The Chancellor has been told that her stance is ensuring wealth creators are fleeing (Image: Getty)
The UK is facing the largest exodus of millionaires in the world and Rachel Reeves appears unwilling to do anything to stop it, an expert has suggested. Britain is "sleepwalking into a long-term economic decline" by driving away wealth creators and "refusing to compete for their return", Nigel Green, the chief executive of deVere Group, said. Henley and Partners projected in June that 16,500 millionaires will leave the UK in 2025, more than double the anticipated, after the loss of 10,800 last year, according to New World Wealth (NWW).
Dr. Juerg Steffen, CEO at Henley and Partners, said that 2025 "marks a pivotal moment". He added: "For the first time in a decade of tracking, a European country leads the world in millionaire outflows. This isn’t just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. The long-term implications for Europe and the UK’s economic competitiveness and investment appeal are significant.”
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CEO Nigel Green has blasted Rachel Reeves. (Image: Getty)
Mr Green believes that the reason for the outflow of wealthy individuals lies with the Chancellor's decision to abolish the non-domiciled tax regime.
The Chancellor announced in January that changes would be made to her plan to abolish the financial status, ensuring previous foreign earnings are not taxed when moved between overseas accounts.
In February, Mr Green said this "does nothing to reverse the damage already inflicted".
Now, he said: "This wasn’t just a tax change, it was a signal. It told global wealth that it’s no longer welcome here.
The Chancellor says she wants to spark economic growth. (Image: Getty)
"Other countries, such as Italy, the UAE, Singapore, the US, are rolling out the red carpet while the UK is rolling up the drawbridge.”
There are no signs of the situation changing, the finance expert added.
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A storm is blowing in from Trump's America and it could sweep Rachel Reeves away
Rachel Reeves to pluck tax right out of your bank account - just hand over your NI number
Labour has stopped doing one thing - it's bleak clue as to where UK is heading
Rachel Reeves causes fresh confusion over inheritance tax changes
'Act now' warning issued to UK savers as ￡300 at risk after interest rate cuts
Savings provider offers 4.45% interest on Cash ISA and earns 'excellent' rating
The top 10 best countries for Brits to retire ranked - Spain only at number 7
Only one tax will help Rachel Reeves plug her Budget black hole - but it will destroy her
Pension pick offering a 9% return that could be worth thousands
Mr Green said: “Any talk of outreach is, at best, speculative. There’s no package, no campaign, no legal change under discussion that would seriously persuade high-net-worth individuals to return. Until there is, this trend will accelerate.”
“This isn’t just about tax rates, it’s about trust,” Green added.
“When the rules shift dramatically, with little consultation or warning, it undermines long-term confidence. That’s incredibly hard to rebuild.”
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