Worlds mega wealthy leaving the UK in droves

In spite of an impressive increase in their numbers, the super-rich are deserting the UK in droves.

A newly-published wealth report has revealed the UK’s elite population of extremely wealthy individuals are giving up on Britain and moving to more tax-friendly climes. The qualification for super-rich status stands at £50 million or more in net assets, with the list of the fortunate increasing in numbers by 1O per cent during 2017. There are now 129,730 super rich in this exclusive club, and between them they control a massive net worth of $26.4 trillion.

However, whilst the number of million- and trillionaires worldwide is steadily rising, the UK’s share of their purchasing power has fallen, along with the numbers choosing the UK as their main country of residence. Since 2012, numbers have fallen by six per cent, leaving just 4,580 in the UK at the present time. Every other European Union state saw increases in their super-rich populations, with Spain attracting another four percent, France benefiting by an 18 per cent increase and Portugal's rich list increasing by 17 per cent. The rest of the EU nations saw increases of between seven and 14 per cent.

In spite of the attractions of Europe, the USA and Canada as well as Asia won out big time, with North America gaining a 31 per cent increase and Asia doing even better with 37 per cent. As a result, Asia now holds 35,880 super-rich residents and North America is home to 35,180. China is the most popular Asian nation, followed by India. It seems the message for ambitious expats looking to mingle with the planet’s movers and shakers is to head East!

Interestingly, Russia’s tally of super-rich individuals has fallen by 37 per cent during the past six years, with South America also proving less than popular. The Caribbean saw a drop of 22 per cent in its ultra-wealthy residents, possibly as a result of the damage caused by last summer’s appalling series of hurricanes.

According to the company which conducted the survey, right now is an auspicious time for increasing one’s wealth, with entrepreneurship an essential and raising capital easier than in previous years. However, why those with such exalted bank balances should need more is a conundrum, as they’d have a hard job spending their accumulated wealth even should they live until well into the next century!