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Ulviyya Poladova

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Britain has seen an estimated $160 billion in wealth leave the country over the past two years as wealthy residents, families and foreign nationals with limited ties to the country have moved abroad.

According to Bloomberg, the exodus has been linked to the removal of tax advantages and a deteriorating business environment.

The British government is increasingly concerned about the trend. The top 1% of earners account for around 27% of all income tax revenue in the country, meaning their departure could result in a significant loss of purchasing power and tax revenue.

Monaco, Switzerland and the United Arab Emirates have emerged as the main destinations for those relocating.

Among those who have left is steel magnate Lakshmi Mittal, who for years was one of London’s most prominent billionaires.

It should be noted that Britain has historically ranked among the world’s wealthiest countries. According to financial group UBS Group AG, the country is home to more than 2.4 million US-dollar millionaires, giving it the fifth-largest millionaire population in the world.

Image: Bloomberg