Steven Bartlett

And then the other cohort will say tax reasons.

Yeah.

And also the third I'd say is they think that talent is elsewhere.

So they think they have a better chance of getting capital and talent employees if they move to America or Dubai or wherever else.

When I look back over the last couple of years, data from Henley and Partners, in 2023, it says 3,200 millionaires net left the UK.

In 2024, 9,500 millionaires net left the UK.

In 2025, projected 16,500 millionaires are expected to leave the UK.

the UK, which is a record outflow.

And predictions that have not yet been published warn that the trend is likely to continue into 2026.

When you think about this, like, I guess there's two questions, which is, why does this matter?

And then the next question is, what should I do about it?

On an individual level.

In his February 2026 preliminary budget, New York Mayor Zorhan Mandani proposed a 9.5% property tax increase to address a projected 5.4 billion budget shortfall.

This proposal acts as a last resort alternative to his preferred plan, which was increasing taxes on top earners and corporations to fill the revenue gap.

It says that in New York, personal tax income remains pretty strong, but business tax collections have started to soften.

Recent reports show they are roughly 378 million lower than initially projected as business formation slows down in New York.

I mean, this is going to be even faster and more disruptive.

I said this once before in a conversation I had about AI, but I went to my friend's accelerator in San Francisco, which used to be a software accelerator.

And when I walked in there and went around, he has, you know, hundreds of entrepreneurs in there building stuff.

I was like, why is everyone building robots?