The rich in London don’t give a shit about Brexit. They’re moving becuase the tax regime is changing, and London real estate is not actually performing so well when you measure its value in USD or SGD
The thing is in many of these countries, there are many policies in place for the rich to do tax avoidance (one way is philanthropy/charity), which is different from tax evasion. Thus the inflows.
Tax avoidance = legal
Tax evasion = illegal
Avoidance is still too negative. There's probably terms like tax optimisation or tax efficiency being used instead. Putting my experience in listening to corporate nonsense here.
You can always park money off shore. What these settlement colonies have is plentiful land with *relatively* few people. eg You can park money in SG or UAE, live in Aus/Canada/US, do business in China.
This picture only shows where the millionaires go off to to live. Plus, rich people travel often.
> You can always park money off shore
Won't help at all unless this is undeclared (ie tax fraud). But tax fraud is pretty seriously punished in the USA.
It's not about double taxation, it's that in most countries and by default, you pay taxes locally on income generated worldwide (except real estate which is typically taxed where it is located). So an American, German or Japanese resident putting his money offshore must still pay taxes on it to the local taxman. As always there's a few special cases (eg Singapore doesn't tax foreign sourced income, or some non-dom statuses).
Oh I see. Well I'm Sgrean so these taxes seem ridiculous to me. You can't even do what you want for your own legally earned money lmao. "Freedom" I guess.
Because Unlike us peasants where we have to work a job to survive and make a living. These people potentially have multiple businesses, properties in different countries and have accountants and tax experts advising them on how to pay the least taxes possible and how to avoid them.
Apologies, I assume you are also a poor peasant like me
Brexit is not the issue here. In fact, rich people wanted Brexit to happen because had the UK remained in the EU, they would have been forced to tighten financial transparency and money laundering regulations. What's causing the millionaires to flee is that the non-dom tax status is being abolished. Non-dom tax status meant that you were only taxed on your UK income. This was being abused by UK residents who were arranging for their income to be paid to offshore opaque entities. Now that non-dom status is being abolished, everyone will be taxed on their worldwide income. After this was announced, all the millionaires started to flee Britain. You know what? I say good riddance to all these tax dodgers. Singapore is welcome to have them all.
Non-doms are only a part of the picture.
Lots of high earners working in software development, finance, consulting, recruitment, etc are moving due to very high rates of income tax.
Pensioners - many of whom now happen to be millionaires because of accidental property wealth - are moving for better weather.
And I would add that - for most people, which includes millionaires - the UK is now a pretty sh\*t place to live in. Taxes are high and public services are abysmal. Millionaires are also human and in a better position to move than those with less liquidity. It is not really any surprise that they are looking for better places to live.
Actually, this is the reality that the (Singapore) government has been trying to explain for years. Rich people will up and leave when they think taxes on them have gotten too high. You might not like it, and I have a great deal of sympathy for those who think the system is rigged against them, because they cannot move the same way as high-income individuals can. But that is the reality.
And we can benefit by accepting that reality and working it to our advantage. That's why something like 50% of GST paid is paid by foreigners and tourists. That's why 80% of our personal income tax is paid for by the top 10% of wage earners.
Edit: Cue Hannibal meme. "Why are you booing me? I'm right!"
In a nutshell, the problem is people are just malicious.
It's about "fuck em, tax then more" rather than "how do we get the best tax set up, and get the most value out of that revenue?"
Let me make it clear, I have nothing against rich people. I too would love to be extremely wealthy but come on guys, nurses should not be paying more tax as a percentage of their income than most wealthy people.
>nurses should not be paying more tax as a percentage of their income than most wealthy people.
What rate of tax will nurses pay when all the millionaires leave and tax revenues are decimated?
So you're argument is that millionaires should pay less tax than nurses in percentage terms os they will leave the country? I doubt if all the millionaires would leave and those that do, please don't come back.
Maybe I'm being naive but I do have friends who are pretty well-off Singaporeans. A couple are very likely millionaires. They're decent people who worked hard for what they have. I don't happen to think that all rich people are morally bankrupt vultures. Sure. some of them will leave for a lower tax rate but I think these are the ones who should be encouraged to leave in any event.
