Latest news with #wealthmigration
The Sun
a day ago
- Business
- The Sun
Hard-working Brits foot £3bn bill for flood of migrants Labour is letting into UK – and bigger tax black hole to come
ANOTHER day, another illegal arrival of a small boat packed to the gunnels with young, selfie-taking men who'll no doubt be delivering a pizza to the virtue- signalling 'no borders' brigade by next week. Clearly, Treasury minister Darren Jones, who claimed on Question Time that the majority of vessels were carrying ' children, babies and women' wasn't on the beach in France that day. 4 4 This latest shipment of mostly economic migrants brings the tally this year alone (that we know of) to approximately 20,000 and, with it, an extra £3billion on the UK tax bill. But hey, a record 16,500 of another demographic are set to leave the UK this year, so perhaps it all balances out in the end? Trouble is, the escapees are wealthy and this exodus puts the UK on top of the global rankings for 'dollar millionaire' departures for the first time in a decade. According to the Henley Private Wealth Migration Report, it's part of a 'historic wave of wealth migration' as a result of tax increases and falling economic confidence. Taking jobs The Tory government's closure of the Tier 1 investor visa didn't help, nor did its overhaul of non-dom rules, and now Labour's inheritance tax changes have accelerated the trend. It's estimated that those leaving collectively hold £66billion in investable assets, and they'll be taking jobs with them too. Jason Hollands, from wealth manager Evelyn Partners, says: 'It's not just the tax receipts of wealthy people leaving the UK that will be missed — businesses and charities that benefit from their spending will be affected too. Cooks, gardeners, cleaners, restaurants, theatres, car showrooms, hotels and property will all suffer, undermining the jobs market.' Quite. So while it's easy for some to sit back and blithely say 'good riddance, who cares about wealthy people', the economic repercussions aren't as easy to brush off. The Centre for Economics and Business Research estimates that if even half of the UK's non-doms decide to up sticks and leave, then tax revenues to the Treasury will drop by an estimated £12.2billion by 2030. And where will the money come from to plug that hole in the country's finances? Illegal Channel migrant delivery riders ARRESTED as cops swoop on major asylum hotel after Sun expose Well, considering today's news that chancellor Rachel Reeves plans to axe the £20,000 limit on ISAs — the tax-free savings vehicle that successive governments have encouraged everyone to take advantage of — it looks like the very 'working people' that Labour claims to champion will be footing the bill. So well done everyone. BEAUTY NOT SO SWELL I WENT to see Danny Boyle's new movie 28 Years Later at the weekend. Although not for the faint-hearted, one scene made me laugh out loud. A young lad who has lived a sheltered life on a remote UK island without phones or social media, meets a Swedish soldier who's had full access to modern living. When the man shows the boy a photo of his girlfriend with the cosmetically enhanced lips that are so commonplace these days, the kids says: 'What's wrong with her face?' He then innocently suggests it's reminiscent of when his friend had a shellfish allergy. As a social commentary on how skewed our idea of beauty has become, it was perfect. Kim a front-runner for lingerie campaign 4 RECEIVING an invite with the theme of 'pyjama party' is my idea of heaven. If it's winter, off I trot in my tartan winceyettes and furry slippers. And if it's the warmer months, then it's light cotton jimmies all the way down to the ankle. Either way, it involves the minimum of effort and means you spend the entire evening in a blissful state of comfort. Better still, you're ready for bed as soon as you get home. Unless, that is, you're Kim Kardashian, pictured arriving at the post-wedding 'pyjama party' of Jeff Bezos and Lauren Sanchez in Venice. Ye gods. Whatever it is that she's almost wearing, it's certainly not anything you could sleep in. And the golden memo of 'never upstage the bride' appears to have somehow got lost in the post. Coincidentally, famous Italian lingerie brand La Perla has just been saved from bankruptcy thanks to a €25million buyout by US businessman Peter Kern. If he wants an, er, front-facing celebrity to help buoy sales, look no further. BAN ON BUDGIE BULGE UH-OH. Just when you thought it was safe to go back in the water . . . The much-maligned 'budgie smugglers' are back in fashion. Except, they were maligned for a reason. For not all men look like swimmer Adam Peaty, seen here modelling a pair of tight trunks. Yes, yes, I know we're all about body positivity these days and the fact that all shapes should be celebrated. But if the shape I'm seeing is the outline of someone's excessively hirsute meat and two veg, the long shorts of it is 'put it away'. TEACH HOW TO THINK GARY LINEKER reckons those running the BBC have 'lost their way' when it comes to impartiality. 'The impartiality issue has become a massive problem that I think they've probably created themselves . . . we just need to know the truth,' he says. But what is 'the truth' in this post-truth world? Is it Gary's 'truth'? Is it the 'truth' of someone who might disagree with him on an issue? Or does it sit somewhere between the two? We just don't know. So the BBC policy of providing both sides of an argument via guests, while presenters maintain impartiality, is the best way to let viewers make an informed viewpoint of their own. Which is why teaching young people how to think, rather than what to think, remains so important. WHILE Brad Pitt was posing on the red carpet for the London premiere of his new movie F1, opportunistic thieves were ransacking his home in LA. Three suspects fled the house with 'miscellaneous property' and, like the burglary at Nicole Kidman's LA home in February, it's believed the break-ins are linked to organised gangs. Be it drugs, online scams, street begging, large-scale shoplifting or car thefts, the exploits of such gangs who consider a day's work to be taking what other, law-abiding people have toiled hard for, now seem to be so out of control that one wonders whether it can ever be tackled effectively. CERTAIN critics say it's infuriating that Evita star Rachel Zegler sings Don't Cry For Me Argentina to the crowd gathered below the London Palladium's balcony rather than to the paying ticket-holders inside the theatre. I disagree. If you wished to attend the show this evening, the only two tickets available are £218 each – meaning a plus one outing costs the same as a week's holiday on the Costa Brava. So all credit to director Jamie Lloyd for making a brief slice of it available to anyone who can afford the bus fare to get there.
