Britain’s millionaires are increasingly likely to abandon the UK for a better life overseas, and although money is a key factor, a big factor is that old bastion of bleak Britain- the weather.
Around 50 percent of Britain’s wealthiest businesspeople are said to be considering a foreign move, and 21 percent pinpoint the poor weather as a driving factor, with 20 looking for a greater standard of life.
Below that, 11 percent blame the high cost of UK life, and ten percent are sick of high UK taxes.
Interestingly, it seems that millionaires in other countries do not share the desire to expatriate that Brits do, Italy, France and Dubai recorded just one out of 10 millionaires who wished to move abroad.
Of course, UK millionaire’s are also being affected by the UK economy- 34 percent saw a drop in their wealth, with 24 percent fearing that the following year will see their finances fall even further.
Wealth preservation is always at the forefront of affluent minds, and those who are indeed moving abroad should always explore the possibilities of pension transfers such as QROPS and other expat-specific financial products. Speak to a recommended financial planner for more information.