A survey of over 300 millionaire clients of investment platform Wealth Club with an average wealth of £4.5m found that 61% have at least considered becoming non-UK tax resident due to the high tax burden.

But only 16% were ‘actively considering leaving’ with 45% who had considered leaving for tax reasons, saying they were ‘unlikely to move’. A third of respondents (36%) said they had ‘never considered leaving the UK’.

Amid the clamour for a wealth tax from certain parties, the Wealth Club research showed that the majority of these high net worth clients had predominantly built their own wealth, with 40% earning it through employment, and a 33% through investments.