Wealthy Britons prepare to flee

Press Association
Sunday July 17 2011

More than half of the UK's millionaires have fled or are thinking of fleeing the country's economic "storm clouds", according to a new study.

Taxation, perceived better living standards abroad and the weather mean that only 44% are certain of remaining here.

But the survey of more than 500 UK-based millionaires, carried out for investment firm Skandia, found that only 2% were thinking of moving to a tax haven such as Switzerland or the Cayman Islands.

Preferred destinations were France, the USA, Spain and Australia.

Jo Rimmer of Skandia said: "Our survey seems to indicate that the UK's wealthiest really are saving for a rainy day and will seriously consider moving to sunnier climes if storm clouds gather in either economic or meteorological terms."

The research also found working hard and investing wisely is a surer way to become a millionaire than being born into money.

More than two thirds of the high-net-worth individuals surveyed made their fortunes from employment income, investments or as the result of selling their business venture.

Only 14% of those surveyed saying their wealth comes solely from inheritance income.