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                                    18 Gibraltar International www.gibraltarinternational.comT he United Kingdom (UK) is witnessing an unprecedented exodus of millionaires. This exodus is marking a significant shift in global wealth migration patterns. Europa Trust Company Ltd explores the motivations behind this migration%u2014and why jurisdictions like Gibraltar are emerging as prime alternatives for those seeking stability, tax efficiency, and quality of life. London, the capital of the UK has fallen out of the top five wealthiest cities in the world. In the past year, The UK lost 11,300 Dollar millionaires. The UK is now regarded as the third-highest country of outflowing millionaires, surpassed only by China and India.Why are millionaires leaving the UK?High tax pressureWealthy individuals are facing an increasingly high tax burden in the UK. Increased taxes on income, capital gains, and inheritance are pushing the wealthy to look for tax-friendlier jurisdictions.Political and economic instabilityYears of political upheaval (BREXIT, leadership changes and fluctuating economic forecasts), have led to an environment that many HighNet-Worth-Individuals (HNWI%u2019s) consider too uncertain for long-term wealth planning in the UK.Diminished prestige of LondonOnce considered a global financial powerhouse, London has fallen out of recent global city wealth ratings. This decline signals broader concerns about the UK%u2019s competitiveness in attracting and retaining the global elite. So where are they going?Australia and the United Arab Emirates (UAE) are popular destinations for these departing millionaires. Australia attracted 5,200 more millionaires in 2023 than it lost, thanks to its RelocationWhy UK millionaires should consider relocating to GibraltarBy Brett Bridge, Director %u2013 Business Development, Europa Trust Company LimitedContinued p20
                                
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