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roryirvine 24 minutes ago [-]
The other big datapoint used to justify the idea of a "millionaire exodus" is the relatively soft super prime property market in London.
But, again, the reality is that many of the former super prime buyers were either non-dom (ie. not tax resident) or were buying through offshore trusts or other tax-avoidance mechanisms. They've tended to be replaced by a younger set of "lifestyle-led" buyers who are more interested in London as a (relatively!) stable, secure global base rather than just as a convenient set of tax loopholes.
So we're replacing tax dodgers with tax payers, and British society as a whole is probably better off as a result - even if the individuals themselves do have lower total net worth than their predecessors.
But, again, the reality is that many of the former super prime buyers were either non-dom (ie. not tax resident) or were buying through offshore trusts or other tax-avoidance mechanisms. They've tended to be replaced by a younger set of "lifestyle-led" buyers who are more interested in London as a (relatively!) stable, secure global base rather than just as a convenient set of tax loopholes.
So we're replacing tax dodgers with tax payers, and British society as a whole is probably better off as a result - even if the individuals themselves do have lower total net worth than their predecessors.