Portugal news – In an ironic BREXIT reversal, the UK’s wealth exodus, or WEXIT, is expected to include 10 billionaires and 85 centi-millionaires among the 9,500 high net worth individuals (HNWIs) who are set to leave the UK by the end of December this year.
While over 6,500 millionaires from the UK are expected to relocate to the EU, Portugal is among the countries that are expected to benefit from the wealth exodus. 68% of the millionaires and billionaires exiting from the UK will be heading for Europe, mainly to Italy, Malta, Greece, Portugal, Switzerland, Monaco, Cyprus, France, Spain, and the Netherlands.
The remaining 32% of high-net-worth individuals exiting from the UK are expected to relocate to the UAE (+800 HNWIs), followed by the US (+720), Australasia (+300), and the Caribbean Islands in 5th place, with +250 millionaires making a permanent move to their sun-drenched tropical shores.
The term ‘centi-millionaires’ refers to individuals with liquid investable wealth of USD 100 million or more while the terms ‘millionaires’ and ‘HNWIs’ refer to individuals with liquid investable wealth of USD 1 million or more.
The influx of HNWI will benefit the countries where they relocate, since over 60% of centi-millionaires are entrepreneurs and company founders, which makes them key when it comes to wealth creation. The businesses they start up have a significant positive spillover effect on the middle class as they create large numbers of well-paid jobs. It is also worth noting that most of the companies on the FTSE 100 were started by individuals who went on to become centi-millionaires.
The UK’s high tax rates and concerns about additional tax hikes that could be announced at the end of October in the Labour Party’s first budget in 14 years, are highlighted as being among the main reasons for the wealth exodus.
Henley & Partners has teamed up with wealth intelligence firm New World Wealth to publish their latest forecast and review the potential impact of the upcoming budget on UK wealth migration trends.
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