Quoted by FIRSTPOST
The UBS Global Wealth Report for 2024 predicts that by 2028, there would be a considerable decrease in the number of US dollar millionaires in Britain. Nearly one in six of the nation’s millionaires are predicted to go, according to the survey, with the total set to decline by 17% from 3,061,553 in 2023 to 2,542,464 in 2028.
There will be a 17% decline in the number of US dollar millionaires in Britain.
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The UK currently has the third-highest number of millionaires worldwide, which contributes to this decline.
Chief Economist Paul Donovan of UBS Global Wealth Management clarified that the attraction of other nations with more enticing tax systems is also a factor in the flight from Britain, in addition to UK policy.
”You have seen in the UK over the last few years, as you have seen in other countries, implications arising from sanctions against Russia,” he told a press conference.
He pointed out that millionaires are highly mobile individuals who are constantly looking for the optimal circumstances to maintain and increase their riches.
”The non-indigenous millionaire population, the global population, which is constantly shifting, will be looking for low tax locations all of the time,” he said
