Behind the scenes of The Spectator’s wealth tax debate last month there were lots of nervous whispers. “Wealthy people we work with are absolutely terrified about an exit tax,” one Westminster figure remarked. The economist Arthur Laffer, one of the debate’s speakers, couldn’t believe a wealth tax was even being considered. Britain is already near the top of his famous curve – the point beyond which taxation reduces the Treasury’s take – and seems determined to push things to destruction.

The latest fiscal rumor – that we might seize millions on a wealthy migrant’s departure– is a dangerous one. According to reports, it’s also the reason Chris Rokos, the third-highest taxpayer on the Sunday Times tax list, has decided to leave for Greece. He’s worth £330 million to HMRC – the equivalent of 38,000 average taxpayers. But he’s far from the only golden goose heading for a new nest.

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Official figures on Britain’s wealth exodus are limited. An upcoming report by New World Wealth will predict a net outflow of more than 45,000 millionaires between 2020 and the end of this year. Analysis by Rathbones shows nearly 6,000 high-growth business owners left the UK in the past two years. HMRC, meanwhile, records around 8,600 newly arrived non-dom taxpayers in 2024-25 – down from 10,000 the year before.

These estimates are controversial and will be disputed. The government’s slow pace of data collection (we won’t know the true effects of the non-dom changes until at least the end of next year) makes it easy for campaigners to pick holes. But even if you don’t trust the estimates, you can speak to........

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