1/ Britain's rich are calling it quits.
The UK is on track to lose ~16,500 millionaires this year, more than any country on record.
Analysts have dubbed it "Wexit," a wealth exodus fueled by tax hikes, policy chaos, and Brexit fallout.
Let's get into it.
The UK is on track to lose ~16,500 millionaires this year, more than any country on record.
Analysts have dubbed it "Wexit," a wealth exodus fueled by tax hikes, policy chaos, and Brexit fallout.
Let's get into it.
2/ The October 2024 budget lit the fuse with capital gains and inheritance tax hikes, plus new rules aimed at non-doms, made the UK's moneyed class run for the hills.
Over half of those fleeing? Foreign-born professionals.
Over half of those fleeing? Foreign-born professionals.
3/ Once a crown jewel for the wealthy, the UK is now the only top-10 economy to lose millionaires since 2014.
It's bleeding talent and capital, especially from finance, tech, and law.
It's bleeding talent and capital, especially from finance, tech, and law.
4/ Western Europe isn't immune either.
France, Spain, and Germany are all losing millionaires, but nothing like the UK.
Meanwhile, Southern Europe is luring the rich with sunshine and tax breaks.
France, Spain, and Germany are all losing millionaires, but nothing like the UK.
Meanwhile, Southern Europe is luring the rich with sunshine and tax breaks.
5/ While the UK hemorrhages, others are harvesting.
Italy will gain 3,600 millionaires this year. The UAE leads globally, expected to net 9,800.
But in second place? The good ol' USA.
Italy will gain 3,600 millionaires this year. The UAE leads globally, expected to net 9,800.
But in second place? The good ol' USA.
6/ America added a staggering 562,000 new millionaires in 2024.
That's largely thanks to a soaring stock market and Nvidia's 171% rocket ride, which alone drove 22% of the S&P 500's growth.
That's largely thanks to a soaring stock market and Nvidia's 171% rocket ride, which alone drove 22% of the S&P 500's growth.
7/ In just one year, the US HNWI population jumped 7.6%.
Collective wealth grew 9.1%.
That makes America the world's biggest net gainer of millionaires...again.
Collective wealth grew 9.1%.
That makes America the world's biggest net gainer of millionaires...again.
8/ The generational wealth train is just getting started.
An $83.5 trillion transfer from boomers to Gen X, millennials, and Gen Z is underway, reshaping wealth management for decades.
An $83.5 trillion transfer from boomers to Gen X, millennials, and Gen Z is underway, reshaping wealth management for decades.
9/ Wealth managers are now scrambling to future-proof for younger millionaires.
Think AI portfolios, digital-first services, and intergenerational advice on TikTok budgets.
Think AI portfolios, digital-first services, and intergenerational advice on TikTok budgets.
10/ The UK is chasing away its millionaires while the US keeps minting them.
One nation's Wexit is another's Wall Street boom.
One nation's Wexit is another's Wall Street boom.
11/ If you enjoyed this thread, follow us @MorningBrew
We post business breakdowns like this 2x a week.
We post business breakdowns like this 2x a week.
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