Belgium, Germany, Spain, and Italy are among the European countries that are expected to see their millionaire populations grow. Continental European hotspots, including Milan, are becoming the new stomping ground for millionaires sick of London, according to the report.
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. 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 U.K. 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.”
And, A Place In The Sun survey has revealed that Spain is still the number one location for Britons to buy abroad with 53% wanting to own their own piece of Spanish sunshine, which is up from 44% in the past 12 months. The survey, which marks the launch of the new series, also revealed that 96% of respondents believe spending more time in the sun will improve their quality of life and 87% believe they will become healthier and live longer.
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Stephen NivenThe ones who voted for Brexit just hop a plane, rent an apartment, and never leave. It is, after all, an entitlement of Britons to go wherever they want and do whatever they want, anytime they want, without stupid foreigners telling them what to do. Yet, I know a few that complain endlessly about how terrible everything is here, yet refuse to go back (although a few may be forced to soon) But that's just being English I reckon. For them, everything is crap, no matter where or what it is. Anyway, have a nice day!
I see the the, I blame everything on Brexit crew are out. Are you the kind of people who wake up with a cold sweat in the night just wishing the democratic vote had gone thd other way? Get a life! Britain is broken and has been for a long time, and it isn't because of Brexit.
Stephen NivenAnything to keep the winter fuel allowance.
And the foreign millionaire’s currently in Spain are leaving due to the solidarity tax. Strange old word.
Brexit for the masses. Freedom of movement if you're a mate of Boris or Nigel.
Presumably the 50% who want to go live in Spain are the same 50% who voted against Brexit?