{"id":639677,"date":"2024-08-13T00:00:00","date_gmt":"2024-08-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/13\/competition-for-the-worlds-uber-wealthy-is-heating-up-as-european-parties-clamp-down-on-tax-benefits\/"},"modified":"2024-08-13T00:00:00","modified_gmt":"2024-08-13T00:00:00","slug":"competition-for-the-worlds-uber-wealthy-is-heating-up-as-european-parties-clamp-down-on-tax-benefits","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/13\/competition-for-the-worlds-uber-wealthy-is-heating-up-as-european-parties-clamp-down-on-tax-benefits\/","title":{"rendered":"Competition for the world\u2019s uber-wealthy is heating up as European parties clamp down on tax benefits"},"content":{"rendered":"

Across Europe, rising populism is swinging the pendulum against the tax benefits<\/strong> given to wealthy foreigners.<\/strong> In France, the surprise victory of the left-wing bloc in the country\u2019s recent snap elections has added to fears that a new government might instate the wealth tax scrapped in 2018 by outgoing president Emmanuel Macron. In the UK, the new Labour government has announced that it will dismantle its long-standing non-domiciled tax regime, which allows foreigners who reside in the UK but are considered domiciled in other countries to not pay taxes on their foreign earnings and capital gains for up to ten years. And last week, Giorgia Meloni\u2019s right-wing government in Italy doubled the flat tax it requires foreigners to pay on their income to EUR 200k.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The world\u2019s elite are watching \u2014 and getting their moving boxes ready. <\/strong>According to wealth managers, interstate competition over the super-rich is at an all-time high. A record 128k mn'aires are forecast to relocate this year, up from 120k in 2023, global migration advisory Henley & Partners tells the Financial Times<\/a>. The UK is set to see a 17% decline in mn'aires by 2028, the largest decrease across the world, according to UBS data cited by the FT. While this is in part the product of changing tax laws, it\u2019s also the result of a broader menu of low-tax jurisdictions. Areas like Singapore and Dubai are increasingly competing with the more established money havens of London and Switzerland to lure multimn'aires .<\/p>\n

The shift indexes changes in the structure of international wealth that have been ongoing<\/strong> over the last decade.<\/strong> For one, the decline of banking secrecy has made it significantly more difficult to reside in one\u2019s home country while squirreling wealth away in another. The deep indebtedness of North Atlantic states, particularly following the mass stimulus that followed the Covid-19 pandemic, has made some multimn'aires concerned that governments will soon target their assets to pay down their debts. Sanctions on wealthy Russians and redistributive policies in China are also pushing the hyper-rich to consider greener pastures. At the same time, individuals and families are more mobile than they\u2019ve ever been, with economic and political stability key factors in relocation decisions.<\/p>\n

Despite rising competition and a serious economic downside, <\/strong>European governments are becoming increasingly leery of the optics of offering generous tax breaks to rich foreigners. Such policies have been blamed for soaring real estate prices in low-tax jurisdictions like Milan and London \u2014 one of a number of economic distortions that negatively impact local residents. Despite the wealth and spending that elites bring, tax incentives are difficult to justify \u201cbecause at the end of the day you\u2019re giving a favor to rich people,\u201d one tax advisor told the salmon-colored paper.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are mostly in the green this morning<\/strong>, with the Nikkei leading the gainers on its first day back after the long weekend \u2014 the benchmark is up 2.4%. The Hang Seng is up 0.3%, while the Kospi is bucking the trend, dipping 0.1%. <\/p>\n

MEANWHILE- <\/strong>US stock futures remained more or less flat as investors sit tight awaiting key inflation data due tomorrow. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

29,707<\/p>\n<\/td>\n

\n

+0.6% (YTD: +19.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 49.24<\/p>\n<\/td>\n

\n

Sell 49.38<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 49.25<\/p>\n<\/td>\n

\n

Sell 49.35<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,741<\/p>\n<\/td>\n

\n

-0.3% (YTD: -1.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX <\/strong><\/p>\n<\/td>\n

\n

9,215<\/p>\n<\/td>\n

\n

-1.0% (YTD: -3.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,201<\/p>\n<\/td>\n

\n

+0.2% (YTD: +3.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,345<\/p>\n<\/td>\n

\n

0.0% (YTD: +12.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,210<\/p>\n<\/td>\n

\n

+0.5% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,672<\/p>\n<\/td>\n

\n

-0.1% (YTD: +3.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 81.88<\/p>\n<\/td>\n

\n

+2.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 2.17<\/p>\n<\/td>\n

\n

+1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,512<\/p>\n<\/td>\n

\n

+1.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 59,204<\/p>\n<\/td>\n

\n

+0.3% (YTD: +40.2%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.6% at yesterday\u2019s close<\/strong> on turnover of EGP 5.1 bn (43.1% above the 90-day average). Local investors were net buyers. The index is up 19.3% YTD.<\/p>\n

In the green: <\/strong>Elsewedy Electric (+9.0%), E-finance (+1.9%), and CIB (+1.7%).<\/p>\n

In the red: <\/strong>Emaar Misr (-3.6%), ADIB (-3.0%), and Alexandria Containers and Cargo Handling (-2.5%). <\/p>\n","protected":false},"excerpt":{"rendered":"

A record 128k mn\u2019aires are forecast to relocate this 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