The Times Saturday, May 11th
The Global Wealth Migration Review 2019 published by New World Wealth research group has revealed some startling statistics on the number of Ultra High Net Worth Individuals leaving the UK permanently in the last 2 years, with 7,000 more leaving than arriving. Australia and Canada seem to be the countries benefitting most from this migration.
This is the first net loss of wealth creators from the UK in thirty years.
Commentators cite the weakness of the UK government and the uncertainty around Brexit as factors contributing to this drain. Others point out the damage caused by the erosion of the favourable non-dom tax regime since the credit crunch of 2008 and the threat of its complete eradication by a potential Labour government, who seek to tax the rich more. The current government also over taxes success. However, in The Times on Saturday, May 11th, Mark Davies calls for a political party which rewards and encourages entrepreneurship in order to stem this loss of enterprise.