The Millionaire Exodus Myth: A Case of Misinformation
In 2024, widespread media reports claimed a mass exodus of millionaires from the UK, attributed to the Labour government's weakening of tax reforms. However, the Tax Justice Network reveals this narrative to be false. The reporting, based largely on a report by Henley & Partners (a firm selling golden passports to the wealthy), grossly exaggerated the scale and impact of any millionaire outflow. The actual number represented a negligible percentage of each country's millionaire population. The study questions Henley & Partners' methodology, highlighting inconsistencies and flawed conclusions. It concludes the 'exodus' was a fabrication fueled by unreliable data and misleading PR, undermining the UK Labour government's decision to weaken non-dom tax reform.