Carried out by Lloyds TSB International Wealth, the survey, which targeted people with over £250,000 of savings and investments, showed that 17% would like to move overseas in the next two years, compared with 14% six months ago.
Fear of crime has soared during this period, with 61% of those actively considering an overseas move selecting crime and antisocial behaviour as a reason to leave the UK.
This huge increase, from 43% six months ago, follows the riots across England in early August.
Nearly two thirds of wealthy people (62%) are more concerned about crime and antisocial behaviour than they were six months ago, with only 1% saying they are less worried now.
Almost three quarters (73%) of those considering emigration within two years think crime is a greater problem in the UK than in other developed countries.
The survey found that worries about high taxes and the cost of living have also grown. Some 42% of people considering a move overseas in the next two years named tax as a reason for leaving the UK – an increase from 35% six months ago.
The proportion naming the cost of living as a factor in their wish to leave Britain rose from 31% to 52% in six months.
In April 2010, the top income tax rate of 50p was introduced. A recent Institute for Fiscal Studies report predicted that this would cost the economy £500 million per year, as some people would move their money abroad.
The cost of living has increased as CPI inflation crept towards 5%, while wages remained stagnant.
“Sadly, it seems August’s riots, tax increases and a rising cost of living have cast a pall over life in the UK for some wealthy people,” said Nicholas Boys Smith, managing director of Lloyds TSB International Wealth.
“It may reignite fears of a ‘wealth drain’ from our economy as rich people seek pastures new.”
In February, Her Majesty’s Revenue and Customs projected that, in the 2010/11tax year, the top 1% of earners would contribute over a quarter of the UK’s income tax receipts.
Said Mr Boys Smith, “High earners are important to the UK’s fragile economy, given the big slice of income tax revenues they deliver, as well as the contribution they make to the economy through spending and job creation. So, it’s certainly concerning that more are considering a move overseas.”
France is the most popular country for wealthy people planning a move abroad. 21% selected it as their most likely destination, with Spain in second place (15%) and the USA in third (11%).
Countries and continents wealthy people would like to move to
|
Country/continent |
Percentage of wealthy people who selected each option |
|
France |
21% |
|
Spain |
15% |
|
USA |
11% |
|
Other European (in the Eurozone) |
10% |
|
Asia |
7% |
Lloyds TSB International Wealth provides financial guidance and a checklist to help people emigrate at www.lloydstsb-offshore.com
