For years, Brexit has been a topic of intense debate in the United Kingdom. Supporters believed it would restore control over laws, borders, and trade.
Opponents feared economic instability and a decline in business confidence.
Since the 2016 referendum, the country has undergone significant changes, from shifting trade policies to political uncertainty.
Businesses, investors, and individuals have all had to adjust to new circumstances.
A growing trend in recent years has been the increasing number of wealthy individuals leaving the UK, according to Digi24.
UK has lost 16,500 millionaires
A report by New World Wealth found that more than 10,000 millionaires left the country in 2024, more than doubling the 4,200 who departed in 2023.
Since 2017, the UK has lost 16,500 millionaires, with economic and political concerns being cited as primary reasons.
Higher taxes have played a major role in this shift.
Tax policies aimed at non-resident wealthy individuals have made the UK less attractive. Increased capital gains and property taxes have also led retirees and business owners to move elsewhere.
The financial sector has been affected, with asset management firms and family offices experiencing a downturn.
London's reputation as a financial hub has also been impacted. The global technology industry has shifted focus to the US and Asia, making the city less appealing.
The London Stock Exchange has struggled to keep up with competing markets, leading investors to seek alternatives.
Concerns over healthcare and public services have added to the reasons why some are choosing to relocate.
Many of those leaving have settled in cities such as Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney, and Singapore.
Others have opted for Florida, Malta, or the Italian Riviera as retirement destinations.
Andrew Amoils, director of research at New World Wealth, pointed out that English-speaking countries like the US, Canada, and Australia have become more attractive.
Strong financial and educational opportunities in places like Singapore and Switzerland have also drawn former UK residents.
Business leaders have spoken out about the economic direction of the UK. Charlie Mullins, founder of Pimlico Plumbers, moved to Spain and mentioned rising taxes and labor laws as key factors.
He believes these policies have made it more difficult to run a business, causing many to look for opportunities elsewhere.
