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UK loses high-net-worth individuals in 2017 - a warning sign for the economy?

Jonny Clark

6th June 2018

According to a new report out by Afrasia Bank, the UK had a net loss of approximately 1000 high-net-worth individuals (HNWI) during 2017. A HNWI is often classified as an individual with more than $1m worth of assets.

In comparison, Australia had the highest net inflow of HNWI (approximately 10,000 individuals). The causes of such inflows and outflows are identified within the report and make interesting reading.

For example, Australia appears to be more attractive because of its political stability, safe environment and low inheritance taxes. The report also suggests that the UK's net loss is down to new taxes for non-doms, rising religious tensions and (yes, you guessed it) Brexit. More significantly than this, however, is the report's suggestion that a net outflow of HNWI has historically been a sign of an economy that is about to suffer major problems.

Below is a version of our Higher or Lower game using the net migration of HNWIs as the statistical base. The game uses data from the 20 countries listed as having either the highest net inflow or net outflow.

Jonny Clark

Jon Clark has been teaching economics and business studies for over 25 years primarily in the Further Education sector. Before joining tutor2u, he was a senior manager at South Cheshire College in Crewe.

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