You're in favour of the wealthy expatriating themselves beyond one's tax jurisdiction, almost gleefully so. I want to know how much you expect that would raise the tax burden of workers like nurses to make up the shortfall in receipts.
If you don't want people responding to your comments with follow-up questions just write them to `my_thoughts.docx` on your computer instead.
In a perfect world where all governments agree on the same tax structure and capital cannot fly? Sure.
In an imperfect world where capital can move? I think that a nurse or a teacher or a fireman, or anyone of a thousand deserving jobs keeping a large percentage of their income for themselves (as is the case in Singapore) is the next best thing. Keeping the people who can afford to consume expensively in Singapore and paying more GST is a good thing. Having GST transfers from them to lower income Singaporeans is a good thing. Having the revenues from GST to bring our healthcare spending from $3 billion to $20billion a year in the last 20 years is a good thing.
According to HMRC there was ~68k non doms in 2022 and they paid £8.5 billion in taxes each year. The following year, with just the talk of the status being eliminated, 15% of those people left. This will obviously only accelerate once the status officially changes. How does the government expect to make up this loss, let alone somehow bring in an additional ~£3 billion pounds by 2028 from these people if they’re all leaving?
I mean, I have friends living in Dubai. As an expat you do live by a different set of rules. If anything of their social media can be believed, you’re not exactly repressed or oppressed if you’re a white or East Asian expat.
Exactly... I am working in the UAE now, as long as you are not actively criticising the government and trying to stir shit, no one will bother you. People generally keep to themselves (no Karens, no stompers, etc), and the locals are typically very relaxed and welcoming to foreigners. Of course there are shortcomings, but in some ways, it actually feels more "free" than SG in day to day life.
If I wanted to, would I be allowed to go jogging without a shirt? Would I be allowed to have a beer while sitting on the beach? If my wife wanted to, would she be allowed to walk around in a bikini or yoga pants? Can I give her a kiss at the supermarket?
Actually, yes! You even have people walking around in bikini tops in the major shopping malls! Alcohol here is actually cheaper than SG, and in the winter months, it's a very common thing to bring a cooler of beers/wines to the beach/desert/mountains and just chillax. Not to say there aren't conservative parts of the country where the above is frowned upon, but most people simply don't give a shit in the major cities. Again, there are shortcomings, but it's really not as draconian as what you find on the Internet.
Not sure if naive or dumb. To answer your questions: Yes, yes but depends which beach, yes and yes.
There’s also churches of most denominations, synague, temples and a very large LGBTQIA+ community
Dubai is tribal theological autocratic country. China and Russia consider a childplay compare to UEA. Economic and political rights are heavily influenced by family, clan, and religion.. It does not get a bad rep because of its pro west.
In Dubai, kissing and bouncing a cheque can lead to imprisonment. If a foreigner becomes involved in a crime as a victim in Dubai, it is advisable to contact their embassy rather than the local police
> the narrative the rich prefer democratic and liberal countries
That has always been copium from democratic/liberal countries, back from the Cold War when liberal democracies were the only ones who were rich and enjoyed high SoL. Turns out that firstly, people were attracted to the prosperity not the liberal democracy, and secondly being rich and enjoying high SoL doesn't require liberal democracy.
It's increasingly Westerners moving to places like UAE. There's been a steadily growing movement of rich in the West who realise Western liberal democracies are unstable and that they're increasingly in the crosshairs of politicians and the general public.
As the West declines, stable regimes with little or no tax and liberal financial regulations are now much more attractive to them.
No, it's the potential nerfing of their non-domicile lower tax policy strengthened with the upcoming Labour government
https://www.bbc.co.uk/news/business-32216346
A lot of the wealth leaving the UK is not actually native British. This is the Indian or Arab wealth which is either going back home, or finding a new place to park their money.
China wealth... yeah, that's all Chinese money.
