The Rich are Fleeing London at Record Pace

Once seen as a playground for the super-rich, the wealthy are quitting London amid the political and economic turmoil the great city has seen in recent years. The city seems to have lost its once-promising allure. 

As of now, the UK is seeing an unprecedented exodus of millionaires spurred by political and economic issues, with as many as 9,500 high-net-worth individuals set to leave the great nation. The only other country where this number is higher is China, with an estimated 15,200 individuals. 

This all makes sense. China’s economic output has slowed as companies take their manufacturing to cheaper countries. As for Britain, who wants to live in such a dreary country anyway?

Post-Brexit Outlook

Access to the European Union was a big draw for millionaire business owners. Now post-Brexit, challenges have emerged for companies and business owners in the European market. Why struggle when you can vote with your feet and leave the country for a better situation? The world is currently grappling with the perfect storm of geopolitical tensions and economic uncertainty. Not to mention the increase of regulations and the lack of significant innovation and progress has put off the super rich. Living in a country that promotes innovation is very important for business owners, so it is not a surprise that many are leaving for sunnier pastures. 

Traditionally London has been seen as a top destination for migrating millionaires due to its large number of wealthy families, rich history, and incredible list of investors. Post-Brexit, the trend has reversed itself, as we have seen over 16,500 millionaires migrate during the 6-year period. This is an 8% decrease over the past decade, a bad look for any country's prospects of innovation. 

The Future

The UK and Russia were the only two European nations to record an outflow of millionaires. When you are listed in the same breath as a former communist nation in the middle of a massive war in Eastern Europe, you should be worried about your future outlook. Of course, Britain is no Russia; however, they have the potential to fall into an even worse fate: Mediocrity.