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London loses its appeal, 1400 rich fleeing in 2022

2023-01-20T19:25:02.394Z

Great Britain with its capital London is no longer at the center of the desires and interests of many rich people who prefer to move elsewhere. Brexit is still among the causes, but also the sanctions against the oligarchs (ANSA)



Great Britain with its capital London is no longer at the center of the desires and interests of many rich people who prefer to move elsewhere.

In fact, the ability to attract nabobs from all over the world ready to invest in companies, luxury properties and take advantage of the City's banking services has weakened in recent years.

Around 1,400 millionaires left the UK in 2022

, according to figures from Henley & Partners, a citizenship consultancy

.

According to research, an escape that began shortly after the vote in the Brexit referendum in 2016, which sanctioned the British farewell to the European Union, continues.

Since then it is estimated that around 12,000 millionaires have left the Kingdom to go elsewhere fearing, among other things, a loss of centrality of the metropolis on a global level.

Many bankers, for example, have effectively been forced by their employers to relocate to a European country after their company moved to a financial hub on the continent, such as Amsterdam, Paris or Frankfurt.

Certainly

, in addition to Brexit, the international political climate

of recent years has played a very important role, which has alienated businessmen from emerging countries.

Among the reasons there is both the tightening of regulations on the origin of foreign capital (including anti-money laundering rules) and the British sanctions against states that have entered into bad relations with the West.

Chinese and Arabs have invested large amounts of capital in the Kingdom in the past.

While London has long been a pole of attraction for Russian oligarchs, who along with other super-rich bought luxury properties helping to inflate the real estate bubble, until relations with Moscow went into crisis, in particular after the outbreak of war in Ukraine and the flurry of sanctions against prominent businessmen.

However, the presence of millionaires is still high

, in fact there are 737,000 in the Kingdom, but new favorite destinations are emerging for many rich people in the Middle East, starting with the United Arab Emirates, and in Asia.

The Emirates, especially Dubai, attracted the largest influx of millionaires last year according to Henley & Partners.

Among the internal factors that penalize Great Britain is the political instability that emerged last year with the government structure marked by as many as three changes of leadership in a few months and also an economy that is certainly not in an expansive phase but which is indeed struggling to recover in various sectors and is less able to attract investors and businessmen.


Source: ansa

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