Keir Starmer Declares Britain ‘Open for Business’ as Millionaires Flee in Record Numbers
Prime Minister Sir Keir Starmer has stated that the UK is “open for business” despite a record number of millionaires leaving the country. On Tuesday, he posted on X: “With my government, Britain is open for business.”
The surge in wealthy individuals leaving began after the Labour government introduced stricter rules for non-dom residents and raised taxes. In 2024, the UK lost a net 10,800 millionaires to migration, a 157% rise from the previous year, making it one of the highest globally, second only to China.
Since the last general election, one millionaire has left Britain every 45 minutes. Most have relocated to European countries like Italy and Switzerland or to the UAE.
The Treasury is facing pressure to reverse its plan to abolish the non-dom status in April. This change would bring overseas assets under UK inheritance tax rules. The non-dom status previously allowed residents to avoid taxes on foreign income and capital gains for up to 15 years.
Reports by New World Wealth reveal that 78 centi-millionaires (with at least $100 million) and 12 billionaires left the UK in 2024. The actual number could be higher, as the data accounts for both those leaving and arriving.
Tax and wealth advisors have criticized the move to scrap the non-dom regime without a proper replacement, calling it a “monumentally stupid decision.” Experts warned it would trigger a “tidal wave” of wealthy departures.
A Treasury spokesperson defended the tax reforms, emphasizing the importance of fairness and ensuring those who can afford it contribute to stabilizing public services and driving growth.
