The facts show that there is no mass exodus of millionaires from the UK.
Over the last few months, we’ve seen consistent reporting from the right-wing press as well as claims made by right-wing MPs that there is an exodus of millionaires from the UK due to its tax policies.
Indeed, the moral panic whipped up by the right-wing press, has seen Reform’s Nigel Farage also claim yesterday that there was an exodus of millionaires from the UK, which he used as an excuse to rule out further wealth taxes should Reform come to power.
But the facts show that there is no mass exodus of millionaires from the UK.
According to the Tax Justice Network, the 9500 millionaires widely reported to be leaving the UK in 2024 represented 0.3% of the UK’s 3.06 million millionaires.
The claim of a millionaire exodus was based on a report by Henley & Partners, a firm that sells golden passports to the superrich and advises governments on setting up such schemes.
The Tax Justice Network states: “Reviewing the full period from 2013 to 2024 for which the Henley report presents estimates on millionaire migration, the Tax Justice Network finds that millionaire migration rates consistently stood at near-0% for every year.
“Academic studies consistently show that the tax responses of the wealthy involves minimal levels of migration.”
But then again, facts rarely matter to the likes of Farage and his cheerleaders in the right-wing press.
Basit Mahmood is editor of Left Foot Forward
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