‘A PERFECT STORM’

Higher Taxes and Crime Has London’s Uber-Rich Fleeing in Droves: Report

The United Kingdom is expected to lose 9,500 “high net worth individuals” in 2024, which is second only to China.

Scores of Britain’s wealthiest residents are showing London the door. A recent report by Spear’s Magazine revealed the United Kingdom is expected to have a net loss of 9,500 “high net worth” individuals in 2024, a staggering amount that’s second only to China’s projected loss of 15,200. A HNW, as they’re called for short, includes anyone who holds at least $1 million in liquid financial assets. The U.S. is expected to gain 3,800 HNWs in 2024, which is bested only by the United Arab Emirate’s expected net gain of 6,700. The mass emigration of the UK’s wealthy, which includes both the British and foreign born, is reportedly being driven by proposals of higher taxes from Keir Starmer—its new prime minister—and a hike in street crime that has the residents of Mayfair and Kensington worried their high-end cars and expensive watches might be swiped. Only adding to the wealthy’s headache is the UK’s exit from the European Union, which has complicated business dealings and their ease of personal travel. A South African hedge fund manager who spoke to Spear’s called the tax hikes, crime, and politics a “perfect storm” that’s pushed people like him away.