Independent Singapore
2 days ago
- Business
- Independent Singapore
Singapore to see over 50% drop in millionaire migrants in 2025 but still ranks among top destinations
SINGAPORE: Singapore is expected to see a sharp drop in the number of millionaires moving to the country this year. According to the Henley Private Wealth Migration Report 2024, only up to 1,600 millionaires are forecast to migrate to Singapore in 2025. That's less than half the number in 2024, when 3,500 millionaires moved to the city-state. VnExpress International reported, citing data from Henley and Partners, that the new group of millionaire migrants coming to Singapore is expected to bring a total of US$8.9 billion (S$11.34 billion) in wealth. Despite the decline, Singapore still ranks sixth worldwide in terms of millionaire inflows, just behind the United Arab Emirates (UAE), the United States (US), Italy, Switzerland, and Saudi Arabia. In Southeast Asia, Thailand is gaining ground as the city-state's competitor. The country is expected to welcome 450 millionaires in 2025, making it one of the 'rapidly emerging' destinations in the region. The report said high-net-worth individuals (HNWIs) from China, Vietnam, and South Korea have been drawn to Bangkok for its international schools, growing financial services sector, and luxury real estate. Elsewhere in Asia, some countries are seeing more millionaires leaving. South Korea is expected to lose about 2,400 millionaires this year, more than double the number from last year, amid economic and political uncertainty. Vietnam is also seeing a growing number of millionaires leaving, with a net outflow of around 300 expected in 2025. Globally, the number of millionaires relocating is expected to hit a record high of 142,000 this year. The UAE is expected to top the list again, with a record net inflow of 9,800 millionaire migrants. Meanwhile, the UK is forecast to lose the most millionaires globally, with 16,500 set to leave in 2025, followed by China with 7,800. Henley & Partners CEO Juerg Steffen said this was the first time in ten years of tracking that a European country had the highest number of millionaire outflows. He noted that this is 'not just about changes to the tax regime' but also a sign that the wealthy are looking for greater opportunity, freedom, and stability elsewhere. /TISG Read also: 7 in 10 Singapore investors consider local stocks 'integral' investments amid global uncertainty
Times of Oman
3 days ago
- Business
- Times of Oman
At least 9,800 millionaires are expected to relocate to UAE in 2025
New Delhi: The United Arab Emirates continues to solidify its reputation as a premier destination for the world's ultra-wealthy, driven by regulatory reforms, favourable tax policies, and long-term residency options such as the Golden Visa, as reported by the Gulf News. According to the latest Henley & Partners Private Wealth Migration Report, at least 9,800 millionaires are projected to move to the UAE in 2025 alone, underscoring the country's appeal to high-net-worth individuals seeking stability and strategic advantage. Norwegian-born shipping tycoon John Fredriksen is among the several high-profile billionaires from around the globe who made the move to the UAE. Fredriksen, long based in the UK, has moved a significant part of his business operations from London to the UAE. Once ranked the UK's ninth-richest individual, Fredriksen cited the British government's decision to scrap the long-standing "non-dom" tax regime as a major catalyst for his relocation. Known for building one of the world's largest oil tanker fleets, his move is seen as symbolic of a broader trend of wealth migration from Britain to the Gulf. Additionally, Michael Edward Platt, British billionaire and hedge fund veteran, Michael Platt, co-founder of BlueCrest Capital Management, has also shifted his base to the UAE. The firm, once Europe's third-largest hedge fund, has managed assets exceeding USD 35 billion at its peak. In June 2025, Platt moved his primary residence and family office to Dubai, continuing a UAE expansion that began in 2022 following regulatory approval for BlueCrest's operations in the region. Shravin Bharti Mittal, son of telecom magnate Sunil Bharti Mittal and Managing Director of Bharti Global Ltd, has also made a high-profile shift to Abu Dhabi. As the founder of Unbound, a global technology investment firm, Mittal represents the younger generation of India's Bharti family. In April 2025, he registered a new branch of Unbound in Abu Dhabi amidst tightening tax regimes in the UK. The Bharti family remains the largest individual shareholder in BT Group Plc. Furthermore, Pavel Durov, the Telegram founder, has called Dubai home since 2017. After leaving Russia in 2014 due to political pressure, Durov and his brother established the encrypted messaging platform's global