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Ultra-rich flee UK to avoid tax hikes infographic
Graphic charts where millionaires are leaving and going to avoid paying high tax rates.
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WEALTH

Thousands of millionaires are fleeing UK taxes

By Ninian Carter

September 23, 2024 - Rich foreign residents in the UK, known as “non-doms”, are leaving the country in their thousands to avoid the Labour government’s rising taxation rates.

After the Labour Party swept to power in July, the UK is set to lose around 9,500 millionaires by the end of 2024 – the second-highest loss rate behind only China.

For rich foreign residents, also known as “non-doms”, the prospect of paying the UK’s new 40% inheritance tax on offshore wealth is a major factor in departing, as is a 20% VAT addition to private education costs, plus a soaring crime rate in Mayfair, London – where many of them reside.

The UK is home to some three million millionaires, but the prospect of losing almost 10,000 economically significant individuals in just a few months has the potential to upset the government’s revenue projections for new policies.

China will lose the most millionaires in 2024, with more than 15,000 expected to leave due to the country’s faltering economy and President Xi Jinping’s general hostility towards privately owned businesses and personal wealth.

Sources
PUBLISHED: 23/09/2024; STORY: Graphic News
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