Millionaires are fleeing Britain in record numbers to set up homes in Dubai, Paris and Florida, new research has indicated.
Non-doms, or those millionaires paying tax abroad so paying less in the UK, have been targeted by both Labour and the Conservatives in this election campaign.
But the threat of more tax seems to have encouraged the super-rich to vote with their feet long before Rishi Sunak went to the country.
Henley’s Private Wealth Migration Report showed the departure of 9,500 millionaires, defined in US dollar terms, left the UK last year, a total surpassed only by China.
Henley said: “This represents a new record outflow for the UK, with London expected to be especially hard hit.
“The top destinations for millionaires leaving the UK include Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney, and Singapore, as well as retirement hotspots such as Florida, the Algarve, Malta, and the Italian Riviera.”
The UK and Russia were the only two European nations to record an outflow of millionaires, with the US and UAE the main destinations of choice.
Henley added: “Millionaire migration figures are also an important overall indicator of the health of an economy, especially on the outflow side.
“It can also be a negative sign for the future, as wealthy people are often the first to leave.”
Around a fifth of those relocating are entrepreneurs or company founders, said the survey.