An interesting read from Family Capital. Although I agree with the net-outflow thesis, the issue is where will these millionaires / billionaires go? America, for example, is starting to see a slow outflow of its ultra-wealthy as they increasingly feel the pressure emanating from the progressive left. Although the ultra wealthy dodged the tax man ‘bullet’ so to speak last week, the question is when will the next one come along and how will the midterms this November 2022 affect everyone. Canada is toying with a baseline wealth tax, and Israel is a well known high-tax jurisdiction. Switzerland is still tax friendly whereby one can negotiate to a certain extent with government. This leaves places like Dubai – no tax – and Portugal, which traditionally is a high tax jurisdiction, but well below that of America (if one factors in all the relevant State/Federal levies). I would argue that actually what the ultra-wealthy are doing is looking for various options involving investment migration that includes tax optimisation and preservation of wealth. Portugal’s Golden Visa is useful, especially when coupled with their non-habitual residency tax option. One receives a pathway to a Portuguese passport whilst at the same time establish a highly limited tax exposure going forward. Only time will tell what will happen in the UK but suffice to say it will be a most interesting 2022/2023.