London falls out of top five wealthiest cities in the world as millionaires flee capital.
https://www.lbc.co.uk/business/london-falls-out-of-top-five-wealthiest-cities-in-the-world-as-millionaires-flee/#:~:text=The%20figures%2C%20revealed%20in%20an,or%20more%20%2D%20and%20two%20billionaires.
Posted by snowkingg
28 Comments
I guess the Gary Stevenson crowd will be happy about this.
Will be interesting to see what happens to tax receipts though…
Don’t most rich people like to live in the commuter belt anyway?
>The 71-year-old, who sold his firm for £145million, said he will invest his money into property in Spain ad Dubai
Good, if he wants to spend his life in a soulless city where you can’t do half the things you want to, then go
So what happens to these very expensive houses? Do they get bought by investors to rent for £12k a month, or other millionaires, or something else?
Oh no! Not exactly what everyone said would happen.
Old people who became rich during an unprecedented boom economy, take the millions they made off the back of normal people to go retire in a warmer climate. Shocker.
Brilliant news, Hopefully the 60 million of us who don’t live in greater London can get our capital city back.
It’s actually 1% of our millionaires. And it’s completely expected everytime a tax system is changed by a government.
If you actually look it up, this is literally 1% of our wealthy leaving because they’ve watched too much GBNews and cant stand helping their fellow country out.
Can I kick them up the arse on the way out? Get rid… see you later.
This is not true – it is based on a report by a business that makes its money from providing services to emigrating millionaires.
**There is no way this business could actually know how many people are changing their residence. That information is only held by HMRC and it would be illegal to make it public.**
It is *at best* a figure created by extrapolating from a handful of people changing their status on LinkedIn.
This doesn’t mean people aren’t leaving the UK but it does mean that LBC, the Telegraph and others are credulously reporting a press release by a company that has a vested interest in overstating numbers which, to repeat, it cannot possibly confirm.
They could always invest their wealth into my bank account then maybe I could afford to buy a house, still I’m happy to keep renting and paying bills which leaves me at least £1 per month to invest in nothing.
The left have no clue the impact this has on the economy.
I don’t care if they leave . They’ve helped fuel house prices . If a multi millionaire leaves because they’re going to be paying a bit more tax ,then they certainly not being patriotic. I can’t imagine having £20 million makes you happier than having 10 million.
The implication is because of tax – but it that really true? Or is the the impact of Russians going home because of sanctions?
Yawwwwwn. Who fucking cares. Good riddance. The great thing about this supposed ‘free market’ people to like bang on about is that there is always someone else available to replace you. Rich bastard leaves? Well then there’s a gap in the market for someone else to do whatever it was they were doing. It’s why we need to tax big business more.
Take Starbucks as an example – the only reason they’d leave is if they could no longer make a profit. Nobody is ever going to tax them so bad they can’t still make money. And if they decided to throw a strop and leave anyway that leaves us with several thousand perfectly placed empty retail units for anyone else to start their own coffee business.
I have never and will never buy in to this nonsense that once a rich person leaves that’s the end of all opportunity. It’s just brazen rich people propaganda designed to make us stay bowed down to our wealth hoarding dragon overlords and daren’t question why we can’t have a slither more fairness and equality. Don’t listen to shite like this.
Most will come crawling back anyway once they realise that despite the negativity, the U.K. is one of the best places on Earth to live, raise a family, go to school, go shopping, and pretty much anything else. The only thing we don’t have is good weather and the rich are doing their hardest to make sure that’s no longer an issue too by trashing the environment with their selfish greedy tendencies.
The numbers were provided by Henley and Partners, a firm that specialises in helping rich folk move abroad.
On one hand, they likely have details on how many people they are helping relocate. On the other hand, they have a vested interest in exaggerating numbers in order to drum up business.
I believe one of the primary methods they used to measure this was changes to the location listed in a LinkedIn.
So yeh, pinch of salt.
This non-story has already been debunked in its previous incarnations doing the rounds over the past few weeks.
A wealth management company touting for business produced a study that isn’t statistically sound. It has since been amplified by mainly right wing media.
The 1% of all the millionaires in the UK it estimates are leaving London is the same percentage that emigrate every year. In most people’s parlance it’s called “retiring abroad”.
that should make London slightly nicer for the rest of us then
Hard to have sympathy when your best example to feature in the article is fucking Charlie Mullins who practically ruined an entire sector in order to save on employee taxes and expenses. He paid so little tax that it literally doesn’t make a difference if he leaves. The plumbers he hired would be far better off without his company. We would actually be better off if fuckers like him left.
I look forward to many more of these articles with replies bemoaning the loss of our benevolent and wholesome job creating overlords, and how evil the working class is for demanding that business tyrants should pay a fair amount of tax for the proportion of resources and labour they exploit. Please think of the widdle billionaires feelings.
Being a ‘wealthy city’ means fuck all if workers can’t live in it, at that point you’re just viewing London as an all-inclusive resort. It’s not like ‘less wealthy’ is a metric for ‘worse.’ or ‘lower living standard’ Rome, Amsterdam, Munich, Seoul, Dublin, Vienna, Stockholm, Madrid, Zurich, Toronto are all ‘less wealthy.’ than London, are they significantly worse places to live than London? Are their population less happy or worse off? I don’t consider ‘population of rich parasites’ to be a very interesting metric personally.
That’s quite irrelevant to the standard of living, which has only been going down in the past 20 years, sadly!
Honestly, if we are so worried because the real world equivalent of ‘Dragons sitting on their hoard’ are leaving the country because they don’t want to contibute to making the country better, through helping the worst off — Good.
Honestly I am sick of hearing how we should care about the struggles of people who can CHOOSE not to be in the country; who can CHOOSE to pay an accountant to avoid paying a higher amount of tax.
I’m sick of people saying the country is falling apart and there is no social support given to the communities BUT then turn around and go ‘but but but I don’t want to pay for it’.
Good riddance! Now we can turn their mansions into affordable housing right…??
Also, anyone with an OBE who moves abroad because they don’t want to pay taxes and reinvest in the community that allowed them to become wealthy, should have their OBE taken away, irrespective of what they said about Sunak
Why would they stay in a country that has 0 trade, no resources and is seemingly tied at the waist to the US – which is currently sinking and will drag us with it.
r/RejoinEU
Don’t worry when I said labour would scare capital away I was told on Reddit it’s a good thing and we would seize all their assets before they could leave 🤡
Oh no! So that restaurant that I don’t know about and couldn’t even afford might fucking close ! ? !
Why am I supposed to care?
I assume there’s no houses, land or businesses left in London as they’ve taken them all with them?
I’d rather they left than stay and invest their millions in political parties that are likely to reduce taxes on the rich (and continue under funding public services).
Why are we still pretending like we want these fucking leeches in our country anyway? Let them leave, I don’t give a fuck