Labour’s crackdown on non-dom residents and tax hikes has seen millionaires flee in record numbers. (Image: Getty)
Prime Minister Sir Keir Starmer has declared that Britain is "open for business" as millionaires leave the UK in record numbers.
Posting on X on Tuesday, the Prime Minister said: "With my government, Britain is open for business."
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The exodus of wealthy individuals came after the Labour government took power and launched a crackdown on non-dom residents and oversaw dramatic tax hikes.
The UK lost a net 10,800 millionaires to migration in 2024 - a 157% increase on the previous year and more than any other country bar China.
Since last year’s general election was called, a millionaire has left Britain every 45 minutes.
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The majority of departures have been to other European countries, such as Italy and Switzerland, and the United Arab Emirates (UAE).
The Treasury is now facing fresh calls to reverse its plans to abolish the non-dom status in April and replace it with a residence-based regime that will also drag in their overseas assets into UK inheritance tax (IHT).
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The majority of departures have been to other European countries and the United Arab Emirates (UAE). (Image: Getty)
The tax regime allowed residents to avoid taxes on foreign income and capital gains for up to 15 years.
According to the figures, compiled by the global analytics firm New World Wealth, some 78 centi-millionaires (those with at least $100 million) and 12 billionaires left the country last year.
In fact, the number emigrating could be even higher as the net figure factors in millionaires who arrive in the country.
In November, several leading tax and wealth advisors told City AM that scrapping the non-dom regime without a suitable replacement was a “monumentally stupid decision”.
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With my government, Britain is open for business.
— Keir Starmer (@Keir_Starmer) January 28, 2025
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An intense lobbying campaign from wealth advisors and non-dom representatives ensued in the run-up to the Autumn Budget, where the policy was announced.
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Experts warned it would lead to a “tidal wave” of departures.
A Treasury spokesperson said in a statement to the Times that they were “committed” to tax reforms that are “progressive and underpinned by fairness”.
“It is right that those who can afford to, contribute their fair share to fix the foundations to provide stability and fund public services to drive growth,” they added.