A new study released Firday by the investment migration consultancy Henley and Partners has found that over 1,000 millionaires moved away from Britain in 2022.

According to the research, 1,400 individuals with net-worths above $1 million relocated out of the UK in 2022. This was in addition to the 2,200 which relocated out in 2019, the 2,800 which relocated out in 2018, and the 4,200 which left in 2017. The latest emigrants are reported to continue a pattern which began shortly after the Brexit vote in 2016, after the UK left the EU.

Roughly 12,000 millionaires have left Britain since the Brexit vote, according to an estimate by Henley and Partners. The consultancy noted that prior to the Brexit vote, the nation was experiencing an inflow of high-net worth individuals.

Stuart Wakeling, head of the London office of Henley & Partners said, “Now that Brexit has been entrenched and the very real longer-term consequences are being felt, we have seen increased movement from wealthy UK citizens looking to claw back their EU status by obtaining an EU residence or citizenship by investment.”

According to Henley and Partners, millionaires are now looking to Asia and the Middle East as promising relocation destinations. The consultancy estimates that last year, the United Arab Emirates likely saw the  highest inflow of millionaires.

Recently a study by the Centre for European Reform revealed that the UK economy has already lost £33 billion ($40 billion) following the Brexit decision. According to the UK Office for Budgetary Responsibility the 2016 Brexit vote to exit the European Union will reduce the UK’s total GDP between 2016 and 2031 by roughly 4% per year, for a total cost of roughly £100 billion.

Last month the Confederation of Business Industry noted the UK economy had already entered a “short and shallow” recession, and was projected to contract by 0.4% in 2023 as a result of high inflation and low investment.