Increase in enquires from young successful Brits looking to move abroad

According to a leading wealth management firm, a greater number of successful, wealthy people are considering leaving the UK to start a new life in another country. The deVere Group said that during the third quarter of 2012, 36 per cent more Brits who had not yet had their 40th birthday were looking for expat wealth management advice than in the same quarter in 2011.

Nigel Green, the firm’s chief executive, said most of the enquiries between July and September were from successful, working people who were financially well off. He added that the strained economic climate in Britain meant the country could ill afford to see these people move away.

He admitted that it was impossible to predict how many of those making enquires would actually end up settling in a new home in a foreign country, but added that if a significant number did decide to quit Britain it would be disastrous for the economy.

Mr Green also said that the sheer number of enquires indicated a shift in perceptions when it comes to emigration. Traditionally those looking to relocate are pensioners seeking a better standard of living during their retirement in countries such as France, Spain and Malta.

Now more people appear to be attracted to the better career opportunities and standard of living in countries such as South Africa, Russia, Hong Kong and Dubai. Push factors include the dire state of the UK economy, the poor weather, high crime rates and rocketing taxes.