Millionaires are leaving the UK in droves since the Labour Party took over last year, The Times reported on Friday. The exodus comes after the government of Prime Minister Keir Starmer confirmed plans to abolish the country's non-domicile tax regime, which offered significant benefits to wealthy individuals living in Britain.
Britain's notorious tax regime allows non-domicile residents only pay taxes on the money they earn in the country, and does not tax profits made elsewhere in the world. The regime has allowed wealthy individuals to save money while incentivizing them to stay in the UK. There were around 74,000 ‘non-doms’ in the UK as of 2023, according to official data.
However, the Labour government’s plans to replace the ‘non-dom’ system with a residence-based tax regime have apparently had an impact. According to data provided to The Times by analytics firm New World Wealth, the UK lost a net of 10,800 millionaires to migration in 2024, a 157% increase compared to 2023.