Thursday 11 July 2024 - 01:59

Britain Likely to Lose Nearly One in Six Millionaires by 2028, Report Says

Story Code : 1147034
Britain Likely to Lose Nearly One in Six Millionaires by 2028, Report Says
The UBS Global Wealth Report for 2024 forecast the number of dollar millionaires in Britain would fall by 17% to 2,542,464 in 2028 from 3,061,553 last year. It also forecast a 4% fall in the Netherlands, to 1,179,328 from 1,231,625, Reuters reported.

Paul Donovan, Chief Economist of UBS Global Wealth Management, said the shift away from Britain partly reflected the fact that, with the third highest number of millionaires, its figure was currently "disproportionately high."

"You have obviously seen in the UK over the last few years, as you have seen in other countries, implications arising from sanctions against Russia," he told a press conference.

Donovan said Britain's decision to scrap its "non-dom" status - which lets wealthy, often foreign residents avoid tax on overseas income - had also had a "small effect."

"The non-indigenous millionaire population, the global population, which is constantly shifting, will be looking for low tax locations all of the time," he said, adding this was "not a function of UK policies per se" but reflected the "pull factors" of other countries, pointing to Dubai and Singapore.

British real estate group Winkworth said separately on Wednesday that demand for high-end properties had been dented by tax policies targeting wealthy individuals and a proposal by the new Labor government to tax private schools.

The UBS report forecast the total of dollar millionaires in the United States would rise by 16% by 2028, in Germany by 14%, in France also by 16%, in Japan by 28%, in Spain by 12% and in Italy by 9%.