Labour’s tax plans trigger exodus of millionaires from UK.
Since the general election was called one dollar millionaire has left Britain every 45 minutes.
Friday January 17 2025, 10.00pm GMT, The Times
A record number of millionaires have left Britain since Sir Keir Starmer came to power and there are growing concern that Labour’s tax plans are exiling international investors and damaging the economy.
The Treasury is facing calls to reverse its crackdown on non-domiciled residents as the scale of the exodus becomes clear.
Tax advisers also report that growing numbers of British entrepreneurs are prepared to leave the country after the tax rises announced in the autumn budget.
In total Britain lost a net 10,800 millionaires to migration last year, a 157 per cent increase on 2023, meaning it lost more wealthy residents than any other country except China. The actual number that moved out is even higher because the net figure also takes into account the millionaires who arrived in the UK.
The outflow, mainly to other European countries such as Italy and Switzerland, as well as the United Arab Emirates, was especially large among the UK’s richest residents, with 78 centi-millionaires and 12 billionaires leaving the country last year.
The figures were compiled by New World Wealth, the global analytics firm, which looked at high net-worth individuals with liquid assets of more than $1 million (£821,500). They show that the exodus accelerated after the general election was called. Since that moment one dollar millionaire has left Britain every 45 minutes. Times.
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