A survey reveals that many wealthy individuals in Britain, specifically those with at least £1 million in net worth, believe they would fare better living overseas. The study shows that 60 percent think that life would improve abroad, particularly amidst concerns over a proposed wealth tax. The majority already feel financially strained due to the rising cost of living. Major destinations considered for relocation include the United States, Canada, and Australia, with significant interest in the UAE for its zero income tax policies.
A survey of 1,000 people with a net worth of at least £1 million found that 60 per cent thought life would be better abroad, while just over half said they would be more likely to leave if Chancellor Rachel Reeves pressed ahead with a wealth tax.
Concerns among the wealthy have intensified since Reeves scrapped the 'non-dom' regime in April, a longstanding arrangement that allowed foreign residents to shield overseas earnings from UK tax.
The uncertainty around the government's proposed wealth tax mirrors the ongoing economic uncertainty seen around the world. The longer unpredictability persists, the greater the risk of losing capital, talent and long-term investment to countries that offer greater security.
Six in ten said their quality of life would be somewhat (31 per cent) or significantly (29 per cent) better in another country.
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