Over 50% of Britons want to live in Spain

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.

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The Mallorca municipality where house prices have increased the most

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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.