The UK has lost a millionaire every 45 minutes since Labour came to power, study claims
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Rachel Reeves’ Budget, which hit employers with tax hikes, as well as crackdown on controversial ‘non dom’s’ blamed for the exodus. 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. Rachel de Souza, a tax partner at auditing company RSM UK, told the paper demand for relocation advice was being driven by those with ‘non-dom’ status before October’s Budget but by British entrepreneurs afterwards.
"In virtually all cases, these entrepreneurs are citing the budget announcements as the reason,” she said. Business leaders have hit out at Ms Reeves’ Budget, warning it will hurt economic growth. The co-founder of Cobra Beer Lord Bilimoria has said the planned hike in national insurance paid by employers will “damage business”.
