More than six in ten millionaire investors consider following hedge fund tycoon Chris Rokos out of UK

See more This is Money on Google - save us as a Preferred Source Updated: 07:07 EDT, 8 September 2026 More than six in ten British millionaires are considering leaving the country as fears of higher taxes prompt an exodus of wealthy people from Britain. Research from Wealth Club shows the majority of its clients (61 per cent) with an average wealth of £4.5million are eyeing the exit because of higher taxes. Almost all (97 per cent) believe taxes will definitely or probably increase over the next 12 months. It comes as hedge fund tycoon Chris Rokos, said to be worth £3billion, has become the latest high-net-worth individual to leave the UK.His departure follows the exits of Lakshmi Mittal, steel billionaire and founder of ArcelorMittal, and Nassef Sawiris, Egypt’s second-richest man, after reforms to the non-dom tax regime in 2024. Chris Rokos is the latest billionaire to flee Britain amid Labour's tax raid Rokos, who is the UK’s third-highest taxpayer, will switch his residency to Greece and open an office in Athens.Official data shows the number of UK millionaires has fallen to 442,000 – the lowest level since 2007 and around 7 per cent lower than a year earlier. While some of the decline is due to weaker asset prices, it also reflects an increase in the number of wealthy people choosing to leave the UK.It comes amid speculation of a slew of new tax rises to pay for the Prime Minister’s spending commitments, which include building more council houses, overhauling social care and boosting defence spending.Andy Burnham has previously said he wanted wealth creators to stay in the UK, while Chancellor John Healey – in his first major speech as Chancellor on Monday – said he wanted to be a ‘country of wealth creation.’But a top City economist has warned of a fiscal shock in the coming months as an exodus of billionaires from Britain leaves the public finances on shaky ground. The Government has reported record tax receipts after its raid on businesses but, as the wealthy head for the exit, its fiscal headroom is expected to come under further pressure. Former Cabinet Office economist Simon French, now of Panmure Liberum, said: ‘Next February could be quite the shock for fiscal headroom if the big self-assessment returns (for January) come in much softer than forecast as a result of some [very] big UK taxpayers moving offshore in recent times.’Some Labour MPs have publicly called for an annual wealth tax but its implementation is unlikely, with the Treasury more likely to tinker with capital gains tax.Experts have previously warned that former Chancellor Rachel Reeves’ changes to capital gains tax rates had provided a one off ‘sugar hit’ but would leave public finances on shaky ground as investors and landlords change their behaviour to mitigate their annual bill.Reeves raised rates from 10 to 18 per cent for basic-rate taxpayers, while higher-rate taxpayers faced a 24 per cent levy on disposals from 20 per cent previously.Speculation in the lead-up to both Labour Budgets was also said to have contributed to an 89 per cent increase in CGT liabilities.The early disposal of assets, however, means overall receipts in the coming years could fall, particularly as the wealthy flee the UK to avoid higher taxes, leaving Chancellor John Healey scrambling to find a way to increase his fiscal headroom.DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you