47% of U.K. Millionaires Say They’re More Likely to Leave the Country After the Recent Election: Report

Britain’s wealthy population doesn’t have the sunniest attitude toward the United Kingdom.

Almost half of millionaires in the country (47 percent) are more likely to leave the U.K. now than before the nation’s recent general election, according to a new survey from investor-migration consultancy Arton Capital. That’s due to potential tax increases and poor economic opportunities, among other factors.

At the top of the list of concerns for those wealthy citizens is a tax overhaul being considered by the new prime minister, Keir Starmer. Some 83 percent of survey respondents said they were worried about regulatory changes that could negatively impact their businesses. And a whopping 89 percent stated that they were concerned about the future of the U.K.’s economy, with 49 percent strongly agreeing with that statement.

“The new British government has its work cut out to reassure wealthy citizens that it does not wish to create a hostile regulatory and tax regime for its most upwardly mobile citizens,” Armand Arton, the founder of Arton Capital, said in a statement. “If it cannot, it risks losing much of the invaluable investment, tax revenue, and entrepreneurial spirit that they contribute.”

As a result of the proposed changes, many U.K. millionaires are considering leaving, with 87 percent saying that they would have access to better economic and living opportunities in other countries. A majority of respondents said they would consider so-called golden-visa programs as a means of emigrating, while others mentioned preexisting citizenship and residency in other countries.

“It’s clear that wealthy U.K. citizens are now looking overseas for both their business and lifestyle needs,” Arton added. “Golden Visas and Citizenship by Investment programmes provide those with deeper pockets a streamlined route to a new life overseas, so it’s no surprise to see their popularity soaring amongst the richest Brits.”

As for where these wealthy folks would head next, the United States (39 percent) and Canada (35 percent) led the way among respondents. The United Arab Emirates (27 percent) was close behind, as it’s become an attractive country for wealthy expats. And while millionaires of all ages said they’re considering fleeing, those ages 18 to 35 expressed the most willingness to leave, perhaps creating a problem for Britain when it comes to the next generation of talent and entrepreneurship.

Looks like this may lead to a different kind of Brexit, then.