The Chancellor has faced a backlash to her Budget policies (Image: PA/Getty)
Millionaires have fled the UK in record numbers since Labour took power in another blow for Rachel Reeves.
It comes amid the Chancellor’s tax hikes and crackdown on non-dom residents.
New stats – compiled by analytics firm New World Wealth, and Henley & Partners, investment migration advisors – have revealed that the UK lost a net 10,800 millionaires to migration last year.
The represents a 157% increase on 2023, and Britain lost more than any other country, except for China, The Times reports.
It is thought, however, that the actual number is even higher. This is because the net figure also includes the millionaires who arrived in the UK.
Labour’s election has sparked an exodus of wealthy individuals (Image: Getty)
Researchers looked at people with liquid assets of more than $1million (£821,500), finding that, since the general election was called by former Prime Minister Rish Sunak last year, one dollar millionaire has left Britain every 45 minutes.
Experts say the exodus of wealthy individuals was especially large to other European countries, such as Italy and Switzerland, as well as the United Arab Emirates.
Some 78 centi-millionaires and 12 billionaires left the country last year.
Ms Reeves announced in her Budget on October 30 that basic rate capital gains tax on profits from selling shares would be increased from 10% to 18%, with the higher rate rising from 20% to 24%.
Rachel Reeves has been under pressure (Image: Getty)
In addition, companies are to pay National Insurance (NI) at 15% on salaries above £5,000 from April. This is an increase from 13.8% on salaries above £9,100.
At the beginning of January, it was reported that people with wealth in the UK had started moving their money abroad.
A survey by deVere Group, an independent financial advisory and asset management organisation, found that 42% of those with financial assets in the UK or ties to the country are actively now seeking to transfer their wealth out of Britain.
Instead, they are opting for “more tax-friendly” jurisdictions.
Among the most popular destinations for those reassessing their strategies are Italy, Switzerland, Dubai, Portugal and Malaysia, research found.
