A report by Henley & Partners, a leading migration consultancy, predicts that around 9,500 millionaires will leave the United Kingdom and relocate elsewhere. This figure represents a significant increase, doubling the number of millionaires who departed in 2023. The migration is attributed to the Labour Party's rise to power and concerns over potential tax increases.
Hannah White, CEO of the British Institute for Governance, commented on the trend, stating, "These numbers reflect a combination of factors making the UK less attractive to wealthy individuals." She added, "The Brexit hangover is still being felt, with the City of London no longer seen as the world's financial center."
Dominic Volk, a senior executive at Henley & Partners, noted, "In times of economic uncertainty, people with means vote with their feet, and the UK is likely to suffer as a result."
During the Labour campaign, senior officials and left-wing parties highlighted the tax disparities in the UK and called for higher taxes on the wealthy. These demands gained traction amid the ongoing struggles of the country's healthcare and welfare systems.
* Kan 11 News contributed to this article.