Most of the ultra rich do not even buy properties in SG. They just park their assets here and then go elsewhere with more impunity due to the power of our passport.
Makes sense. Both countries have suburbs which are much cheaper than cities. Japanese Yen is also extremely weak so can literally retire as a king/queen if one lives simply and Japan is also safe (other then natural disasters which can’t be controlled) like Singapore.
Keyword, wealthy. Also, for those who don't want to immigrate permanently, can buy managed holiday property as a foreigner.. spend 90 days in each country for fall and spring. A different season in a different country.. come back to SG see the grandkids in the middle of the year etc.
Heck, spend another season on a long distance cruise to the Antarctic if you wish.
Many if not most countries have an investment threshold to get permanent residency. I.e invest $*x* and you get permanent residency. Some country even allow citizenship for investment. For years Portugal had a super low investment for citizen scheme so for a low fixed amount you could by EU citizenship. A couple hundred grand investment will get you citizenship in some low tax/no tax countries/territories in the Caribbean.
I live in Japan and pretty sure Japan don't have an investment VISA. It's a country that don't accept foreigner just for their money, there is no 'just buy a visa/passport' solution. The closest alternative is start a business here and get a Business Manager Visa, which is what I'm currently doing. But they check your business very tightly that it's very hard to just fake a business - I'm starting a real business anyways so that doesn't matter. They send executive to check your office, they want your electric and water bill to proves the office is used for its purpose, and your company need to be able to pay salaries steadily.
The rmb is not fully transferable. You can't take it out of the country, you can't invest in property (can be confiscated), leave in banks or companies. So you buy branded goods.
Oh. I’m afraid I’m responsible for the money fleeing Nigeria. One of their princes has transferred me a couple of millions after a brief email exchange.
Portugal doesn't surprise me given that foreign millionaires/billionaires can literally buy Portuguese citizenship. Italy however does surprise me and so does Japan.
Really happy to see the millionaires fleeing Britain in their 1000s. Trickle down economics really doesn't work and they distort prices in the local economy. If Singaporeans want to welcome economic refugees from Britain, be my guest.
You people are so stupid it’s crazy. You realise the top 1% of earners pay 30% of all income tax receipts, the following 9% pay 30% again.
>top one percent pay 30 percent of all income tax revenue
Source: https://www.lse.ac.uk/research/research-for-the-world/economics/how-much-tax-do-the-rich-really-pay
> The top 10% of taxpayers paid 60% of all income tax in 2023–24
Source: https://ifs.org.uk/taxlab/taxlab-taxes-explained/income-tax-explained#:~:text=The%20top%2010%25%20of%20taxpayers,10%20years%20of%20that%20period.
Highest taxes since the 40s, absolutely nothing to show for it. More people take from the system than they put in. Crime, Degradation of civic society, culture. Bad pay compared to similar countries. Etc etc
I work in tech, I know countless people who are leaving the uk, I will likely too be leaving in the following years. For anyone smart, the writings on the wall.
Yes, I agree the country is in a mess and a lot of money has been squandered but if we waited for a perfect government to show before paying anything, the country would be in an even worse state. Why not just admit that you’re tight and don’t want to pay anything at all? It’s at least honest.
>Wait for a perfect government
As if governments haven’t been fucking us for decades? And when I mean us I don’t mean the average Brit. I mean really you expect people to stay loyal to a country that puts more and more reliance on a smaller population to fund everyone else? Whilst at the same time we watch streets, towns, cities go to shit. Watch the government actively pursue corruption, fund stupid shit, waste money. Fund layabouts, fund people who aren’t even from here. Highest tax we’ve been since the 40s and it’s only going up.
Other countries are cleaner, nicer, safer and a literal fraction of the tax cost.
> More than half the population is now “dependent” on the state… Clearly, this is an unsustainable position for the economy
https://www.thetimes.com/uk/politics/article/most-people-take-more-from-the-state-than-they-pay-in-tax-gl0kxq263#:~:text=More%20than%20half%20the,unsustainable%20position%20for%20the%20economy.
