{"id":212316,"date":"2025-06-25T05:22:12","date_gmt":"2025-06-25T05:22:12","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/212316\/"},"modified":"2025-06-25T05:22:12","modified_gmt":"2025-06-25T05:22:12","slug":"thousands-of-millionaires-to-flee-britain-in-record-numbers-to-escape-labours-tax-raids","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/212316\/","title":{"rendered":"Thousands of millionaires to flee Britain in record numbers to escape Labour’s tax raids"},"content":{"rendered":"

By EMILY HAWKINS <\/a> and JOHN-PAUL FORD ROJAS<\/a> <\/a> <\/p>\n

Published: 19:03 EDT, 24 June 2025 | Updated: 19:25 EDT, 24 June 2025 <\/p>\n

Millionaires are set to flee Britain in record numbers to escape Labour\u2019s tax raids, a report has revealed.<\/p>\n

An unprecedented 16,500 wealthy Britons are predicted to leave this year amid a darkening economic outlook.<\/p>\n

The forecast, in the Henley Private Wealth Migration Report, comes after City veterans warned an exodus will hurt growth and investment.<\/p>\n

Britain will lose twice as many high-earners as China<\/a> and ten times as many as Russia<\/a>, according to the study, which analyses migration trends of those with liquid assets of more than $1million (\u00a3740,000).<\/p>\n

Wealthy Britons are flocking to places such as the United Arab Emirates, the US,\u00a0Italy<\/a> and Switzerland, with 10,800 leaving last year.<\/p>\n

Recent departures are reported to have included French billionaire businesswoman Anne Beaufour and boxing promoter Eddie Hearn<\/a>.<\/p>\n

Advisers to some of the wealthiest families have seen a sharp rise in inquiries about moving abroad to lower tax regimes since Labour won the election.<\/p>\n

In April, Chancellor Rachel Reeves<\/a>\u00a0began to charge inheritance tax at 40 per cent on the global assets of non-doms \u2013 those who live in the UK but have permanent homes elsewhere, and pay tax only on what they earn here.<\/p>\n

\"In <\/p>\n

In April, Chancellor Rachel Reeves began to charge inheritance tax at 40 per cent on the global assets of non-doms<\/p>\n

\"The <\/p>\n

The forecast, in the Henley Private Wealth Migration Report, comes after City veterans warned an exodus will hurt growth and investment (file image)<\/p>\n

\"Recent <\/p>\n

Recent departures are reported to have included French billionaire businesswoman Anne Beaufour and boxing promoter Eddie Hearn (pictured)<\/p>\n

This is thought to be driving away the wealthy in droves \u2013 so much so that Ms Reeves is reportedly now considering a U-turn on the move.<\/p>\n

Dr Juerg Steffen, at Henley & Partners, said: \u2018For the first time in a decade of tracking, a European country leads the world in millionaire outflows. The implications for the UK\u2019s economic competitiveness and investment appeal are significant.\u2019<\/p>\n

Switzerland, Italy, Portugal and Greece are forecast to attract record numbers of wealthy people this year.<\/p>\n

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\n Thousands of millionaires to flee Britain in record numbers to escape Labour’s tax raids<\/p>\n