Ultra-rich flee UK to avoid tax hikes
Rich foreign residents in the UK, known as “non-doms”, are leaving the country in their thousands to avoid the Labour government’s rising taxation rates

NUMBER OF MILLIONAIRES ARRIVING OR LEAVING COUNTRIES, 2024 (thousands)*
6.7 UAE
3.8 U.S.
3.5 Singapore
3.2 Canada
2.5 Australia

Prospect of new 40% inheritance tax on offshore wealth is major factor in departing. So too new 20% VAT on private education fees and rising crime rate in Mayfair
15.2 China
9.5 UK
4.3 India
1.2 South Korea
1.0 Russia

Leaving due to China’s faltering economy and general hostility towards personal wealth by President Xi Jinping 


*Millionaire defined as individual with liquid wealth exceeding $1 million
Sources: Bloomberg, Forbes 
Picture: Unsplash 
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