The News
The ultra-wealthy in France and the UK are considering leaving the countries after left-wing electoral victories. The French political alliance that finished first in Sunday’s election pledged to raise taxes on the rich, and wealth advisers said they have heard from panicked clients seeking to send money abroad and looking into expatriation, Bloomberg reported. And the UK is expected to see the world’s largest exodus of millionaires by 2028, a new report found.
Rich Britons fear higher taxes under the new Labour government and a crackdown on those whose permanent home for tax purposes is outside the UK. “It’s not the business center of the world anymore,” said a German psychedelics and crypto investor who lives in London but plans to leave.
