Britain’s departing billionaires offer a lesson.
Tax in the U.K. was high enough under the (then?) Merkelite Conservative Party, but since Labour returned to power in 2024, the ratchet has turned faster and harder, with “the rich” a particular target.
One completely unexpected consequence of this was noted in the Daily Telegraph earlier this month:
Labour’s tax policies have driven more than $160bn (£120bn) out of the UK since the party came to power.
The collective value of the money and assets owned by people who have either loosened or cut ties with Britain in the past two years has rocketed, according to the Bloomberg Billionaires Index.
It shows that £120bn of individual and family fortunes have left the country as tax rises under Labour have taken their toll on the wealthy.
Meanwhile, at least seven billionaires have left California ahead of the date on which the proposed billionaire tax would take effect.
There are lessons there.