Analysts have said that more than 10,000 millionaires have left Britain in the past year. This trend is likely to continue as the British economy continues to struggle.
Why Are They Leaving Britain?
There are many reasons that have contributed towards making millionaires leave Britain. The main reasons being:
- Increase in taxes
- Decline in Britain’s dominance in the hi-tech sector.
- Decline in Britain’s lead in the financial sector.
- Deteriorating health care system.
The wealthy are taxed heavily to try and fill the financial deficit the government has created by their mismanagement of Brexit and the Covid-19 lockdown.
Britain has also been flooded by migrants with little education or skills looking for low-end jobs. A select number of people connected with the government are making money from supplying arms to foreign countries.
It is hard for an entrepreneur to make money in Britain unless they have connections with the ruling elite. The cost of living has also increased significantly. The British Pound is also losing it’s buying power globally.
Many companies have stared to move from the London Stock Exchange to the New York Stock Exchange. London has lost it’s status as the financial capital of the world to the US and Asian countries.
How Many Have Left And Where Have They Gone?
10,800 millionaires have left Britain in 2024. In 2023 4,200 left Britain… the figure has more than doubled within a year. This trend does not look like reversing.
The UK has lost 16,500 millionaires between 2017 to 2023, due to migration. This has been fuelled by Brexit and the Covid-19 pandemic. This figure is only second to China for this period in time.
Prior to Brexit, Britain used to be a popular destination for wealthy families from mainland Europe, Africa, Asia and the Middle East for relocation and also as a second home.
The top destinations for British millionaires and their families to relocate to were Dubai, Paris, Amsterdam, Monaco, Geneva, Sydney, Singapore. Those that were retiring have gone to places like Florida, the Algarve, Malta and the Italian Riviera. The cost of living is considerably lower in those location and the quality of life is much better.
My Thoughts On The UK’s Tax System
Taxes are required by government to keep the country running smoothly, but over taxing is crippling the economy by getting the wealthy to leave the UK.
The most unfair taxes is the UK are capital gains tax and inheritance tax. Your wages are already taxed, you invest this money in stocks or purchase a property and have to pay tax again on profits.
You build up assets and your family have to pay tax on what you have left for them. There are ways around these taxes, but the vast majority are caught out.
Capital gains tax and inheritance tax should be totally abolished. If you invest in dividend stocks, you will get taxed on dividends. If you purchase properties, you will get taxed on the rental income you receive.
When you purchase items with the money that has already been taxed, out still have to pay VAT. It seems as though the government are out there to squeeze all the blood out of you in the form of taxes.
If you drive a car you are faced with road tax, ULEZ, congestion charge, fines, parking fines, parking permits… all these fines are covered up in the pretense to make the roads safer. Why do we have to pay for parking on a road that has been build using tax payers money?
All these taxes and fines are not benefiting the average person. They are designed to make the elite richer and keep them in power.
My Preferred Countries For Relocation
I would ideally like to relocate to a country that I can get by in without having to learn another language. Australia, New Zealand Canada and USA look like good options.
There are other countries where you can get by with speaking English such as Singapore, Dubai and regions of Spain and Italy. Malaysia and Indonesia are also feasible options as the cost of living is considerably lower than that of the UK. The infrastructure in these countries has been vastly improved.
The transport system is getting better than the UK and there is good internet connectivity for carrying out online business. I am currently looking at viable options, as the situation in the UK does not look like improving in the near future.
Ideally I would love to relocate to a fairly remote Island like Sardinia and spend 6 months there and 6 months in the UK. It is hard to move out of the UK totally as I have most of my immediate family here.
The UK’s Housing Market
A three bedroom terraced house in London costs £769,475. This is a ridiculous amount that does not tally up with the average wage in London of £47,455. The average rent in London is £2,121.
Most people in London cannot afford to get onto the housing ladder. Some people own a number of houses and profiting greatly for the hike in the rental market. This rental income bubble is about to burst, as it cannot continue to increase along with other cost of living expenses.
You get multiple migrant workers renting houses, living in crammed conditions to save on rent. This has created a black market economy, as part of the rent is paid cash in hand. This crammed living condition puts a lot of stress on local authority resources. Some houses have over 5 cars along with vans… people have to literally fight for parking spaces.
I don’t know how long this will last for. The UK’s economy is on the path towards self destruction. The transport system cannot cope with he growing number of migrant workers.
Britain Is No Longer Great Britain
Britain is gradually turning into the least desirable place to live in within Europe. The influx of migrants from around the world has created a third world like environment.
Only a select number of old money and cultured families remain as the elite class in British Society. This old elite and aristocratic circle is gradually crumbling as the wealth is divided from generation to generation. There can only be so many Lords and Ladies, these titles no longer hold much value.
Britain once dominated the world, and now the world is bring it down via mass uncontrolled immigration. Most of these immigrants are searching for low-end jobs and the government is trying to squeeze as much as they can out of them via increased taxes.
Even though the average wage in London is showing as £47,455 (approximately £4,000 monthly), in reality the majority are earning less than £3,000 monthly. The average wage is pushed up my the super wealthy that are paid millions yearly as directors and CEO’s of companies.
You need to be earning a minimum of £4,000 monthly to cover your living costs and live a relatively comfortable lifestyle in London. Anything below £3,000 monthly will have you struggling to make ends meet.
I don’t know what the solution to getting Britain back on track again is, but we must find a solution rapidly. The average person in Britain is suffering, but the elite have the resources to fund ways in distant lands.
It looks like Donald Trump wants to put an end to the War in Ukraine, but Britain wants push on for some reason. The elite must be profiting from the sales of arms to Ukraine and other war torn parts of the world.
I’m all for peace and harmony around the world, but it seems like there is too much greed and the hunger for power and control around the world.
Many governments have been toppled worldwide to be replaced by people with the save agenda of greed and control. It is hard to get way from these dirty political games. All we can hope for is to improve our own living conditions whilst campaigning for justice to prevail around the world.
Can this downward trend in the British economy and society be reversed?
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