Millionaires are leaving the UK in droves, driven by tax increases and a push for non-dom residents to pay up. It’s a tough time for Rachel Reeves.
Last year, the UK lost about 10,800 millionaires. That’s a huge jump of 157% from the year before. Only China lost more wealthy folks.
Experts think the real number might be even higher. The stats include millionaires who moved to the UK too. It’s wild to think that one millionaire leaves every 45 minutes!
Many are heading to places like Italy, Switzerland, and the UAE. Last year alone, 78 centi-millionaires and 12 billionaires left.
Rachel Reeves recently announced tax hikes. The capital gains tax on selling shares is going up. Basic rates will rise from 10% to 18%.
Companies will also face higher National Insurance rates. It’s a big change from 13.8% to 15% on salaries over £5,000.
In January, reports showed that wealthy individuals were moving their money abroad. A survey found that 42% of those with ties to the UK want to transfer their wealth.
They’re looking for friendlier tax spots. Popular choices include Italy, Switzerland, Dubai, Portugal, and Malaysia. It’s a tough time for the UK’s economy.