headquarters in the UAE. Now a UAE citizen, Durov was ranked the world's 120th richest person in 2024 and was previously named the richest expatriate in the UAE by Forbes. In 2023, Arabian Business hailed him as Dubai's most powerful entrepreneur. Nassef Sawiris, Egypt's richest man, Nassef Sawiris, has also chosen the UAE as his financial base. In late 2023, his family office, NNS Group, relocated to the Abu Dhabi Global Market (ADGM). Sawiris controls a 30 per cent stake in OCI NV, a leading global fertiliser producer, and owns significant shares in Adidas and LafargeHolcim. His move reinforces Abu Dhabi's growing status as a global hub for elite wealth management. According to the report of Gulf news, a combination of political stability, robust financial infrastructure, and investor-friendly climate continues to draw the world's most influential entrepreneurs and financiers to UAE. About 9,800 millionaires are expected to move to the UAE in 2025, from hedge fund moguls to tech innovators. Dubai and Abu Dhabi are rapidly becoming the new centres of global wealth and power.
Arab News
6 days ago
- Business
- Arab News
Saudi Arabia to see 700% surge in millionaire inflows in 2025: Henley & Partners
RIYADH: Saudi Arabia is projected to attract 2,400 high-net-worth individuals in 2025, marking a sharp increase from the 300 millionaires estimated to have relocated to the Kingdom in 2024. This eightfold rise positions Saudi Arabia as the fastest climber in the Henley Private Wealth Migration Report 2025, published by Henley & Partners in collaboration with New World Wealth. Across the Gulf, the UAE continues to lead globally, forecast to attract 9,800 millionaires this year, the highest net inflow worldwide, followed by the US with 7,500. HNWIs are relocating to the Kingdom due to its ambitious Vision 2030 agenda, pro-business reforms, and growing investment opportunities. The surge in inbound wealth reflects the region's growing appeal to both returning nationals and international investors, particularly in Riyadh and Jeddah. Saudi Arabia has also introduced attractive residency programs, tax incentives, and a push to diversify the economy beyond oil. Juerg Steffen, CEO of Henley & Partners said that 2025 marks a 'pivotal moment' for global wealth migration, adding: 'It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere.' Mega projects like NEOM, improved infrastructure, and a focus on tourism and fintech are drawing international interest. Additionally, the Kingdom offers political stability, regional influence, and a strategic location, making it an increasingly attractive destination for global wealth. Henley & Partner's report aligns with a recent study by consulting firm Capgemini, which highlighted the Middle East's growing appeal to next-generation high-net-worth individuals, citing geopolitical security and economic stability as key drivers of investment interest in the region. The analysis, published earlier in June, pointed specifically to Saudi Arabia's aggressive efforts to attract global wealth through its economic diversification strategies, positioning the Kingdom as a rising center for international capital. Capgemini also noted that the UAE is capitalizing on the same trend, with both Gulf economies drawing increased interest from global investors seeking high-growth markets and stable financial environments. UK biggest loser amid global shift Henley & Partner's recent report predicts that an unprecedented 142,000 millionaires across the world are expected to relocate in 2025. While Gulf countries and select European destinations see rising inflows, several traditional wealth hubs are witnessing record outflows. The UK is forecast to lose 16,500 high-net-worth individuals, the highest on record, more than doubling China's projected outflow of 7,800. This reversal comes after years of the UK being a net destination for wealth, with recent tax reforms — including increases to capital gains and inheritance taxes and tighter regulations on non-domiciled residents — prompting an accelerated departure. 'Since 2014, the number of resident millionaires in the UK dropped by 9 percent compared with the W10's global average growth of 40 percent,' said Trevor Williams, chair and co-founder at FXGuard, a digital foreign exchange risk manager, according to the report. The shift is part of a broader trend in Europe, where France, Spain, and Germany are also expected to experience net outflows of wealthy individuals. In contrast, Southern Europe is emerging as a new hub for global wealth. Switzerland is projected to gain 3,000 millionaires, while Italy is set to receive 3,600. Portugal and Greece are expected to receive 1,400 and 1,200, respectively. Smaller markets such as Malta, Montenegro, and Latvia are also benefiting from favorable tax regimes and investment migration programs. Beyond