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The U.K. is increasingly becoming a no-go area for millionaires, as a record number flee the country thanks to a \u201cperfect storm of Brexit fallout, political uncertainty, and a controversial overhaul of the non-domicile tax regime.\u201d<\/p>\n
Henley & Partners\u2019 latest Private Wealth Migration Report<\/a> predicts that 9,500 millionaires are expected to leave the U.K. through 2024, more than double last year\u2019s figure. The country is second only to China in millionaires set to leave its shores this year.<\/p>\n The United Arab Emirates continues to snatch millionaires from other countries, enticing them with ultra-attractive traits like golden visas, zero income tax, and a focus on flashy luxury. The region will add 6,700 millionaires this year.\u00a0<\/p>\n It\u2019s no surprise that 2024 will likely be a record year for the global migration of millionaires. More than two billion people will head into polling booths this year, the most on record, with the ramifications.\u00a0<\/p>\n At the same time, geopolitical volatility is at a generational high, according to the World Economic Forum<\/a>, creating an urgency to move money around the globe.\u00a0\u00a0<\/p>\n The U.K. public will go to the polls in July to elect a new government, with the center-left opposition Labour Party the overwhelming favorite to replace the ruling Conservative Party.<\/p>\n The party is expected to clamp down on wealth-building avenues used by the wealthy, including tax avoidance loopholes and controversial \u201cnon-dom\u201d status. It is also planning to slap more VAT on private school fees.\u00a0<\/p>\n The Conservatives also plan to launch a non-dom clampdown, which opponents say is a mistake.<\/p>\n \u201cWhile it may have been clever politics, it was a red flag for the global wealthy elite, who saw Britain\u2019s right-of-center party suddenly prepared to play fast and loose with the established rules affecting them for short-term political gain,\u201d said Alec Marsh, a contributing editor to the wealth management magazine Spear\u2019s.<\/p>\n The U.S. is bracing for its own political shift, with Donald Trump facing off against President Joe Biden for the Presidency later this year.<\/p>\n While Trump is likely to prove broadly popular with the wealthy thanks to his liberal fiscal stance, others haven\u2019t shaken the memories of his last stretch in office and his legal troubles since exiting.\u00a0<\/p>\nYear of democracy<\/h2>\n