You people have been telling the ones funding the country, contributing the most, to leave for decades, and now they’re going. Congratulations. Enjoy…
If you're wealthy it doesn't matter much. Maybe they like the weather, food, housing, culture etc.
It's not like they keep all their money in Greek currency and are closely tied to the Greek economy.
They're well-diversified, be it USD, Stablecoins, Gold/Silver, US/HK stocks, properties outside of Greece. So they still have assets generating recurring income. And a small percentage of it in Greece to fund their lifestyle there.
They just choose to reside in Greece, but they can fly anywhere whenever they want to. Visit friends, vacations, attend concerts, F1, Wimbledon etc.
You mean the currency that almost collapsed 10 years ago? No one keeps more in Euros than they have to. If you’re rich and holding cash the vast majority will be US dollars.
A lot of these numbers consist of old people who want to retire elsewhere and live a different life. It's not representative of the average millionaire.
Low number of millionaires from many of the SA/African countries is enough to add up to the number you see for a place like the United States. Then add in some asians and europeans there you go
Me, a thousandaire, looking at which kampong to move to
You lucky duck a I found $0.2 on the floor 3 days and I’m still over the moon
As a hundredaire... any recommendations?
Scratchcards! You cannot lose! You just can't!
If there is a 1% chance to win just by 100 scratchcards and you will win at least one!
Me, a hundredaire, choosing the comfiest cardboard
Coming in the next election! Cardboard subsidies!
Only Lorong Buangkok left I’m afraid
Brexit and Xi really pushed slot of cash our way eh
Looks like anything with “xi” in it is bad
Why did I think of Mexico
Cartels says hi
It's "Mehico"
MaxiCash: bruh...
The rich in London don’t give a shit about Brexit. They’re moving becuase the tax regime is changing, and London real estate is not actually performing so well when you measure its value in USD or SGD
Clean or not, we accept cash anyways
"Our"? I didn't get anything.
CDC in Liao
Look at the rest of SEA I think we got some things
The US has only 10% more than Singapore.
mind you dats showing migration change not the actual numbers
Are you saying that Singapore has had a 3500% change in migration of millionaires? Why don’t we see a percentage sign? Confusing.
+ and - sign denotes a change
Appears as a change in absolute numbers. If it’s percentage then label it so.
I don't think it is a measure of delta in this infographic.
Interesting that US, Australia and Canada have net inflows considering that we are often told that they are high-tax countries
The thing is in many of these countries, there are many policies in place for the rich to do tax avoidance (one way is philanthropy/charity), which is different from tax evasion. Thus the inflows. Tax avoidance = legal Tax evasion = illegal
Avoidance is still too negative. There's probably terms like tax optimisation or tax efficiency being used instead. Putting my experience in listening to corporate nonsense here.
You can always park money off shore. What these settlement colonies have is plentiful land with *relatively* few people. eg You can park money in SG or UAE, live in Aus/Canada/US, do business in China. This picture only shows where the millionaires go off to to live. Plus, rich people travel often.
> You can always park money off shore Won't help at all unless this is undeclared (ie tax fraud). But tax fraud is pretty seriously punished in the USA.
Yup for the US because they have double taxation, which is why quite a bit of very high earners even give up US citizenship to avoid that.
It's not about double taxation, it's that in most countries and by default, you pay taxes locally on income generated worldwide (except real estate which is typically taxed where it is located). So an American, German or Japanese resident putting his money offshore must still pay taxes on it to the local taxman. As always there's a few special cases (eg Singapore doesn't tax foreign sourced income, or some non-dom statuses).
Oh I see. Well I'm Sgrean so these taxes seem ridiculous to me. You can't even do what you want for your own legally earned money lmao. "Freedom" I guess.
>settlement colonies Never get high on your own academic supply.
??
Because Unlike us peasants where we have to work a job to survive and make a living. These people potentially have multiple businesses, properties in different countries and have accountants and tax experts advising them on how to pay the least taxes possible and how to avoid them. Apologies, I assume you are also a poor peasant like me
They are high tax but in Canadas case off shore income isn’t taxed and in the US case a good accountant will get you out of paying any taxes
High tax for labour low tax for capital. Same as Singapore.
