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44% of the 518 millionaires surveyed want to move for better economic opportunities and quality of life.
A survey of British and French millionaires showed that 44% of them are more likely to leave their countries than before the recent elections in their countries. The survey also found that more than a fifth (21%) of young millionaires cited the United Arab Emirates (UAE) as the country they would most like to emigrate to.
The Affluence & Elections survey, commissioned by Arton Capital, covered 256 French residents with a net worth of at least €1 million and 262 UK residents with a net worth of at least £1 million. Of these, 26% had a net worth of more than £/€5 million.
The survey was carried out after the elections in France and the United Kingdom, in both of which left-wing governments were elected. It revealed the extent to which wealthy British and French citizens are worried about possible tax increases and the future of their economies.
The UAE has seen strong demand among the new generation of wealth creators, with 21% of millionaires aged 18-34 citing the Middle Eastern country as their preferred destination.
Strong demand for better economic opportunities has led North America as the most desirable destination for those considering leaving. The most frequently cited countries were the United States (31 percent) and Canada (32 percent).
French millionaires preferred Canada, given the longstanding cultural ties between the two countries, while the U.S. retained its allure thanks to its large economy and booming tech sector.
Armand Arton, founder of Arton Capital, commented, "The results of our research show that an outflow of European wealth is now very likely. Europe is at a crossroads. Countries like the UK and France need to do more to maintain their attractiveness to the wealthiest segment of society.
"If they fail, wealthy citizens will leave by the thousands for the American dream or a high standard of living in Canada.
"Further afield, the UAE has firmly established itself as a global business hub and Dubai is now on a par with financial powerhouses such as New York, Singapore, Tokyo and London. With a friendly tax regime, favourable regulations and a culture that allows investors to realise their dreams, it's no wonder the UAE is so popular among the wealthy."
As many as 90 percent of the 518 millionaires surveyed agreed that they are worried about tax increases under the new government. While most were concerned about personal tax increases, 40 percent were concerned about potential regulatory changes that could negatively impact their businesses.
Only seven percent of respondents said they were not worried about the future of their economy.
And 79 per cent of respondents saw advantages in moving abroad, believing that they had access to better economic and life opportunities overseas.
The most popular routes to emigration among millionaires surveyed were golden visas and citizenship-by-investment programmes, with more than a third (34 per cent) saying they were "very likely" to take advantage of these programmes.
When asked what reasons they were considering emigrating, 48 percent said it was for economic opportunities, while a staggering 66 percent said it was for quality of life. Given the recent unrest in both the UK and France, a third (33 per cent) also cited safety and security as a motivating factor.
Source: Arabian Business
