British millionaires prepare to flee the weather, taxes

More than half of British millionaires consider leaving the
UK permanently, a study by investment firm Skandia has found. Only 44 per cent
of 500 UK-based millionaires surveyed are certain of remaining in the UK, while
8 per cent are already in the process of leaving.

Although taxes were one of the reasons cited for leaving the
UK, the most popular destinations are not low tax jurisdictions such as
Switzerland or the Cayman Islands but rather France, the US, Spain and
Australia.

Taxation, better living standards abroad and the weather
make up about two thirds of the rationale for wanting to desert the UK, the
study results show.

“Our survey seems to indicate that the UK’s wealthiest
really are saving for a rainy day and will seriously consider moving to sunnier
climes if storm clouds gather in either economic or meteorological terms,” said
Skandia’s Brand Manager Jo Rimmer.

More than two thirds of the high-net-worth individuals
surveyed made their fortunes from employment income, investments or as a result
of selling their business venture. Only 14 per cent of those surveyed said they
had inherited their wealth and 4 per cent have made their fortune from winning
the lottery or gambling.