A record number of millionaires are expected to leave the United Kingdom as the prospect of tax raises under chancellor Rachel Reeves dampens the appeal of what was once considered a prime destination for the rich.

Up to 9,500 individuals with liquid, investable assets of at least $1m could depart the UK in 2024, more than doubling the exodus seen in 2023, according to migration advisers Henley & Partners. This represents a new record outflow for the UK, with London especially hard hit.

The top destinations for millionaires leaving the UK include the likes of Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney, and Singapore, as well as retirement hotspots such as Florida, the Algarve in Portugal, Malta, and the Italian Riviera.

The UK’s high tax rates and concerns about additional tax hikes that could be announced at the end of the month in the Labour party’s first budget in 14 years, are highlighted as being among the main reasons for the wealth exodus.

“It’s clear that next year’s increase in tax for non-domiciled individuals, announced by the previous Conservative government in March, prompted people to start considering leaving, and this had a domino effect on UK nationals when they realised that capital gains and inheritance tax were the last ones remaining that could possibly be changed and make a difference to the budget shortfall,” Stuart Wakeling, head of Henley & Partners’ UK office, said.