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Fortune
Fortune
Ryan Hogg

U.K. has 'far more millionaires than it deserves' as 500,000 to flee to Italy and Spain

Naviglio Grande canal in Milan city, Italy, a popular tourist area, on dramatic sunset (Credit: Xantana—Getty Images)

Hundreds of thousands of the U.K.’s millionaires will flee the country in the next few years, signing off with a desperate message that their departure will mark a severe blow to the finances of the new left-leaning Labour government.

However, crunching the numbers would suggest the departing elites’ absences aren’t likely to be as heavily felt as they would like.

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