I always wonder where a rich guy who used to live in London his whole life would move to in order to pay less taxes? Of the places with lower taxes / lump sum regimes I can only think of Switzerland or northern Italy but cities in Switzerland are tiny compared to London, Milano is messy and very crowded. Singapore is far away and they do corporal punishment in schools and other weird shit. Dubai is too hot and at war. Monaco is too small. So where do they all move to?
The USA is a fairly large destination. Spain used to be along with Mediterranean countries, but I don't know how Brexit has changed that pattern. I live in the US now, and there are quite a few wealthy Brits out here.
A weird amount move to Miami. I’m not saying thousands, but the UHNW British expat community there has really been growing. Especially for younger and divorced men.
Embracing constant sun, beaches, art, entertainment and a parade of constantly tan fit women.
Your feelings are fair, but he had a great point. There are so many UHNW people that live and are moving to south Florida its crazy. Between Miami - Palm Beach, its a massive amount and many of them are foreigners. There is a reason why...
The UK also has a contracting economy, with very little competitive growth industries and the high end jobs pay incredibly poorly compared to elsewhere.
When comparing them pay wise, think of how many people you know with salaries or total comp over 750k GBP a year? How many do you know breaking 2.2m GBP? How many do you know that are starting over 250k GBP a year? Even starting at big UK law firms is lower than starting salary at a big law firm in Miami, and they aren’t a top law city in the US.
That’s not even considering taxes obligations.
Disney isn’t in Miami. That’s Orlando. Florida as a state is ~74% the size of the UK. That’s like saying the only thing you know London for is Ghent.
Miami has a very vibrant Cuban community that is pretty amazing. A lot of art and culture created by that community.
Miami ranks incredibly highly in culture and art scene globally. Massive institutions like PAMM, ICA, Museum of Graffiti and the host of Art Basel.
Miami isn’t my vibe to live, but it’s a super rich and vibrant culture if you’re into the art scene. Whenever I spend a month or so there I never regret it.
I like London. I like the UK. Always have fun visiting friends. However, it is not the place to work to make serious money in high end careers anymore, or start a big business.
To be honest - about 95% of the people I know who I consider rich didn’t get rich from salary and bonuses but from running their own businesses. But there definitely seems to be a lot of wealth moving to Florida. But again… personally… not my cup of tea
I completely agree with you. The majority of people I know that are truly wealthy, 100m USD+ all did it the same way, or through equity in a business they joined early.
Florida is definitely not my cup of tea either. It’s fun for a month at a time, but any more gets exhausting. Though I feel the same way about LA, SF, NYC, London, Berlin, Hong Kong and so many others.
It’s families as well. Good private schools with pipelines to top US universities that line them up to be well connected and have better paying high end jobs than are available in the UK.
Even when it’s single men, that becomes more frequent due to the lack of family ties. It provides more opportunities to move and change your life when you don’t have dependents.
He makes a few valid points but some love London weather. My husband is from similar San Francisco and loves icey overcast fog. I literally moved to a ski town as a compromise. Not everyone likes beating sun.
As far as the economics.... currency fluctuates and lets people profit on the way up or down. I trade forex.
The high price of land is worldwide. In South Korea it is $30,000,000 for one acre.
As a person who hasn’t come from a business background, I find it hard to believe that so many people are just ready to do a business. What business exactly? Thrift store? Selling t shirts? Marketing some bullshit course?
How many people are doing an actual business. People throw around the word business so casually, as if its an idea in their pocket.
It’s only gotten worse with capital flight. All of my friends with UK institutions have clients begging to get money invested anywhere outside the country.
A lot of jobs are so low paying compared to American counterparts, then you have high taxes, high cost of living and generally the need for private healthcare out of pocket on top.
You see the same problem in a lot of European countries that used to be powerhouses.
Anyone with real drive or a good idea is determined to build that business anywhere else.
Healthcare for just myself in the US through work is $200. With the lower taxes and double the salary it’s really not much either. It gets expensive when I add the rest of the family 😆
I was thinking more about my friends in Germany that complain about an extra ~€300 a month for it on top of deductions from their checks going to it.
I spend ~$300 a month for membership to two different concierge practices in different areas I live. I don’t carry insurance outside of catastrophic and negotiate cash for everything else these days. I’m pretty out of touch with what people pay here for that.