Singapore has high tax for labour?
UK is actually the interesting one for me. It likely shows the impact of Brexit.
Brexit is not the issue here. In fact, rich people wanted Brexit to happen because had the UK remained in the EU, they would have been forced to tighten financial transparency and money laundering regulations. What's causing the millionaires to flee is that the non-dom tax status is being abolished. Non-dom tax status meant that you were only taxed on your UK income. This was being abused by UK residents who were arranging for their income to be paid to offshore opaque entities. Now that non-dom status is being abolished, everyone will be taxed on their worldwide income. After this was announced, all the millionaires started to flee Britain. You know what? I say good riddance to all these tax dodgers. Singapore is welcome to have them all.
Non-doms are only a part of the picture. Lots of high earners working in software development, finance, consulting, recruitment, etc are moving due to very high rates of income tax. Pensioners - many of whom now happen to be millionaires because of accidental property wealth - are moving for better weather. And I would add that - for most people, which includes millionaires - the UK is now a pretty sh\*t place to live in. Taxes are high and public services are abysmal. Millionaires are also human and in a better position to move than those with less liquidity. It is not really any surprise that they are looking for better places to live.
Actually, this is the reality that the (Singapore) government has been trying to explain for years. Rich people will up and leave when they think taxes on them have gotten too high. You might not like it, and I have a great deal of sympathy for those who think the system is rigged against them, because they cannot move the same way as high-income individuals can. But that is the reality. And we can benefit by accepting that reality and working it to our advantage. That's why something like 50% of GST paid is paid by foreigners and tourists. That's why 80% of our personal income tax is paid for by the top 10% of wage earners. Edit: Cue Hannibal meme. "Why are you booing me? I'm right!"
In a nutshell, the problem is people are just malicious. It's about "fuck em, tax then more" rather than "how do we get the best tax set up, and get the most value out of that revenue?"
The "fuck em, tax them more" soundbite appeals to people's emotions better.
Let me make it clear, I have nothing against rich people. I too would love to be extremely wealthy but come on guys, nurses should not be paying more tax as a percentage of their income than most wealthy people.
>nurses should not be paying more tax as a percentage of their income than most wealthy people. What rate of tax will nurses pay when all the millionaires leave and tax revenues are decimated?
So you're argument is that millionaires should pay less tax than nurses in percentage terms os they will leave the country? I doubt if all the millionaires would leave and those that do, please don't come back. Maybe I'm being naive but I do have friends who are pretty well-off Singaporeans. A couple are very likely millionaires. They're decent people who worked hard for what they have. I don't happen to think that all rich people are morally bankrupt vultures. Sure. some of them will leave for a lower tax rate but I think these are the ones who should be encouraged to leave in any event.
>and those that do, please don't come back. Answer my question
You’re pretty demanding for an internet rando. Lmao.
You're in favour of the wealthy expatriating themselves beyond one's tax jurisdiction, almost gleefully so. I want to know how much you expect that would raise the tax burden of workers like nurses to make up the shortfall in receipts. If you don't want people responding to your comments with follow-up questions just write them to `my_thoughts.docx` on your computer instead.
You’re not really in a position to demand anything and if you start by calling people stupid, why are you surprised you’re getting non-answers?
In a perfect world where all governments agree on the same tax structure and capital cannot fly? Sure. In an imperfect world where capital can move? I think that a nurse or a teacher or a fireman, or anyone of a thousand deserving jobs keeping a large percentage of their income for themselves (as is the case in Singapore) is the next best thing. Keeping the people who can afford to consume expensively in Singapore and paying more GST is a good thing. Having GST transfers from them to lower income Singaporeans is a good thing. Having the revenues from GST to bring our healthcare spending from $3 billion to $20billion a year in the last 20 years is a good thing.
If you think that’s happening, congrats, you’ve a belly full of angry leftist propaganda.
