The Super-Rich Are Leaving The UK Because Of Brexit

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According to the data, another 1,400 rich people, defined as those with wealth over 1 million dollars, left England in 2022. Since Britain left the European Union, the super-rich’s interest in the country has waned. With thousands more millionaires leaving the country last year, Britain is losing its status as a hub for wealthy investors and business people. According to data from consultancy firm Henley & Partners, another 1,400 rich people, defined as those with wealth over $1 million, left the UK in 2022.

The trend of the rich fleeing the country began with the referendum in 2016, which paved the way for Brexit, the UK’s exit from EU membership. It is estimated that approximately 12 thousand millionaires have left the country, a trend that has continued since then. It is thought that there are still around 737 thousand super rich people living in the country.

Those leaving the UK include many well-paid bankers who have been forced by their employers to move across Europe after Brexit. According to the European Banking Authority, the number of European bankers earning more than 1 million euros in 2021 increased by more than 40 percent, reaching nearly 2 thousand.

Those Who Prefer The UK Are Now Looking To The Middle East And Asia

Stating that England was once a country that “attracted the rich like a magnet” as a place where the rule of law was strong and politics was relatively stable, Henley & Partners said that after this advantage was lost, the rich who chose England as their base in the past now looked to the Middle East and Asia. He stated that he changed it to . According to the firm, the United Arab Emirates is estimated to have witnessed the largest high value inflow last year. The company also pointed out that the loss of the privileges of EU membership also affects the British rich.

British Rich Seek EU Status

Speaking to British newspaper The Times, Stuart Wakeling, head of the firm’s London office, said, “With Brexit coming into force and its real long-term consequences starting to be felt, we see an increase in the mobility of wealthy British citizens who want to regain their EU status by obtaining citizenship through residence or investment in the EU.” .

After the British people voted to leave the European Union in a referendum on 23 June 2016, the UK left membership in January 2021. However, disagreements continue on some issues, especially the Northern Ireland Protocol. In order to ensure a smooth transition process, the period given for the rule of EU law and the current EU rules and regulations to be valid in the UK will expire on 31 December 2023.

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