Six in 10 millionaires have considered leaving the UK over tax

Over six in 10 (61 per cent) millionaire investors have considered leaving the UK over concerns about tax, according to a study from Wealth Club.

Its survey among its clients, all with overall wealth of £1m or more, found that 16 per cent were actively thinking about departing the country due to taxation concerns.

However, 45 per cent of respondents had considered leaving but said they were unlikely to move.

Just 36 per cent of millionaire investors had never considered leaving the UK because of tax concerns.

Almost all (97 per cent) believed that taxes will either probably or definitely increase over the next 12 months, including 53 per cent who felt tax rises were inevitable.

Inheritance tax was the tax rise most commonly cited as a concern (22 per cent), followed by wealth tax (21 per cent), and capital gains tax (18 per cent).

Almost half (47 per cent) said higher taxes was the single greatest threat to their wealth, while 26 per cent pointed to government policy, with both these concerns ranking ahead of inflation, market volatility and geopolitical events.

Among the respondents, just 2 per cent said inheritance or family wealth was the main source of their wealth.

Around one in eight (12 per cent) had accumulated wealth by starting a business, 11 per cent through self-employment, 40 per cent through employment earnings, and 33 per cent by investing successfully.

"Six in 10 millionaire investors have at least considered leaving the UK because of taxation,” said Wealth Club founder and CEO, Alex Davies.

“Of course, there is a world of difference between thinking about leaving and actually doing it, and most people who consider it ultimately decide to stay.

“What is often overlooked is where this wealth came from. Almost all the investors we surveyed built it themselves through work, starting businesses or investing over many years. The overwhelming majority earned it.

“This matters. These are the people who work hard, create businesses and jobs, invest in growing companies and generate significant tax revenues.

“Governments inevitably face difficult choices and must balance the public finances. However, every tax rise and every policy change that makes Britain a less attractive place to save, invest and build businesses risks encouraging more wealth creators to look elsewhere.

“That would ultimately leave the UK poorer, not richer."

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