New research indicates that millionaires are leaving the UK in large numbers.

• In 2024, Britain will lose 9,500 high-net-worth individuals, which is more than double the previous year's loss of 1,600.
• The upcoming election could further intensify the shift in perception of Britain as a prime location for the world's super-rich, with projections indicating a significant turnaround.
• The Labour Party, predicted to win the election, has stated its intention to focus on funding public services by targeting the wealthy.

This year, a significant number of millionaires is predicted to depart from the UK, as per new research, with the upcoming general election likely to intensify the outflow.

In 2024, Britain will lose 9,500 high-net-worth individuals, which is more than double the previous year's record-high figure of 4,200, according to the Henley Private Wealth Migration Report.

In 2024, China is predicted to have the highest number of net outflows of millionaires, with the U.K. coming in second place.

Since the 1950s to the early 2000s, Britain was a top destination for wealthy families from various regions, including mainland Europe, Africa, Asia, and the Middle East. However, recent projections indicate a significant shift in this trend, with Britain no longer being viewed as a prime location for the world's super-rich.

According to the report, around a decade ago, the trend of millionaires leaving the country began to reverse, with fewer millionaires entering the country.

The U.K. lost 16,500 millionaires to migration from 2017 to 2023, and provisional estimates for 2024 suggest an even more concerning trend.

The millionaire exodus could be accelerated by this year's general election, according to Hannah White, CEO of the Institute for Government think tank.

The left-of-center Labour Party has a significant advantage over its right-wing Conservative Party rival in recent polls. According to a poll by Savanta for The Telegraph newspaper, published over the weekend, Labour received 46% of the vote, while the Conservative Party received only 21%. The populist right-wing party Reform was not far behind with 13%.

Labour has positioned itself as a pro-business party with a focus on wealth creation, but its election manifesto also highlights its plans to target tax loopholes that benefit the wealthy in order to better fund public services. It has pledged to close tax loopholes for non-domiciled individuals, reduce tax avoidance, remove tax breaks for independent schools, and raise taxes on the purchases of residential properties by non-U.K. residents.

White wrote in Henley's report that policy decisions ahead of the election are accelerating the outflow of high-net-worth individuals generated by the economic and political context.

The Conservative government has adopted the Labour opposition's policy of ending the U.K.'s non-dom tax regime from 2025, in addition to the 40% duty already imposed on estates above a £325,000 threshold. Furthermore, Labour's commitment to removing the exemption from 20% VAT enjoyed by private schools will be an unwelcome development for those educating their children in the U.K.'s private school sector.

While the number of millionaires in the U.K. has decreased by 8% over the past decade, the number of high-net-worth individuals in Germany has increased by 15%, and in the U.S., it has jumped by 62%.

— CNBC's Jenni Reid contributed to this report.