UK’s millionaire exodus equal to losing 530,000 average taxpayers, study says
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The country lost 10,800 millionaires to foreign countries last year, more than double the number who left in 2023. It means that, since Labour came to power, one millionaire left the UK every 45 minutes. Britain’s exodus of millionaires last year was as damaging as the UK losing half a million taxpayers, a study has claimed.
![[Labour launched a crackdown on non-doms after The Independent revealed Akshata Murty, Rishi Sunak’s wife, benefited from the tax break]](https://static.independent.co.uk/2024/10/15/12/a8ce9ec02235aad6536cc02f7032cb08Y29udGVudHNlYXJjaGFwaSwxNzI5MDc1NzEz-2.76754512.jpg)
The country lost 10,800 millionaires to foreign countries last year, more than double the number who left in 2023. It means that, since Labour came to power, one millionaire left the UK every 45 minutes. The exodus was sparked by Labour’s tax raids on private schools and non-doms as well as a general collapse in business confidence after Rachel Reeves’ October Budget.
Adam Smith Institute (ASI) research, seen by The Daily Telegraph, showed that each of the millionaires who left Britain last year would have paid at least £393,957 in income tax per year. The free market think tank said one millionaire’s tax payment is equivalent to that of 49 average taxpayers, meaning the millionaire exodus is comparable to 529,200 average taxpayers leaving the country.
Shadow business secretary Andrew Griffith said: “Our entrepreneurs and businesses are fleeing this socialist Government’s tax raid in droves. “This research shows that Rachel Reeves’s Marxist maths has put the economy in real danger of drowning in Labour’s tepid bath of decline. Unless she changes course, every taxpayer will be getting soaked as a result.”.
