Labour’s plan to tax the rich until they bleed may well have been a vote-winner, but it’s having an all-too-predictable side effect — all the ultra-high net-worths are all ultra-speedily sodding off, forming a stampede abroad to sunnier climes, and less hostile environments.
According to a report by investment advisors Henley & Partners, 9,500 millionaires are expected to leave the UK this year, more than double the record-breaking number last year.
This is in stark contrast to most other major economies across Europe and beyond. The number of high-net-worth individuals in Germany, for example, is up 15 per cent over the same period, while the number in the US jumped 62 per cent. The UK and Russia were the only two European nations to record an outflow of millionaires.
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