UK losing HNW individuals faster than any other country – worst in the world

Info comes via the UK’s Adam Smith Institute (ASI) on the exodus of high net worth individuals from the UK:

• Today, 4.55% of British residents are millionaires, but the ASI has forecast that this will fall to 3.62% by 2028;

• The fact that the UK is losing proportionately more millionaires than China or Russia is a worrying indicator of our economic health and growth prospects;

• Millionaires are leaving the UK for a number of reasons, including high levels of current taxation, threats of further increases, a hostile culture towards wealth-creators and , the abolition of the non-dom regime, and a culture which is hostile to wealth-creators;

• Former Chancellor of the Exchequer, Nadhim Zahawi, urges the Government to rule out measures in the Budget targeted at high net worth individuals. Instead, the Chancellor ought to cut or abolish anti-prosperity taxes.

Here is the link for more.

The ASI says the loss is likely to be very damaging to the UK economy.

Interesting stuff.

This article was written by Eamonn Sheridan at www.forexlive.com.