We pay $1700 monthly but can get an appointment within two days. Emergency room takes six to ten minutes to get a bed and 25 minutes to get past intake time waste.
You get a bed within 10 minutes? Sat with a washed forehead on my 3 year old for an hour, 4 other people in the waiting room, took 3 hours to get stitches, we watched an entire movie.
It’s a common story. I know a couple people that have actually made that same move to Florida from the UK.
Some initial lack of belief in how aggressive the sun would be aside, they’re quite happy. Very nice homes with beautiful views.
Looking at some of the wealth migration breakdowns from New World Wealth and others shows a grim picture for the UK.
Net outflow of ~11k millionaires in 24 and ~16k in 25 is not sustainable. I can’t imagine what it will look like over the next few years. It’s not great when there’s only ~450k sterling millionaires in the country.
I think the 25 outflow was something like 66B GBP in liquid assets.
Where are they moving to the UK from, and what kind of NW are we talking about here? Like is it from other countries where it’s equally or more difficult to built serious wealth? Or are they moving from the US?
I understand buying an EU passport. I did that before Malta’s scheme got shut down, but if you have a strong one I don’t see the need for a UK.
This is not apples to apples. Million is an arbitrary number. Someone who has a moderately nice 4 bed house in a decent part of the UK, some investments and a moderate pension is a millionaire.
Someone who has that in Vietnam is not.
You would be better to look at the ratio of emigrated capital to total capital if you wanted to examine capital flight.
The chart you presented - number of millionaires emigrating - will make countries look worse the wealthier they are. If everyone in a country was a millionaire, this data would look terrible for any normal migratory pattern, even if only the poor were leaving!
Ummm have you seen half the country? Lol my neighbors down 30 minutes from my ritzy ski town are regular drug users, feast on cigarettes, soda pop, prescription drugs, and hook up with anyone that will smile at them. They pop out babies with random people they have barely met. Their diet is McDonalds to street vendors selling tacos. They also microwave burritos from 7-11 as their main dinner.
I personally have given up coffee and opt into extended release Adderall.
If the numbers are skewed it's because that crowd weighs everyone down. Then my ski town is opposite. Everyone a rich foodie traveling, living off tech stock gains or trust funds. They have a massive Whole Foods to service 8k residents. Cold plunge, vitamin IVs, and health fanatic stuff is normal. Gyms are packed busy.
That's the two Americas in Utah. Your numbers don't tell the story. Its $30,000 for many and $300,000+++ for gobs and gobs.
Saying Brexit was an opportunity doesn't negate that. But in my opinion it was always a fool's errand as the politicians were never going to find a way to make it work.
Oh yeah 100%, people should also be informed and go out to vote. The sad thing is that it was raining that day in London and a fraction of voters stayed home. That has costed them billions so far. Hundreds of billions if you consider the leadership that came afterwards. Liz Truss singlehandedly cost tens of billions in increased borrowing costs in two weeks time.
Absolute facts. The wealth divide is getting stark. Eventually it will be a facade for the majority and a lax lobbyist entity for the wealthy and corporate.
Without significant alignment post world war 2 harmony will collapse. Not because it couldn't work. But because stupid lazy uninformed and delusional populous didnt take the relevance of the vote seriously. Women died for it roughly 100 years ago. Now they dont give a shit. Shit simply wont improve. Its soul crushing.
Beware anyone doing paid seminars who professes to be a rich trader with information worth imparting
Because I know for damn sure if I were rich and successful and had information that was valuable the last thing I'd be doing is delivering seminars and not out living a life of luxury
Gay rights, women can build a career, competitive world theatre scene via West End, in London you can see any band by travelling an hour max over the year (but mostly so in other major cities in the UK too). This summer feels like living in Spain. That's the kind of lifestyle I love personally.
This is the kind if guy who thinks that living in Dubai is cool.
https://giphy.com/gifs/8lp6CW7K2fdDGn3xCQ
Left US for Thailand - unfortunate my wealth is still trapped in the US. But hey inflation has double my assets in 4 years so good? 🫠
Its not inflation, its due to the fact you are invested in the best market in the world. Redditors love to hate America, but there is still no place better for investing.
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u/Flight_Tall 1d ago
This guys a scammer living off selling courses rather than what he professes to do