FX.co ★ Millionaires abandon UK for countries in Middle East and Asia

Millionaires continue to move out of the UK to countries in Asia and the Middle East, putting the country’s status as a financial hub in doubt, The Times reported, citing a report by citizenship advisory firm Henley & Partners.

According to Henley & Partners, many millionaires now prefer to move their funds in these regions. The UK was losing its shine among the super-rich, the report added.

Previously, Britain was a destination of choice for many high-net-worth individuals who now prefer to relocate elsewhere. Analysts at Henley & Partners noted that the UAE was the most attractive country for the rich in 2022.

About 1,400 people with a net worth of more than $1 million left the UK in the previous year. The outflow began after the Brexit referendum in 2016. Currently, about 737,000 millionaires live in the UK.