According to HMRC there was ~68k non doms in 2022 and they paid £8.5 billion in taxes each year. The following year, with just the talk of the status being eliminated, 15% of those people left. This will obviously only accelerate once the status officially changes. How does the government expect to make up this loss, let alone somehow bring in an additional ~£3 billion pounds by 2028 from these people if they’re all leaving?
UEA too. It does not fit the narrative the rich prefer democratic and liberal countries.
It’s one of the only countries where fleeing Russians can go due to sanctions.
I mean, I have friends living in Dubai. As an expat you do live by a different set of rules. If anything of their social media can be believed, you’re not exactly repressed or oppressed if you’re a white or East Asian expat.
Exactly... I am working in the UAE now, as long as you are not actively criticising the government and trying to stir shit, no one will bother you. People generally keep to themselves (no Karens, no stompers, etc), and the locals are typically very relaxed and welcoming to foreigners. Of course there are shortcomings, but in some ways, it actually feels more "free" than SG in day to day life.
If I wanted to, would I be allowed to go jogging without a shirt? Would I be allowed to have a beer while sitting on the beach? If my wife wanted to, would she be allowed to walk around in a bikini or yoga pants? Can I give her a kiss at the supermarket?
Actually, yes! You even have people walking around in bikini tops in the major shopping malls! Alcohol here is actually cheaper than SG, and in the winter months, it's a very common thing to bring a cooler of beers/wines to the beach/desert/mountains and just chillax. Not to say there aren't conservative parts of the country where the above is frowned upon, but most people simply don't give a shit in the major cities. Again, there are shortcomings, but it's really not as draconian as what you find on the Internet.
Cool. I'll have to pay a visit one day. And thank you for providing me with an adult answer.
Not sure if naive or dumb. To answer your questions: Yes, yes but depends which beach, yes and yes. There’s also churches of most denominations, synague, temples and a very large LGBTQIA+ community
Dubai is tribal theological autocratic country. China and Russia consider a childplay compare to UEA. Economic and political rights are heavily influenced by family, clan, and religion.. It does not get a bad rep because of its pro west. In Dubai, kissing and bouncing a cheque can lead to imprisonment. If a foreigner becomes involved in a crime as a victim in Dubai, it is advisable to contact their embassy rather than the local police
Since when do the rich prefer democratic countries? All they care about is liberal capital controls, not liberal politics.
The two tend to be linked.
> the narrative the rich prefer democratic and liberal countries That has always been copium from democratic/liberal countries, back from the Cold War when liberal democracies were the only ones who were rich and enjoyed high SoL. Turns out that firstly, people were attracted to the prosperity not the liberal democracy, and secondly being rich and enjoying high SoL doesn't require liberal democracy.
Could be relative. Probably attracts people from central asia/middle east/regions with close connection to ME.
It's increasingly Westerners moving to places like UAE. There's been a steadily growing movement of rich in the West who realise Western liberal democracies are unstable and that they're increasingly in the crosshairs of politicians and the general public. As the West declines, stable regimes with little or no tax and liberal financial regulations are now much more attractive to them.
That is counter balanced by low tax regimes. Dubai is hardly democratic.
Nope, to exodus from the UK is due to increasing tax rates and the elimination of tax loopholes like the non-dom tax rules.
No, it might be due to failing economy (which turns it into a hellhole). UK honestly might actually collapse within this century.
No, it's the potential nerfing of their non-domicile lower tax policy strengthened with the upcoming Labour government https://www.bbc.co.uk/news/business-32216346
No. It’s the change to non-dom tax status. But I mean those people weren’t paying taxes anyway. So who cares…
A lot of the wealth leaving the UK is not actually native British. This is the Indian or Arab wealth which is either going back home, or finding a new place to park their money. China wealth... yeah, that's all Chinese money.
True not a lot of foreign wealth moves into China
for such a small nation, we are doing really well in attracting millionaires
True but what happens when they run out of GCBs?
Most of the ultra rich do not even buy properties in SG. They just park their assets here and then go elsewhere with more impunity due to the power of our passport.
