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The article is basically worthless. Wealth follows a power law; saying 90x% of millionaires didn’t move is noise. The very wealthy are in fact moving; they don’
by vessenes 1y ago
The article is basically worthless. Wealth follows a power law; saying 90x% of millionaires didn’t move is noise. The very wealthy are in fact moving; they don’t want to be subject to a tax jurisdiction that claims reach on global income. Now, they weren’t paying tax on that income before, so it’s not like it will make a huge impact on UK revenues, but I know that those folks tend to hire local professional services, bankers, etc; we’ll see if they keep doing business with the UK or look elsewhere, like the US. Smart money would be on the US + Dubai right now I think.
- hermitcrab 1y agoI've been to Dubai. I can't imagine moving there just to save some tax.
- vessenes 1y agoMany Brits disagree with you — they’re serious about maintaining / reclaiming their class-based lifestyle in the UK - usually enabled by cheap labor — google “Happy Valley” if you’d like to see the 100 years-ago version of this.
- hermitcrab 1y ago>Many Brits disagree with you Based on the small sample that I have had contact with - I'm quite happy to see them go. >google “Happy Valley” if you’d like to see the 100 years-ago version of this. In Kenya?
- vessenes 1y agoYep. As the economy changed and large estate living became untenable in England, a group moved to Kenya to sort of extend their lifestyle.