A survey of British and French millionaires has shown that 44 percent of them are more likely to leave their countries than they were before the recent elections in their countries. It also revealed that more than one-fifth (21 percent) of young millionaires named the United Arab Emirates (UAE) as the country they were most interested in emigrating to.
The Affluence & Elections Survey, commissioned by Arton Capital, surveyed 256 French residents with net assets of at least €1 million and 262 UK residents with net assets of at least £1 million. Of these, 26 percent of respondents had a net worth of more than £/€5 million.
The survey was conducted following elections in France and the UK, in which left-wing governments were elected in both countries. It uncovered the extent to which wealthy British and French citizens are concerned about potential tax rises and the future of their economies.
A new study was revealed by Arton Capital.
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USA, Canada and UAE preferred choice
The UAE saw strong demand amongst the next generation of wealth creators, with 21 percent of millionaires aged 18-34 naming the Middle Eastern nation as their preferred destination.
With a strong demand for better economic opportunities, North America led the way as the most desirable destination for those thinking of leaving. The United States of America (31 percent) and Canada (32 percent) were the most frequently cited countries.
The French millionaires preferred Canada considering the long-standing cultural ties between the two countries, while the USA retained its charms because of the size of the economy and a booming tech sector.
Armand Arton, Founder of Arton Capital, commented: “The results of our survey show that a European wealth exodus is now a strong possibility. Europe is at a crossroads. Nations like the UK and France must do more to retain their attractiveness to the wealthiest in society.
“If they fail to do so, wealthy citizens would leave in their thousands in search of the American Dream or Canada’s high standards of living.
“Further afield, the UAE is firmly established as a global entrepreneurial hub, with Dubai now on par with financial heavyweights such as New York, Singapore, Tokyo, and London. With friendly tax regimes, favourable regulations, and a culture that empowers investors to realise their dreams, it is no surprise that the UAE is so popular amongst the affluent.”
Millionaire tax hike fears rise
As many as 90 percent of the 518 millionaires surveyed agreed that they were concerned about tax increases under their new governments. While most were worried about the hike in personal taxes, 40 percent of them were concerned about potential regulatory changes that may negatively impact their businesses.
Only seven percent responded said they were not concerned about the future of their economies.
And 79 percent saw benefits in moving abroad, believing they can access better economic and living opportunities overseas.
The lure of Golden Visas
Golden Visas and Citizenship by Investment programmes were the most popular avenue for emigration among the millionaires surveyed, with more than a third (34 percent) saying they were ‘very likely’ to use these programmes.
Asked to cite their reasons for considering emigrating, 48 percent said economic opportunities, while a staggering 66 percent said they do it for quality of life. With recent unrest in both UK and France, a third (33 percent) also cited safety and security as a motivating factor.
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