A record number of millionaires have relocated or will relocate during 2024, as political shifts cause wealthy customers to prioritise new destinations.
According to the European Lifestyle report, by London-based property consultancy Frank Knight, London is no longer a leading destination for high-net-worth individuals (HNWIs). Paris has become the first choice among those who are considering a move, followed by Berlin, Barcelona, Vienna and Madrid.
The company said that: ‘With 2024 the biggest election year in history, policy and tax changes are coming thick and fast, impacting property markets, cross-border investment and wealth flows. Newly elected governments are trying to balance increased spending on affordable housing and infrastructure with the challenge of reducing deficits and still attracting foreign investment.’
Meanwhile, the Henley Private Wealth Migration Report 2024, by global residence investment specialists Henley & Partners, suggests that Britain will lose at least 9,500 HNWIs during 2024, up from 4,200 in 2023. In the wake of Brexit, the country lost 16,500 millionaires to migration between 2017 and 2023.
The report predicts a record 128,000 millionaires will relocate globally this year, overtaking the previous record of 120,000 in 2023.
