Thousands of millionaires to flee Britain in record numbers to escape Labour’s

Millionaires are set to flee Britain in record numbers to escape Labour’s tax raids, a report has revealed.

An unprecedented 16,500 wealthy Britons are predicted to leave this year amid a darkening economic outlook.

The forecast, in the Henley Private Wealth Migration Report, comes after City veterans warned an exodus will hurt growth and investment.

Britain will lose twice as many high-earners as China and ten times as many as Russia, according to the study, which analyses migration trends of those with liquid assets of more than $1million (£740,000).

Wealthy Britons are flocking to places such as the United Arab Emirates, the US, Italy and Switzerland, with 10,800 leaving last year.

Recent departures are reported to have included French billionaire businesswoman Anne Beaufour and boxing promoter Eddie Hearn.

The report is produced by Henley & Partners, which describes itself as a ‘global leader in residence and citizenship by investment.

Advisers to some of the wealthiest families have seen a sharp rise in inquiries about moving abroad to lower tax regimes since Labour won the election.

In April, Chancellor Rachel Reeves began to charge inheritance tax at 40 per cent on the global assets of non-doms – those who live in the UK but have permanent homes elsewhere, and pay tax only on what they earn here.

This is thought to be driving away the wealthy in droves – so much so that Ms Reeves is reportedly now considering a U-turn on the move.

Dr Juerg Steffen, at Henley & Partners, said: ‘For the first time in a decade of tracking, a European country leads the world in millionaire outflows. The implications for the UK’s economic competitiveness and investment appeal are significant.’

Switzerland, Italy, Portugal and Greece are forecast to attract record numbers of wealthy people this year.