UAE a top choice for British millionaires who want to relocate if wealth tax is introduced, says survey

 A landmark survey of British millionaires has revealed that over half of those surveyed are more likely to consider leaving the United Kingdom (UK) if a wealth tax is introduced. Sixty per cent of those surveyed also noted that they thought that they would be able to have a better quality of life overseas. 

The results of the Arton Capital Affluence and Elections Survey, commissioned by leading Canadian investor migration consultancy Arton Capital, will make for grim reading for the Chancellor of the Exchequer, Rachel Reeves. Nearly half (47%) of surveyed millionaire Labour voters stated that they would be more likely to leave the country should a wealth tax be introduced – is the Chancellor pushing away the very voters that secured the Labour party their historic mandate? 

82% of the UK-based millionaires that were surveyed said that they would be interested in investing in a Golden Visa or Citizenship by Investment programme – pathways for individuals to obtain residency or citizenship in a country through financial investment.

When asked which countries they would be most interested in relocating to, the United States of America (35%) topped the rankings amongst wealthy Brits, with Canada (33%) ranking second and Australia (25%) securing third place. The United Arab Emirates (UAE, 17%), notably, came in fourth, with the standings demonstrating that Brits remain attracted to other English-speaking countries as well as the luxury lifestyle the UAE is famous for. 

Positive note 

There are upsides for Reeves, however, with 66% of British millionaires still viewing the United Kingdom as an attractive place to invest when compared to other countries. Possibly buoyed by the country's historic status as a financial powerhouse, the data indicates that many affluent voters remain confident at the prospect of financial returns on their British investments. 

Armand Arton, CEO of Arton Capital, commented: "The UK is at a tipping point. The uncertainty around the government's proposed wealth tax mirrors the ongoing economic uncertainty seen around the world – from Trump's tariffs to conflict in the Middle East, it seems clear that the world is becoming less and less certain. 

"There are many repercussions of the introduction of a levy, but one thing is clear: the longer that unpredictability persists, the greater the risk of losing capital, talent, and long-term investment to countries that offer greater security for individuals, families, and their future."