More than half millionaires 'escaping UK'

MORE than half of the UK's millionaires have fled or are thinking of fleeing the country's economic "storm clouds", according to a new study.

Taxation, perceived better living standards abroad and the weather mean that only 44 per cent are certain of remaining here.

But the survey of more than 500 UK-based millionaires, carried out for investment firm Skandia, found that only 2 per cent were thinking of moving to a tax haven such as Switzerland or the Cayman Islands. Preferred destinations were France, the United States, Spain and Australia.

More than two-thirds of the millionaires made their fortunes from employment, investments or as the result of selling their business venture.