Key facts
- 61% of UK millionaires have considered leaving the country due to tax fears, according to a Wealth Club survey.
- 16% of the 341 surveyed members are actively considering emigration.
- The average respondent in the survey owns assets worth approximately £4.5 million.
- Hedge fund billionaire Chris Rokos is reportedly relocating from the UK to Greece.
- Government insists the UK remains an attractive destination with a competitive tax system.
- Calls exist to review reforms to the non-dom system and reduce inheritance and capital gains taxes.
A significant portion of UK millionaires are contemplating leaving the country due to high taxes, a survey by Wealth Club suggests. The research found that 61% of clients have considered emigration over tax concerns, with 16% actively planning to depart. The average respondent in the poll owns assets valued at approximately £4.5 million.
These findings raise concerns about potential losses in personal tax contributions from wealthy individuals and reduced investment in British industry. The departure of high-profile taxpayers, such as hedge fund billionaire Chris Rokos, has been linked by economic researchers to government policies targeting the wealthy, including changes to the non-dom regime and increased inheritance tax on pensions.
Government officials maintain that the UK remains an attractive place for investment, citing its competitive tax system and deep capital markets. However, calls persist from various groups to re-evaluate tax reforms, such as the non-dom system, and to reduce inheritance and capital gains taxes to encourage wealth creation and retention. Some also advocate for the reintroduction of an investor visa, while others warn that proposed wealth taxes could deter investment.