UK wealth exodus accelerates

The UK is the most expensive location to raise children according to a new survey released by HSBC Bank International, coupled with low job prospects is forcing many high income earners to leave. Meanwhile Hong Kong and India have the highest salaries in the world for expats with half earning more than £100,000 p.a. The highest paying professions were
in finance and management with 43% of people working in these industries earning
a six figure salary. :

Cost of living appears to be also influencing decisions to leave. The survey said expats in the UK spend more of their income on accommodation than expats living anywhere else in the world, with accommodation by far the biggest expense.
Those considering moving home from the UK also cited limited career prospects as a further reason for leaving.
The survey found that high paying jobs in hedge funds and private equity were losing their appeal for expats, particularly after both areas have been hit hard by the financial turmoil of the last 18 months.
Higher paying expat positions in Asia might also be acting as a magnet for highly skilled expats working in the UK and other centres. According to the survey, Asia is home to the highest paid expats in the world, with one in four expats earning more than $200,000 per year in the region.
Last week, Knight Frank, the upmarket London-based estate agent, said 7% of non-doms have sold their house and left since October 2007, and 2% of high net worth individuals have left for more favourable tax jurisdictions.
[via Wealth Bulletin]