Britain could soon lose a large proportion of its super-rich population.

Britain is considering a tax overhaul that could potentially deter high earners, Reuters reported Friday. For centuries, Britain’s super-rich have been able to avoid paying taxes on income earned abroad. But newly installed Prime Minister Keir Starmer is considering scrapping the so-called non-dom system.

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“The idea that the UK is simply too good to leave is wrong,” entrepreneur Bassim Haidar told Reuters. “Taxing so heavily on wealth generated outside Britain, perhaps years before people even moved to the UK, is unfair.”

Starmer has said the new rules are intended to make Britain’s tax system fairer and raise money to fund public services, Reuters noted. Haidar and other multimillionaires are all for that, but only to a point. He suggested to the outlet that the government should instead introduce a six-figure annual tax on people worth more than £5 million, or $6.5 million. A tax of £150,000, he estimates, could bring in an extra £4 billion a year for the British government. Other organizations have proposed a 2 percent tax on people earning at least £10 million a year, Reuters reported, which would affect only about 20,000 people but raise an extra £24 billion.

Britain would be wise to listen to what its ultra-rich population is saying. According to this year’s UBS Global Wealth Report, the United Kingdom is expected to lose almost one in six millionaires by 2028. By that year, the number of millionaires in the country will fall by 17 percent to around 2.5 million people. Other countries, however, will see their millionaire populations rise over the same period. Growth in the United States and France is expected to reach 16 percent by 2028, while we’ll see increases of 14 percent in Germany, 12 percent in Spain and 9 percent in Italy.

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“Wealth no longer stands still. It doesn’t have to,” David Lesperance, managing director of a tax consultancy, told Reuters. “The golden geese have wings and they will fly.”

If Britain decides to completely overhaul its tax system, there is a good chance that the super-rich will also flap their wings and spend their dollars elsewhere in the world.

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