Monday 11th March 2013

Britain's millionaires flee the UK

More and more of Britain’s millionaires are planning on leaving the United Kingdom to enjoy expat life overseas.

According to a recent survey by Lloyds TSB International, 22 percent of the UK’s millionaires are seriously considering relocating in the next twelve months, marking a 1% increase over the last six months and 3 percent increase year on year. However, while many millionaires do indeed plan on leaving, the majority are happy to stay, with 64 percent of those surveyed saying that they plan to remain in the UK.

The bank's findings align with figures that were recently issued by the Office of National Statistics (ONS), which indicated that the number of Britons moving abroad is on the rise. In June 2012, the total number of Brits who left UK shores increased by 8 percent on the previous year, with a total of 155,000 people leaving Britain in 12 months.

Discussing the results of their latest survey, Richard Musty, Lloyds TSB International Private Bank Director, commented: “The emigration figures back up what we’re seeing among our customers – growing numbers of Britons are leaving the UK, particularly to work overseas.

“Popular destinations include English-speaking countries such as Australia, the US and Canada, which have a relatively healthy economic climate, often making it easier to find a job. Destinations like France and Spain remain popular too.”

When questioned on the reason why increasing number of UK citizens are seeking expat life abroad, Mr. Musty disclosed: “Nearly two-thirds blamed Britain’s poor weather conditions as a key reason they would leave the country, while other key reasons include concerns about levels of crime and anti-social behavior, and perceptions about the UK’s high cost of living.”

The research completed by the bank was conducted by online survey in November 2012. A total of 1399 adults with savings in excess of 250,000 GBP. Of those included in the research, 210 had assets that are currently valued at more than 1,000,000 GBP.

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