Chinese millionaires bring £135 bn boost to UK

Wednesday 24th November 2021 05:09 EST

UK has become the top investment destination of a number of Chinese millionaires. According to data, the number has surged to 650 in the past year, delivering 135 billion pound investment boost in the country. The law firm Boodle Hatfield found the number of affluent Chinese people moving to the UK has more than doubled in five years, with individuals with high net worths (HNWs) favouring Britain for its private schools, investment opportunities and the “relative stability and liquidity of the residential property market”.

The report found that Chinese HNWs still considered the UK one of the most attractive, stable
and secure jurisdictions to invest and hold assets in despite Covid-related uncertainty and the
challenges posed by Brexit. The biggest proportion of HNWs who relocated to Britain in the past year came from China, with 650 of them moving here in 2019-20, oustripping Hong Kong, Spain and the US. The report said that the existing international makeup of London also acts as a magnet to other mobile HNWs, challenging claims that Britain’s tax regime is discouraging international investors.

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