Europe, Thailand and Japan are increasingly preferred by wealthy individuals in Asia. Thailand is forecast to gain 450 millionaires, and Japan 600, driven by political stability and high-end real estate. Hong Kong is also showing signs of recovery, with inflows from mainland Chinese executives linked to the region's growing tech sector. However, South Korea is set to see a significant outflow of 2,400 millionaires, reflecting broader economic and political uncertainty. Other countries in Asia and the Middle East, including Vietnam, Pakistan, Iran, and Lebanon, are expected to see continued outflows of wealthy individuals, many relocating to the UAE or the US. Misha Glenny, rector at the Institute for Human Sciences in Vienna, said recent geopolitical developments, including tensions in the Middle East, are contributing to a reshuffling of wealth migration patterns, according to the report. In the Americas, Central American and Caribbean jurisdictions such as Costa Rica, Panama, and the Cayman Islands are expected to attract record numbers of high-net-worth individuals. Despite a lower-than-usual forecast for inflows, the US remains a top destination for relocating millionaires. Parag Khanna, founder and CEO of AlphaGeo, an AI-powered predictive analytics platform for investing, noted the ongoing role of Asia in shaping global wealth trends. 'Asia's wealth landscape is a dynamic blend of ambition and caution. Singapore and Japan are solidifying their reputations as global wealth havens, while China and India are balancing domestic opportunity with the desire for diversification,' Khanna was quoted as saying in the report.
Japan Times
7 days ago
- Business
- Japan Times
Japan among most appealing Asian nations for high net worth individuals
Asia is becoming a magnet for the migration of millionaires and billionaires around the world, with Japan expected to see 600 wealthy individuals moving to the country — many of them from China — according to an annual report from a U.K. migration consultancy firm. Following domestic economic instability after the real estate market's 2020 collapse, and global geopolitical uncertainty, wealthy Chinese have sought to establish bases in other countries, with Japan as one of them . Henley & Partners' analysis of country wealth flows, part of its Private Wealth Migration Report 2025 released Tuesday, showed China alongside the U.K., India, South Korea, Russia and Brazil as the countries with the biggest losses of millionaire headcount. In the Asia-Pacific region, researchers placed Japan behind Hong Kong, which is estimated to attract 800 high net worth individuals (HNWI) in 2025, as well as Australia, set to greet 1,000, and Singapore, expected to welcome 1,600. The standard of living, health care, and safety and security were among factors that made Japan attractive to wealthy Chinese expatriates, said Andrew Amoils, head of research at New World Wealth, which acted as a data intelligence partner for the study. Tokyo, Osaka, Kyoto and Kobe are typically the main destinations for this demographic. 'Notably, Osaka–Kyoto–Kobe is the fastest growing part of Japan for HNWIs,' Amoils said, crediting the region's rapidly developing technology sector. The recent strong performance of the Japanese stock market has made the country more compelling for entrepreneurs. But lifestyle and family considerations are also a factor. 'The University of Tokyo is widely seen as the best university in Asia,' Amoils said, explaining that schooling and education opportunities for expatriate children were among the considerations. The Times Higher Education Asia university rankings for 2025 placed the University of Tokyo fifth in the region. But for the uber-wealthy, Japan does suffer from some drawbacks. Other favored choices Singapore and Hong Kong have low tax rates, which have long established them as attractive options for corporate headquarters and wealthy individuals. In Japan, the highest earners are taxed at a rate of 45%. In Hong Kong, the highest tax rate is 17% while in Singapore, it's 24%. But Hong Kong, which is classified as a 'special administrative region' under the control of mainland China, may be a more complex choice for Chinese HNWIs who want to shield their assets from the risk of political fallout. While Japan may be steadily attracting more wealthy individuals, Japanese HNWIs were also looking to retire in other countries. Australia, Thailand, Malaysia and the U.S. were the most attractive choices for this demographic, Amoils said, noting that around 300 HNWIs were expected to leave Japan in 2025. The wealthy migration report also showed Japan ranked fourth for its number of HNWIs, after the U.S., China and Germany. As of December, Japan had 714,000 millionaires in dollar terms, down from 754,800 the year before, and 44 billionaires, up from 39 the previous year.
