The number of British millionaires has dropped to its lowest level in nearly two decades—and high taxes under the Labour government and persistent inflation are being blamed. Last November, the nation’s business secretary admitted he was worried that billionaires, entrepreneurs, and even doctors left the country because of Rachel Reeves’ budget. Now, the same exodus fears are circulating again, as the U.K.’s new prime minister, Andy Burnham, ponders a 2% tax on wealth over £10 million ($13.3 million).
But it’s not just an abstract concern—it’s already happening.
