Upward trend in millionaires leaving the UK
- Created on Thursday, 07 March 2013 20:25
Millionaires living in the UK are increasingly dissatisfied, with nearly a quarter of them now saying they are thinking about moving abroad.
The latest survey shows that 22% of Britain’s super-rich want to leave the UK within the next two years.
While the figure was 21% six months ago, it marks a steep rise from the 17% figure just 18 months ago.
The research from Lloyds TSB International comes as figures issued by the Office of National Statistics showed an increase in the number of Britons who have already moved in search of better weather, more favourable taxes and lower crime rates.
The ONS reported that in the year to June 2012 there was an 8% increase among British citizens emigrating long-term.
A total of 155,000 left the country, up from 143,000 for the previous 12 months.
Brits moving abroad now outnumber those entering the UK. In recent times, the trend has been shifting to working age people rather than retirees.
Office for National Statistics figures show that in the ten years to 2011, a total of 3,599,000 people permanently left the UK.
Contrary to the perception of the typical emigrants being older people retiring to a life in the sun, the figures show that 1,963,000 of those who left were aged between 25 and 44.
By contrast, only 125,000 people of retirement age emigrated.
“Popular destinations include English-speaking countries such as Australia, the US and Canada, which have a relatively healthy economic climate, often making it easier to find a job. Destinations like France and Spain remain popular too,” said a spokesperson for the bank.
He added: “Nearly two-thirds blamed Britain’s poor weather conditions as a key reason they would leave the country, while other key reasons include concerns about levels of crime and anti-social behaviour, and perceptions about the UK’s high cost of living.”
High tax concerns have slipped into fourth place as a factor for locating abroad.
It should not be overlooked, however, that the majority are still content to live in the UK. Nearly two thirds (64%) said they were happy to reside there.
The findings on affluent Britons are from an online survey conducted by the bank in November 2012. The total sample size was 1,399 adults with savings and investments of over £250,000. Among the 1,399 people surveyed, 210 of them had assets of more than £1,000,000.
