Almost one in three wealthy Londoners are planning to leave in the next five years, according to a report by Barclays Wealth and Investment Management.
The report, published today, surveyed 2,000 high net worth individuals (HNWIs) made up of entrepreneurs, business leaders and investors.
It found that factors such as an opening up of international markets and advances in technology, meant 31% of the HNWIs questioned expected to move country by 2019.
“As borders open up and advancements in technology make the world a more connected place, we are witnessing greater numbers of wealthy individuals planning to move themselves, their families and their businesses to new destinations,” said Richard Thomas, regional director for London at Barclays Wealth and Investment Management.
The report – titled Wealth Insights Volume 18: The Rise of the Global Citizen? – reveals the children of wealthy Londoners are likely to be globe trotters too. Over half (57%) of those questioned expect their kids to live in more countries than they have.
However, the report also reveals a general tendency for London-based HNWIs to move country regularly – with 79% having already lived in more than one country, and 50% having lived in three or more.
“Sixty-three per cent of HNWIs in London say they live in the region because it was where they were born or grew up, indicating that many of the wealthy in London still return to their roots even after living abroad,” said a spokesperson for Barclays Wealth and Investment Management.