If you were rich, foreign and globally mobile, would you choose to move to the UK? The trend, it turns out, is the other way: according to migration consultants Henley & Partners, we’ve seen a net outflow of 12,000 millionaires since 2017, with 1,500 departures last year.
And it’s pretty obvious why. If tax is your top concern, a tightening of non-dom rules and the near-certain prospect of a Keir Starmer government abolishing non-dom status altogether would loom large. If you’re Asian, you may think Australia looks more welcoming. If you’re European and offended by Brexit, you might prefer Ireland or fashionable Portugal.
But actually we’d be mad not to make an effort to attract well-heeled incomers, unless they’re Russian. We may no longer believe in trickle-down, but it’s surely the case that the rich who settle here are also more likely to invest in UK businesses that generate prosperity for others.
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