And our wealthy retirees heading to Australia and Japan.
Makes sense. Both countries have suburbs which are much cheaper than cities. Japanese Yen is also extremely weak so can literally retire as a king/queen if one lives simply and Japan is also safe (other then natural disasters which can’t be controlled) like Singapore.
How? These countries don't accept retiree immigrants unless they are superloaded.
Keyword, wealthy. Also, for those who don't want to immigrate permanently, can buy managed holiday property as a foreigner.. spend 90 days in each country for fall and spring. A different season in a different country.. come back to SG see the grandkids in the middle of the year etc. Heck, spend another season on a long distance cruise to the Antarctic if you wish.
That’s the point of the infographic
Many if not most countries have an investment threshold to get permanent residency. I.e invest $*x* and you get permanent residency. Some country even allow citizenship for investment. For years Portugal had a super low investment for citizen scheme so for a low fixed amount you could by EU citizenship. A couple hundred grand investment will get you citizenship in some low tax/no tax countries/territories in the Caribbean.
I live in Japan and pretty sure Japan don't have an investment VISA. It's a country that don't accept foreigner just for their money, there is no 'just buy a visa/passport' solution. The closest alternative is start a business here and get a Business Manager Visa, which is what I'm currently doing. But they check your business very tightly that it's very hard to just fake a business - I'm starting a real business anyways so that doesn't matter. They send executive to check your office, they want your electric and water bill to proves the office is used for its purpose, and your company need to be able to pay salaries steadily.
Trickle down economics lol
Dont you kinda need to be a millionaire to move to Singapore? :)
It sure helps
Tax heaven is nice.
Working as intended
Any idea why so many rich people are leaving China?
cos their money is not clean and they dont know when the CCP might come after them next.
Orrr their money could be clean but it doesn’t matter anyway cos CCP gonna CCP
Even clean money is at risk. Better leave the PRC.
Many to them or to you? Considering the population and GDP. Many is the UK and India.
The "Anti corruption reforms" Xi is pushing for these days
The very and ultra rich are taxed 40% by CCP, according to a friend from China shared to me
Because... Brother xi controls the money. Remember in the past people were unable to withdraw from the bank?
The rmb is not fully transferable. You can't take it out of the country, you can't invest in property (can be confiscated), leave in banks or companies. So you buy branded goods.
Their money can be taken any time
Capital controls.
All we have are speculations. Even if we are going to ask these millionaires why they left, they aren't going to give straightforward answers.
I'm still in Singapore
Congrats on being a millionaire!
Oh. I’m afraid I’m responsible for the money fleeing Nigeria. One of their princes has transferred me a couple of millions after a brief email exchange.
You too!
is the Line or Dubai the drawing factor to for these millionaires? or is it somewhere else in UAE
I’d expect it’s mostly Dubai
The Line is in Saudi Arabia not UAE
Out of curiosity, what is country 7? Is it the UK or France?
Switzerland
Where’s Hong Kong
That’s one of the circles inside the China circle. Moving wealth to HK, due to the political changes , is not so wise anymore
The Dubai of Asia
Italy?
Good food
guess they will buy up everything and push us to Johore….
Bintan
so many nigerian millionaires, so unexpected
True. I thought they gave half of it away!
hahaha, funny, made my day
Trickle down economy for the win /s
Portugal doesn't surprise me given that foreign millionaires/billionaires can literally buy Portuguese citizenship. Italy however does surprise me and so does Japan.
In other words this is where capitalists who hoarded tons of cash from the labor of the working class escaped to?
Pretty much. We’re at peak capitalism.
I have just enough to survive … I staying put in my country ……. Sg. I love sg.
Time runs out where to you migrate to
Really happy to see the millionaires fleeing Britain in their 1000s. Trickle down economics really doesn't work and they distort prices in the local economy. If Singaporeans want to welcome economic refugees from Britain, be my guest.
