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Original poster

Millionaires leaving UK- are you concerned?

403 replies

anonhop · 03/02/2025 15:21

Read today that 10,800 millionaires left the UK in 2024 which is equivalent in tax take for the government to half a million average tax payers. I don't think that factors in their reduced reliance on public services either.

Do you think this is concerning in terms of investment & spending in our economy?

I understand the moral arguments for the wealthy paying more tax but if so many are leaving, will it practically leave us worse off?

Curious to see what people think

OP posts:
wipeywipe · 03/02/2025 16:05

@MidnightPatrol 🤷🏻‍♀️

swallowedAfly · 03/02/2025 16:06

anonhop · 03/02/2025 16:04

@swallowedAfly yes, most people coming in aren't in the same economic situation as those leaving & it's OK to say that

It’s why talking about net immigration is essentially dishonest and not reflective of economic and skills base reality.

OldieButBaddie · 03/02/2025 16:06

Given there are around 2.5 million millionaires in the UK I am not worried, no!

itsgettingweird · 03/02/2025 16:06

SnowdropPancake · 03/02/2025 15:31

10,800 sounds like a lot but is 0.36% of UK's millionaires, apparently.

It's a lot less worrying when you think it's less than half a percent of our total millionaires. Plus, I'd be interested with seeing the breakdown of how many of those that left had real roots here, vs jjust saying they live dher for tax purposes.

My first thought was how many of those were non doms leaving before they got taxed here.

itsgettingweird · 03/02/2025 16:07

TheYearOfSmallThings · 03/02/2025 15:35

Telegraph 🙄.

They are to politics what the Express is to weather.

Edited

Yeah it's been at least a week since the stress predicted the next ice ace 😉😂

itsgettingweird · 03/02/2025 16:08

Express even 🤦‍♀️

swallowedAfly · 03/02/2025 16:08

I note people don’t seem to grasp how wide a net taxes are. It’s not just income tax and capital gains.

Moier · 03/02/2025 16:08

I'm not leaving.
I do have a villa in The Canaries.. but l don't want to live there full time.
I love my family too much.

MidnightPatrol · 03/02/2025 16:09

itsgettingweird · 03/02/2025 16:06

My first thought was how many of those were non doms leaving before they got taxed here.

Show quote history

83k non doms in the UK.

This study referred to dollar millionaires, which tbh can be a pretty average older middle class couple living in the South East.

mugglewump · 03/02/2025 16:10

The chances are they paid very little tax in the UK and are no loss to us at all. Trickle down economics doesn't work.

Fluff111 · 03/02/2025 16:12

Cash assets of £1.1m, property of c. £500K, reasonable paid job, higher rate 40% tax payer. Retiring this summer and then leaving the UK. No incentive to stay here any longer.

FreedomandPeace · 03/02/2025 16:12

MidnightPatrol · 03/02/2025 15:54

Tax situation / high housing costs / inflation in the UK is becoming a bit problematic in affording a high standard of living.

Mortgage on even a modest house in the South East can be £3-4k (50% of a 1% salary at £180k).

Childcare / schooling another £4-5k if you have two kids.

If you are able to leave, I can see why other countries would be attractive.

Plus the tax on private schools has made other countries private education systems more attractive.

user7421908523 · 03/02/2025 16:13

DH and I are both high earners.
We are seriously considering our futures here, our children are in 6th form, so come September, there’s not really any compelling reason to stay. I think the children would have better opportunities elsewhere too, and somewhere thats not so bloody cold and wet all the time too!

FreedomandPeace · 03/02/2025 16:14

mugglewump · 03/02/2025 16:10

The chances are they paid very little tax in the UK and are no loss to us at all. Trickle down economics doesn't work.

Only a tiny % of the UK population pay in more than they take out in a lifetime and those people are in the highest tax brackets. So it’s safe to say most have.

Plus they will have been spending their money here too….

devastatedagain · 03/02/2025 16:15

swallowedAfly · 03/02/2025 16:08

I note people don’t seem to grasp how wide a net taxes are. It’s not just income tax and capital gains.

lol, I don't think a lot of mumsnetters can get their heads round that fact, given the number of posts you see here that say pensioners don't pay tax.

heyhopotato · 03/02/2025 16:17

Hopefully all Russian oligarchs.

Original poster
anonhop · 03/02/2025 16:17

@mugglewump a lot of them will pay a lot of tax but it's also them spending in the economy.

Money trickling down is better than than it being taken off overseas

OP posts:
Original poster
anonhop · 03/02/2025 16:19

user7421908523 · 03/02/2025 16:13

DH and I are both high earners.
We are seriously considering our futures here, our children are in 6th form, so come September, there’s not really any compelling reason to stay. I think the children would have better opportunities elsewhere too, and somewhere thats not so bloody cold and wet all the time too!

I completely understand, why stay if it's to your detriment?

OP posts:
Cookiesandcandies · 03/02/2025 16:19

My job involves advising millionaires (and billionaires leaving the UK. Anecdotally, many who were not domiciled here (so originally from elsewhere) are leaving, some have abandoned plans to move here on the back of the tax changes that have been announced.

So, so many are also looking to move long term now that moving out of the UK will save them inheritance tax. Even those that are asset rich pay lots of tax in capital gains tax and income tax (not many own assets that don’t generate an income at all). It’s not as bad as when a Corbyn government was looming as that felt like a mass exodus, but there is definitely a steady stream of entrepreneurs and generationally wealthy people wanting to leave and actually leaving.

Original poster
anonhop · 03/02/2025 16:19

@Cookiesandcandies this is super interesting thank you! Don't surprise me :(

OP posts:
MidnightPatrol · 03/02/2025 16:20

@Cookiesandcandies i think the inheritance tax issue is an interesting one.

I know of a few families who have moved abroad in recent years for IHT reasons.

dottiehens · 03/02/2025 16:22

Of course people here are not concerned. They are happy to begin the process to become all equally poor. It is so shortsighted and stupid.

friendlycat · 03/02/2025 16:24

Upstartled · 03/02/2025 15:34

Yes, I'm concerned. Nothing good comes from the exodus of these people who often include those who create wealth and jobs.

Reduced tax revenue from this group multiplies up to a fair amount of revenue that you don’t want to lose. The numbers may seem low, but the lost tax revenue will be higher.

FreedomandPeace · 03/02/2025 16:24

torreli · 03/02/2025 15:57

We run a business (not quite millionaires!) that can be done from anywhere and would leave the uk tomorrow if we didn't have to stay for family reasons. This country is terrible for higher rate taxpayers, many I speak to are planning to leave.

Agree a lot only stay because of family.
Id hate to move away from my sons, ( two of whom are at Uni ) but I think it’s worth looking at.

although two of them have said they intend to leave anyway and the other one may well struggle to practice here anyway so if they all go then……🧳 the worlds our oyster.

StormingNorman · 03/02/2025 16:26

It is extremely concerning. Only a very small percentage of the population are net contributors (they pay more in tax than they cost). The majority of people are net beneficiaries (they cost the country more than they pay in). If there are too few contributors, the welfare state will fall over.

The second concern is that these people are wealth and employment creators. They are leaving the country and taking their jobs with them.