According to new research by Lloyds TSB International Wealth, the number of wealthy Britons to leave the country over the next two years is set to increase. The survey revealed that most Britons who are considering moving abroad are concerned about a number of issues in the UK, including high taxes, lack of investment in public services and infrastructure and too much bureaucracy.
Over half a million (544,000) British people with over £250,000 of savings and investments excluding property are thinking of relocating abroad in the next two years. This is 19% of wealthy people and is up from 17% six months ago and 14% a year ago. These figures indicate that it’s not just a few internationally mobile individuals who are considering relocation, but more traditional businessmen as well.
Investment in infrastructure is seen as the most crucial issue that would make the UK more attractive, with over 60% of those surveyed choosing this option. 49% also agreed that red tape for businesses is excessive and 45% called for lower tax levels. Over 40% emphasised the importance of improving public services, such as education, the police and health care, which could lead to less crime and anti-social behaviour and could indirectly contribute to economic growth.
Although increasingly more wealthy individuals are considering leaving the UK, the majority, over 60%, agreed that they are currently happy to live in the UK and are not considering a move abroad.
As Nicholas Boys Smith, director of Lloyds TSB International Wealth comments: ‘Our research suggests the number of wealthy people leaving the UK is set to increase in the next two years. This includes a large number of successful, affluent individuals who play an important role in powering the UK economy. While the figures strongly suggest we won’t see a mass exodus, it is clear that a significant and growing minority see opportunity and a better quality of life overseas.’
Those considering a move abroad are generally looking for a wider range of opportunities, a stronger and more stable economy and better climate – a better quality of life overall. According to the study, over 40% of wealthy Britons agree that the UK offers a worse quality of life than other developed nations and think that life in the UK is more stressful than overseas.
The list of most popular destinations among prospective British expats is not surprising. Most expats tend to choose destinations where they can find a similar culture and better living standards, and for Britons, these countries include Spain, France, the USA, Australia, New Zealand and Canada.
