"If I take death into my life, acknowledge it, and face it squarely, I will free myself from the anxiety of death and the pettiness of life - and only then will I be free to become myself." ~ Martin Heidegger
Clear evidence that globalization has changed the "game" of capitalism to the extent that an overhaul is in order.
Many do still spend a lot of time in the country, as youd expect, theyre British & often have family here & also bussineses here, but they are registered as living abroad for tax reasons & the bit he appears to have missed in his loophole is that to qualify there is a maximum number of days you can stay in this country, so yes, some stay here but live abroad.
My nephew is one (though not a millionaire). He lives and works abroad, contract work, that gives him lots of off time that he likes to spend back in the UK, but he has to watch his dates to avoid qualifying for tax in the UK as well.
So to answer your question, thats why many big houses are up for sale, because many of those who left do return for visits, but are downsizing because their stays here are temporary, & require less needs, & the profit from downsizing can be reinvested in property in their new country, or elsewhere.
I mean if youre only comming back for a few meetings, & couple of lunches, & the wife & kids arnt with you then you only need an apartment in a nice part of the city, or something.
So where did all the now ex-British millionaires go?
Nowhere, Their incomes went down. Income is like a pyramid. At any level, most of the people above that level are only a little above it. A major economic downturn (particularly one defined by collapsing asset markets) will move lots of people from an income of a little above a million dollars or pounds to an income a little below a million dollars or pounds. This creates a standing invitation for some dishonest propaganda mill to come along and claim that millionaires are headed like lemmings out of the country because of its high taxes. It's total bunk, the moronic anecdotes that a few people are apt now to tell notwithstanding.
Youre missing important facts like the increase in foreign registeted directors of companies, who used to be registered British & a whole bundle of other facts & statistics that are endlessly rolled out in papers, on news bulletins & political shows etc.
They didnt all vanish to just below £1,000,000
Actually long term trend is that although many have left the country, between 2008 & 2012 the total number of millionaires has risen to a new high.
That was in the news the other week as well.
Pesky thing facts...