Reeves Non-Dom Abolition Blamed for Record-Breaking Drop in UK Billionaires – Guido Fawkes

Reeves Non-Dom Abolition Blamed for Record-Breaking Drop in UK Billionaires

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The Sunday Times Rich List of the UK’s 350 richest people has just been released, revealing the UK has seen the biggest drop in billionaires in the list’s 37-year history. The finger is being squarely pointed at Reeves…

The overall number of billionaires in the UK has fallen to 156 down from 165 last year. Robert Watts, compiler of the list, said he was “struck by the strength of criticism directed at Rachel Reeves’s Treasury” and that:

“We are also finding fewer of the world’s super rich are coming to live in the UK. We expected the abolition of non-dom status would anger affluent people from overseas. But homegrown young tech entrepreneurs and those running centuries-old family firms are also warning of serious consequences to a range of tax changes unveiled in last October’s budget.”

Meanwhile London has dropped out of the top five wealthiest cities in the world, suffering the second-biggest millionaire exodus (12%) globally in the last ten years – only Moscow lost more. There’ll be nervousness in the Treasury over that loss of tax receipts…