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Since the government's introduction of stringent tax hikes on the wealthy in its inaugural Budget last autumn, a significant number of company directors have departed the º£½ÇÊÓƵ.

This has heightened concerns over a potential mass exodus of Britain's wealthiest residents, as reported by .

An examination of Companies House data reveals that between last October and the previous month, 3,790 company directors changed their official country of residence from Britain. This marks a sharp increase from the 2,712 who did so during the same period the year before.

The Financial Times' analysis of the data identified several high-profile business figures who had left Britain, whose departures were previously unknown.

Among them were Bart Becht, former chief of London-listed consumer giant Reckitt Benckiser, FTSE Russell founder Mark Makepeace, and Riccardo Silva, backer of AC Milan and Miami Football Club.

Labour's wealth crackdown

The government's wealth crackdown, which included a more severe than anticipated clampdown on non-doms, tightening inheritance tax reliefs, and applying VAT on private school fees, also prompted the departure of Essex boxing promoter Eddie Hearn and Ineos director John Reece from the º£½ÇÊÓƵ.

Departures surged to a monthly high of 691 in April, as reported first by Bloomberg News, coinciding with the implementation of most of the tax increases announced the previous October. This figure was 79% higher than the same month in 2024, and a staggering 104% more than in 2023.

The United Arab Emirates (UAE) has seen the most significant influx of º£½ÇÊÓƵ-based company directors, with over 150 making the move between April and June this year, according to data.