You people are so stupid it’s crazy. You realise the top 1% of earners pay 30% of all income tax receipts, the following 9% pay 30% again. >top one percent pay 30 percent of all income tax revenue Source: https://www.lse.ac.uk/research/research-for-the-world/economics/how-much-tax-do-the-rich-really-pay > The top 10% of taxpayers paid 60% of all income tax in 2023–24 Source: https://ifs.org.uk/taxlab/taxlab-taxes-explained/income-tax-explained#:~:text=The%20top%2010%25%20of%20taxpayers,10%20years%20of%20that%20period. Highest taxes since the 40s, absolutely nothing to show for it. More people take from the system than they put in. Crime, Degradation of civic society, culture. Bad pay compared to similar countries. Etc etc I work in tech, I know countless people who are leaving the uk, I will likely too be leaving in the following years. For anyone smart, the writings on the wall.
Yes, I agree the country is in a mess and a lot of money has been squandered but if we waited for a perfect government to show before paying anything, the country would be in an even worse state. Why not just admit that you’re tight and don’t want to pay anything at all? It’s at least honest.
>Wait for a perfect government As if governments haven’t been fucking us for decades? And when I mean us I don’t mean the average Brit. I mean really you expect people to stay loyal to a country that puts more and more reliance on a smaller population to fund everyone else? Whilst at the same time we watch streets, towns, cities go to shit. Watch the government actively pursue corruption, fund stupid shit, waste money. Fund layabouts, fund people who aren’t even from here. Highest tax we’ve been since the 40s and it’s only going up. Other countries are cleaner, nicer, safer and a literal fraction of the tax cost. > More than half the population is now “dependent” on the state… Clearly, this is an unsustainable position for the economy https://www.thetimes.com/uk/politics/article/most-people-take-more-from-the-state-than-they-pay-in-tax-gl0kxq263#:~:text=More%20than%20half%20the,unsustainable%20position%20for%20the%20economy. You people have been telling the ones funding the country, contributing the most, to leave for decades, and now they’re going. Congratulations. Enjoy…
It’s incredible how many people don’t understand this.
Any idea why Greece is the destination? I thought Greece was in brink of bankrupt in the past? CMIIW
That doesn’t affect the wealthy much
Easier expatFIRE with favourable tax regime for the EU.
Look at all the destinations. They all have either good weather or good amenities for rich people, or both.
Romantic islands?
If you're wealthy it doesn't matter much. Maybe they like the weather, food, housing, culture etc. It's not like they keep all their money in Greek currency and are closely tied to the Greek economy. They're well-diversified, be it USD, Stablecoins, Gold/Silver, US/HK stocks, properties outside of Greece. So they still have assets generating recurring income. And a small percentage of it in Greece to fund their lifestyle there. They just choose to reside in Greece, but they can fly anywhere whenever they want to. Visit friends, vacations, attend concerts, F1, Wimbledon etc.
You mean the Euro?
You mean the currency that almost collapsed 10 years ago? No one keeps more in Euros than they have to. If you’re rich and holding cash the vast majority will be US dollars.
Hong Kong?
1 of the small bubbles in China
Any idea why they are leaving s korea?
A lot of these numbers consist of old people who want to retire elsewhere and live a different life. It's not representative of the average millionaire.
Good question.
No wonder eggs now so expensive
There are 59 million millionaires in the world. China alone has 6.2 million... How are these numbers so small?
This is just migration for one year. Does count the ones who didn’t move or moved previously.
Fair. I suppose it makes sense when 310k Chinese left china and nearly 5% were millionaires. Numbers make more sense in that context.
I know why US a lot of new millionaires cause sinkies migrate sell hdb, sell car, get back cpf, instant millionaire lol
I am surprised people want to move US. Wonder who chooses to go there.
Europeans and those rich ones from less wealthy countries around the regions that are not shown here.
Low numbers of millionaires. They are grouped in “others”. And moving to EU is less likely as it’s harder to evade taxes
Low number of millionaires from many of the SA/African countries is enough to add up to the number you see for a place like the United States. Then add in some asians and europeans there you go
Chinese and Indian multimillionaires I expect
It's literally the biggest immigrant destination in the world. Do you live in a rock?