UK is now losing one millionaire every 45 mins
https://www.independent.co.uk/news/uk/politics/reeves-labour-tax-non-dom-millionaire-b2684803.html
These are NET departures, i.e. after accounting for millionaires who moved here. The data it is based on is government data.
“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”.
“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”.
Thoughts?