes and more supportive business environments, where they have greater confidence in the local government.
“Sadly, the Labour Government has taken a far too punitive approach, and faith in the UK as a place to start and scale businesses is at an all-time low.”
