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% 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% were thinking of moving to a tax haven such as Switzerland or the Cayman Islands.

Preferred destinations were France, the USA, Spain and Australia.

Jo Rimmer of Skandia said: "Our survey seems to indicate that the UK's wealthiest really are saving for a rainy day and will seriously consider moving to sunnier climes if storm clouds gather in either economic or meteorological terms."

The research also found working hard and investing wisely is a surer way to become a millionaire than being born into money.

More than two thirds of the high-net-worth individuals surveyed made their fortunes from employment income, investments or as the result of selling their business venture.