UK Citizenship Migration Consulting Firm Henley & Partners Frequently-Media Cited 2024 Henley Private Wealth Migration Report Produced by South Africa-Based New World Wealth with Only 1 Employee, Flagged for Misrepresenting Millionaire Migration Trends Using Exodus, Tax Justice Network Found Millionaire Migration Stood at Near 0% (0.16% to 0.22%) Every Year from 2013 to 2024, Change in Methodology as 2022 & 2023 Global Citizen Report Figures are Substantially Different, New World Wealth Published Reports Claimed to Track 150,000 Individuals Worldwide
8th August | Hong Kong
UK citizenship migration consulting firm Henley & Partners frequently-media cited 2024 Henley Private Wealth Migration Report was produced by South Africa-based New World Wealth with reportedly only 1 employee, and has been flagged for misrepresenting millionaire migration trends using the word exodus. Tax Justice Network found millionaire migration stood at near 0% (0.16% to 0.22%) every year from 2013 to 2024. Tax Policy Associates cited there is a change in methodology as 2022 & 2023 Global Citizen Report figures are substantially different. New World Wealth published reports claimed to track 150,000 individuals worldwide. Tax Justice Network Conclusion: “Upon examination, the quality of data and analysis in Henley & Partners’ reports on millionaire migration seems inconsistent with the degree of media coverage they have enjoyed. And if the statistics made public are taken at face value, they tell a very different story from that of many headlines. Henley & Partners’ reports reveal that there was no millionaire exodus. On the contrary, millionaires are highly immobile, with an effective near-0% rate of migration. We also raise a number of questions over the methodology used to generate the data in Henley & Partners’ reports, and the inconsistent nature of some of the claims made. In addition, we observe that coverage of the Henley & Partners reports, especially in UK media, has gone far beyond any claims made in the reports themselves, contributing to an entirely unfounded narrative about the role of tax and government policies in causing a millionaire ‘exodus’ which itself did not occur. Reporting on the non-existent millionaire exodus is widely attributed to have directly resulted in policy change from the UK government.We recommend that governments – especially the current UK government – should treat this analysis and any reporting of it with great caution, and ensure that their policy decisions are based upon robust evidence. Media organisations should be extremely careful of claims made on the basis of this approach, and more generally ensure they apply a greater degree of critical scrutiny, in particular with regard to materials relating to tax policy. And perhaps above all, the general public should be highly sceptical of media coverage and headline claims in this area.” Tax Policy Associates Conclusion: “The Henley & Partners reports do not do what they say they do. They do not count millionaires, centimillionaires and billionaires by reference to their “liquid investable wealth”. They don’t track migration. The stated methodology isn’t applied, and is probably impossible to apply. There are, at the least, significant manual adjustments to the figures, for whatever reason. The figures contradict authoritative data. We believe Henley & Partners should withdraw their reports until they have been audited by a suitably qualified independent third party. In the meantime, they shouldn’t be relied upon by policymakers, journalists, or anyone seeking to understand global wealth or migration trends.” Read Analysis by Tax Justice Network | Tax Policy Associates
“ UK Citizenship Migration Consulting Firm Henley & Partners Frequently-Media Cited 2024 Henley Private Wealth Migration Report Produced by South Africa-Based New World Wealth with Only 1 Employee, Flagged for Misrepresenting Millionaire Migration Trends Using Exodus, Tax Justice Network Found Millionaire Migration Stood at Near 0% (0.16% to 0.22%) Every Year from 2013 to 2024, Change in Methodology as 2022 & 2023 Global Citizen Report Figures are Substantially Different, New World Wealth Published Reports Claimed to Track 150,000 Individuals Worldwide “
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UK Citizenship Migration Consulting Firm Henley & Partners Frequently-Media Cited 2024 Henley Private Wealth Migration Report Produced by South Africa-Based New World Wealth with Only 1 Employee, Flagged for Misrepresenting Millionaire Migration Trends Using Exodus, Tax Justice Network Found Millionaire Migration Stood at Near 0% (0.16% to 0.22%) Every Year from 2013 to 2024, Change in Methodology as 2022 & 2023 Global Citizen Report Figures are Substantially Different, New World Wealth Published Reports Claimed to Track 150,000 Individuals Worldwide
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