I noted yesterday a report from an estate agent saying one in six UK millionaires is going to leave the country ver the next few years.
Then, I noted this in the Guardian:
HSBC is recruiting hundreds of bankers to serve rich clients in the UK as it looks to head off growing competition from British rivals and take a larger slice of the wealth management market.
Europe's biggest bank is hoping to fortify the UK arm of its wealth and private banking operations by bulking up its team of relationship managers, who offer bespoke services and advice to rich clients in exchange for lucrative fees.
The recruitment drive will result in hundreds of relationship managers added to its 400-strong team by next year, according to a source familiar with the lender's hiring plans.
Now, it might just be that HSBC isn't talking to those estate agents.
Or it could be that HSBC thinks the eighty-three per cent of the wealthy who will remain are still worth squabbling over.
Or maybe, and much more likely, they don't think the wealthy are going anywhere. That's where, if I were a betting person, my money would be.
This nonsense about the rich leaving is just that. They're staying. And that means they're open to being taxed more.
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Given the existence of
https://patrioticmillionaires.uk/
The idea that the rich are amenable to being taxed seems very likley, possibly given
https://www.politico.com/magazine/story/2014/06/the-pitchforks-are-coming-for-us-plutocrats-108014/
They may even see it as being important for their financial and even physical survival
That report does not suggest that 1 in 6 UK millionaires are thinking of leaving the country which would be an astonishingly broad pond of people.
I was thinking critically and it didn’t look right so I checked the source report. It says that 1 in 6 UK residents who earn more than 1 million annually are thinking of leaving the country.
Then there data – suggesting more than 3 million people are in that category is wrong, but I am right to draw the conclusion I did
Does anyone ‘earn’ more than £1,000,000 per year. I accept that many are paid that amount, but do they earn it?
Good question
It is always a rent
I fail to see – given what an exploitative state we live in these days – why the rich would leave? Thatcher’s dream has been realised.
Do any of you?
The new “rich” always moan about their pitiful state.
The old “rich” keep quiet as they know how to “game” the system have been “gaming” the system for generations.
I recall an article I read, a while ago, so I can’t reference it unfortunately, which compared patterns of work between so-called high-flyers and a typical employee, and found no difference between the two groups – they stayed in their roles for similar amounts of time on average and had the same number of jobs on average. It is a myth that these people are more mobile and move around more in their careers, designed for more than obvious scaremongering reasons – imagine the economic impact, which would in fact be negligible overall and non-existent for most. It saddens me that any media outlet would publish such nonsense rather than establish the facts.
Kate Pickett and Richard Wilkinson:
“[T]he real truth is that we can’t afford the super-rich.”
Wealth managers based in The City often manage the affairs of clients/families who live in other tax jurisdictions.
Read the article
These people are being recruited all over the UK to service the UK market
This piece from the 99% Organisation is rather pertinent.
https://99-percent.org/the-majority-of-the-uk-population-is-fighting-for-its-interests-against-a-small-number-of-far-right-billionaires-whose-combined-influence-is-huge/. It points out that 17 of the 20 wealthiest individuals in the UK, either inherited vast fortunes and invested wisely or otherwise happened to be in the right place at the right time eg Russian oligarch to become fabulously wealthy. None of the 20 with the exception of James Dyson could truly be described as “self made”.
No one is self made