Friday , 22 November 2024
Home Forex UK losing HNW individuals faster than any other country – worst in the world
Forex

UK losing HNW individuals faster than any other country – worst in the world

Info comes via the UK’s Adam Smith Institute (ASI) on the exodus of high net worth individuals from the UK:

  • Today, 4.55% of British residents are millionaires, but the ASI has forecast that this will fall to 3.62% by 2028;
  • The fact that the UK is losing proportionately more millionaires than China or Russia is a worrying indicator of our economic health and growth prospects;
  • Millionaires are leaving the UK for a number of reasons, including high levels of current taxation, threats of further increases, a hostile culture towards wealth-creators and , the abolition of the non-dom regime, and a culture which is hostile to wealth-creators;
  • Former Chancellor of the Exchequer, Nadhim Zahawi, urges the Government to rule out measures in the Budget targeted at high net worth individuals. Instead, the Chancellor ought to cut or abolish anti-prosperity taxes.

Here is the link for more.

The ASI says the loss is likely to be very damaging to the UK economy.

Interesting stuff.

This article was written by Eamonn Sheridan at www.forexlive.com.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

FX option expiries for 22 November 10am New York cut

There is arguably just one to take note of on the day,...

USD adding on a few points: AUD, CAD lower. USD/JPY back to its session high.

The moves aren't large, but just noting some USD strength coming in....

PMI data back in the spotlight to wrap up the week

The dollar held a bit more of a mixed mood since trading...

ForexLive Asia-Pacific FX news wrap: Gold, BTC up

Federal Reserve Board Governor Michelle Bowman speaking FridayJust over half of economists...