The collective income tax contribution of the wealthiest 60 individuals in the UK amounts to over 3bn annually, highlighting concerns over potential tax increases prompting their exit.
Chancellor Rachel Reeves hinted at alternative tax hikes in the Budget, while the Green Party dismissed fears that taxing the wealthy would lead to their mass exodus.
The Institute for Fiscal Studies warned that losing even a small number of the wealthiest individuals could create a significant financial gap for the Treasury.
With predictions of losing half of its millionaires by 2028 due to high taxes, the UK faces a potential crisis if these individuals relocate to lower-tax jurisdictions.
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