Millionaires fleeing UK in record numbers since Labour took power

The UK has lost a millionaire every 45 minutes since Labour came to power according to new data, as experts said the exodus was being driven by Rachel Reeves’ controversial Budget. Britain lost a net 10,800 millionaires last year, a 157 per cent increase on 2023, including 78 centi-millionaires (worth at least £100 million) and 12 billionaires. They left for other countries mainly in Europe, such as Italy and Switzerland, as well as the United Arab Emirates. The figures, compiled by the analytics firm New World Wealth, show the exodus sped up after the general election was called and that since then a ‘dollar millionaire’ has left Britain every 45 minutes, according to The Times. Business leaders have hit out at Ms Reeves’ Budget, warning it will hurt economic growth.As per report,British economy grew just.09% in 2024 and investors are calling Starmer’s plan 'monumental self-harm.'
The exodus comes after the government of Prime Minister Keir Starmer confirmed plans to abolish the non-domicile tax regime, which offered significant leeway to wealthy individuals. In the UK, non-domicile residents only pay taxes on the money they earn in the country, and generally do not have to pay taxes locally on profits they made elsewhere in the world. The regime has allowed wealthy individuals to save money while incentivizing them to stay in the UK. There were around 74,000 'non-doms' in the UK as of 2023, according to official data.However, the Labour government's plans to replace the 'non-dom' system with a residence-based tax regime have apparently had an impact on their desire to live in the UK. According to data provided to The Times by analytics firm New World Wealth, the UK lost a net of 10,800 millionaires to migration in 2024, a 157% increase compared to 2023. The UK's wealthiest echelon was especially inclined to leave, with 78 centimillionaires and 12 billionaires leaving the country last year, according to the data.
The issue of non-doms hit the headlines in 2022 when The Independent revealed that Rishi Sunak’s wife, Akshata Murty, held non-domicile tax status while he was chancellor. In response, Ms Murty, whose family business is estimated to be worth around £60bn, announced that she would start paying British taxes on all her worldwide income.From April, Labour will crackdown on the loophole and replace it with a less generous residence-based scheme that will also subject current non-doms’ overseas assets to UK inheritance tax (IHT) for the first time.