The UK has lost a millionaire every 45 minutes since Labour came to power, study claims

Rachel Reeves’ Budget, which hit employers with tax hikes, as well as crackdown on controversial ‘non dom’s’ blamed for the exodus

The UK has lost a millionaire every 45 minutes since Labour came to power according to new data, as experts said the exodus was being driven by Rachel Reeves’ controversial Budget.

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.

The figures, compiled by the analytics firm New World Wealth, show the exodus sped up after the general election was called and that since then a ‘dollar millionaire’ has left Britain every 45 minutes, according to The Times.

78 centi-millionaires (who are worth at least £100 million) have left (Getty Images/iStockphoto)

Rachel de Souza, a tax partner at auditing company RSM UK, told the paper demand for relocation advice was being driven by those with ‘non-dom’ status before October’s Budget but by British entrepreneurs afterwards.

"In virtually all cases, these entrepreneurs are citing the budget announcements as the reason,” she said.

Business leaders have hit out at Ms Reeves’ Budget, warning it will hurt economic growth.

The co-founder of Cobra Beer Lord Bilimoria has said the planned hike in national insurance paid by employers will “damage business”.

Last month, James Reed, chairman of the recruitment giant, Reed, urged the chancellor to change course warning her Budget had “spooked business” as he suggested a recession could be “around the corner”.

In November Ms Reeves squared up to her detractors, telling the CBI conference: “I have heard a lot of feedback about my Budget but not any alternative suggestions” in the wake of what Labour says was a £22bn black hole left by the last Labour government.

Charlie Mullins, the founder of Pimlico Plumbers, who has moved to Spain, told the paper: "Britain is in trouble ... No one in the cabinet has had their own business. They’ve been working as civil servants or in charities or non-profit businesses. They just don’t understand business."

The issue of non-doms hit the headlines in 2022 when The Independent revealed that Rishi Sunak’s wife, Akshata Murty, held non-domicile tax status while he was chancellor.

In response, Ms Murty, whose family business is estimated to be worth around £60bn, announced that she would start paying British taxes on all her worldwide income.

‘Non-dom’ status, which is lawful, can save an individual from paying UK tax on dividends from foreign investments, rental payments on property overseas, or bank interest.

From April, Labour will crackdown on the loophole and replace it with a less generous residence-based scheme that will also subject current non-doms’ overseas assets to UK inheritance tax (IHT) for the first time.