London suffers biggest exodus of millionaires in the world

Transcript

00:00London's super rich are taking a one-way private jet trip out of here.

00:04New data shows that London has suffered a bigger exodus of the super wealthy than

00:08any city in the world except for Moscow. An annual report on global wealth revealed

00:12over $11,000 millionaires left the capital in 12 months, with around 30,000 leaving over the past

00:18decade. The wealthiest left the Russian capital due to sanctions and instability amid Putin's

00:23invasion of Ukraine. But why are they leaving London? Well first, many of them probably didn't

00:28like the successive tax rises under both the Conservative and Labour governments,

00:32nor would they have appreciated Rachel Reeves' crackdown on non-DOMs.

00:36Brexit and the fall in the value of the pound is probably also a key driving factor. All of this

00:41has encouraged many wealthy investors to leave London for rival cities such as Paris and Dubai.

00:46In terms of all the impact this could have on the UK, well, our economic growth could take a hit.

00:50It's thought the Chancellor's tax reforms could cost the UK more than £10 billion a year, totaling

00:56£111 billion over the course of the next decade. However, Culture Secretary Lisa Nandy blamed Brexit

01:01as the driving force. She said the government is committed to securing a far better deal with

01:06the European Union so that it can continue to support British business.