The UK is to lose more millionaires than anywhere else on earth, according to new research published ahead of Labour Party’s raid on non-doms.

Since taking office, Sir Keir Starmer’s ruling party has created “a hostile culture for wealth creators”, claimed the free market think tank the Adam Smith Institute.

The think tank’s analysis of UBS forecasts found that the share of the UK population that are millionaires is set to plummet 20 percent over the course of this parliament.

The percentage is set to drop from 4.55 to 3.62 over the next five years, claim the analysts. Meanwhile, Germany, France, and Italy are all expected to grow their share.

A £1bn raid on non-doms – a UK resident whose permanent home is outside the UK for tax reasons – is said to be being reviewed by Rachel Reeves over concerns that it will force so many people to leave it may actually cost the Treasury money.

This comes amid reports that the Chancellor may be considering relaxing rules on inheritance tax.

Former Chancellor Nadhim Zahawi, according to The Telegraph, called on Ms Reeves to axe her attacks on wealth creators in her budget later this month.

He said: “The rate at which millionaires are leaving the UK is a vote of no confidence in both our current tax and regulatory regime, and anti-business and anti-prosperity measures that could be coming down the line.

“These individuals are often entrepreneurs and business owners. Their exit won’t just reduce necessary funds for public services – it will decrease investment in the wider economy too.”

A HM Treasury spokesman said: “We are addressing unfairness in the tax system so we can raise the revenue to rebuild our public services.

“That is why we are removing the outdated non-dom tax regime and replacing it with a new internationally competitive residence-based regime focused on attracting the best talent and investment to the UK.”