37
flaws in its underlying methodology,’ the consultancy said in a statement. ‘The figures were never intended to support highly specific claims, such as the exact number of millionaires leaving the UK in response to particular government policies.’ Henley & Partners said its reports are
meant to be indicative of what is happening in terms of migration, rather than including precise numbers. ‘They serve as indicators of broader trends, much like academic modelling exercises that, while imperfect, offer valuable directional understanding,’ it said. A look back at previous Henley &
Partners wealth migration reports shows that they describe figures about future movements of millionaires as ‘projections’, but that the company also presents data from the past as if it were factual. Although presented in one instance under the heading ‘illustrative data’, a description of the figures reads: ‘The data shows the total number of millionaires who have moved to a new country each year since 2013, based on those who have relocated and remained for longer than six months.’ Speaking to Spear’s from Johannesburg
– the first time he has responded to the Tax Policy Associates criticism publicly – Amoils said: ‘I completely stand by my data.’ In response to the claims made about the removal of property wealth from the
MONEY ON THE MOVE?
Henley & Partners’ contested reports suggest the total number of millionaires moving to a new
180,000
120,000 150,000
90,000 60,000 30,000
0
‘Millionaires’ or ‘HNWIs’ refer to individuals with liquid investable wealth of USD 1 million or more Figures rounded to the nearest 1,000
Source: New World Wealth *Coronavirus impact
A one man
firm says it tracks 150,000 fortunes and nets off their debt. That simply can’t be done
methodology, he said only a very little amount of debt-free investment property was included previously, so the ‘impact of stripping it out was small’. On being the only person at his firm, Amoils said: ‘The “one-man firm” argument sounds good in print. However, the truth is even the big market research houses of 500-plus employees don’t put their whole team on a wealth report. They would typically put three people max.’ He added: ‘It is important to remember
that our figures are not exact, they are modelled estimates.’ And in reference to his use of LinkedIn, Amoils reiterated: ‘We stand by the strength and credibility of our migration report methodology, including the use of LinkedIn data. Over 70 per cent of the world’s CEOs maintain active profiles on the platform,
making it a valuable and relevant source. LinkedIn also gives a city location for each person, which is very useful.’ For now, Henley & Partners says it will
continue to use Amoils’ figures. However, the firm revealed to Spear’s: ‘In light of the concerns raised we have already initiated an independent audit and review of New World Wealth’s methodology and data – a process to which New World Wealth has willingly agreed. The findings from this review will inform any decisions on the future of the partnership.’ Spear’s understands changes could
include publishing more details about the methodology, narrowing the scope of the reports, and making sure any limitations are clearly outlined. Tax Policy Associates would welcome
any such move, but until then, its founder believes the numbers simply do not add up. ‘We believe Henley & Partners should withdraw their reports until they have been audited by a suitably qualified independent third party,’ said Neidle. ‘In the meantime, they shouldn’t be relied upon by policymakers, journalists or anyone seeking to understand global wealth or migration trends.’ The confusion concerning the Henley
reports has clouded the debate around new tax policies introduced by the Labour government and chancellor Rachel Reeves, including the move to alter the UK’s non-dom rules. In a post on LinkedIn, James Quarmby, founding partner of the private wealth division at law firm Stephenson Harwood, wrote: ‘Labour supporters will love this story as it appeals to their denialist tendencies. However, the New World Wealth survey was only one of quite a few which have given the same message – that the migration of wealthy people has accelerated alarmingly.’ According to an analysis of Companies
House filings by the Financial Times, 3,790 company directors reported leaving the UK between last year’s October Budget and this July – a 40 per cent increase compared with the same period a year earlier. Another analysis of Companies House filings by Bloomberg found the number of company directors changing their country of residence from the UK to another jurisdiction in April this year was up 75 per cent on the previous year’s figure.
2013 2014 2015 2016 2017 2018 2019 2020* 2021* 2022 2023 2024 2025 2026
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116
