The UK has seen the sharpest annual decline in its millionaire population of any country, analysis from international property consultancy, Astons, has revealed.
The UK has lost 14.3% of its millionaires in a single year, with the trend being driven by increases to Capital Gains Tax, inheritance tax, and major reforms to the non-dom regime.
As a result, more of the UK’s wealthiest citizens are exploring Golden Visa destinations in search of a better quality of life in more favourable tax conditions.
Suzanna Uzakova, senior consultant for residency and citizenship programmes at Astons, said: “The significant decline in the number of UK millionaires is indicative of a broader trend where high-net-worth individuals are seeking more favourable tax environments.
“Recent UK tax reforms, such as changes to inheritance tax, capital gains tax, and the non-domiciled regime, have prompted many to reconsider their residency.”
The United States, China, France, Japan and Germany currently hold the highest proportions of the world’s millionaires, accounting for 39.7%, 10.5%, 4.8%, 4.6% and 4.5% respectively.
The UK ranks just outside the top five, with 4.4% of the global total, equivalent to approximately 2.6 million individuals with assets of at least one million pounds.
But while these nations boast the highest proportion of millionaires, its countries such as Mexico, Brazil and Russia that have experienced the fastest growth in millionaire numbers, rising by 20.3%, 13.8% and 11.6% respectively.
The US, by comparison, saw its millionaire population grow by 8.6% over the same period.