This piece looks at the real reason why wealth creators are leaving for Singapore, Gulf States, Malaysia, Costa Rica or many other countries.
It isn’t just about personal tax rates, it’s about getting rewarded for taking a risk with capital, creating jobs and a government that helps business to thrive, not hammers them with 25% CGT, NI and Stakeholder pension contributions, parking charges, ULEZ on the movement of goods in cities etc. If you sell your business 10 years down the line then the govt wants a share – a big 40% share – of that selling price, which they have already taxed twice over. Plus, they did everything possible to try and prevent the business from growing to a point where it was sellable.
Apart from a clique of large service providers who keep getting the same juicy government contracts, both Labour and Tory regimes have demonstrated their contempt for smaller private enterprises. Especially smaller ones with 1-10 employees, who are required to jump through most of the same planning, Companies House, (three monthly accounting is being introduced, effectively another tax ) HMRC and Council hoops as bigger companies, who have entire Legal departments on the payroll. You could not make the playing field more uneven.
What successive governments of the UK have done over the last 15 years is create a hostile environment for business people, where success is regarded as being somehow “unfair” or due to “white privilege” and should therefore be punished.
According to 2024 UK govt statement some 9.9 million UK adults of working age were claiming benefits. There are an estimated 37m working age adults in the UK. If that benefits bill rises to over 12 million working age people then the economy will simply collapse, no govt can continue to borrow – or print money – to pay that bill which general taxation cannot cover.
Here’s the word;
Millionaires in their masses are fleeing the UK in search of lower taxes and less political and economic uncertainty, but what are the key drivers?
Some see this is as a good thing, believing that the ultra-wealthy are being held accountable through higher taxes and regulations. However, according to wealth experts, this growing trend could be harmful not only to the economy, but also to our national ambition. However According to Mindy Paul, a money and business mentor, a nation that once inspired entrepreneurship is now pushing away the people who encourage growth and aspiration.
“We’re not just witnessing a tax problem right now. It’s a mindset problem. We’re sending out the message that success is no longer welcome in our country.”
Mindy explains how the public perception of millionaires is quietly, but powerfully influencing Britain’s wealth creators to set their sights on greener pastures.
Why are millionaires fleeing the country?
“The UK lost over 10,000 millionaires last year alone, which is a staggering 157% increase from the year before,” Mindy explains.
While rising taxes on income, capital gains, and inheritance remain the most obvious drivers, Mindy argues there’s a more subtle reason behind the exodus; the way millionaires are perceived and treated.
Instead of being praised for their accomplishments, admired by inspiring entrepreneurs, or acknowledged for their economic contributions, today’s millionaires are vilified.
“We’ve become less inspired by success and more hostile toward it, and it’s pushing people away.
“In a time of economic uncertainty, it’s natural for frustration to build up. But instead of channelling that frustration into solutions, we’re projecting it onto the very people who create jobs, invest in communities, and take financial risks.
“Wealth is now seen as a symbol of greed or inequality, even when it’s hard-earned and beneficial to the country.
“This resentment builds a toxic environment. It tells investors, business owners, and job creators that they’re no longer appreciated here. And so they leave. Not because they don’t care, but because they’re not welcome.”
What does Britain really lose when millionaires leave?
“The obvious thing we lose is tax revenue. Millionaires are some of the biggest contributors to our economy through income tax, capital gains tax, stamp duty, and inheritance tax,” says Mindy. “As a country that relies heavily on public services like the NHS, that loss is critical. That money helps fund everything from hospitals to schools.
“But it goes beyond taxes. Investment takes a hit too. When wealth leaves, so does the funding for small businesses, community projects, and property development, all of which are essential for job creation and local economic growth. Arguably the biggest loss is our ambition. With fewer millionaires, we lose role models. We lose rags-to-riches stories that inspire the next generation. We lose the culture of hope and possibility that Britain once had. By driving out our achievers, we’re also losing our dreamers. And without them, the future looks a lot duller.”
What would you say to people who believe the rich leaving is a good thing?
“If you think millionaires don’t matter, ask yourself, who is funding the services you and so many others rely on? Who’s investing in the businesses that provide jobs or donating to life-changing causes?
“Not all wealthy people are greedy, selfish, or corrupt. Many have come from nothing, took risks, and put everything on the line to build empires.
“They don’t just take. And when they leave, we feel the impact.
“It’s not about defending the rich, but about defending opportunity. If we keep punishing success, we’ll eventually have nothing left to punish.”
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