Immigration statistics and reports from countries with significant UK expatriate communities

UK Faces Largest Exodus of Millionaires Amid Labour's Tax Plans, 20% Decline Expected

Oct 8, 2024, 09:00 AM

The UK is facing a significant exodus of millionaires, with research indicating that the country will lose the greatest proportion of millionaires in the world over the course of this Parliament. The share of the population who are millionaires is expected to decline by 20% from 4.55% to 3.62% over the next five years. This anticipated decline is attributed to Labour's planned tax raids on non-doms, which have been criticized for driving talent and capital out of the country. Analysts warn that this could have long-term negative impacts on the government's ability to provide basic services and job opportunities.