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

The United Kingdom is considering a tax reform that could potentially deter top earners, Reuters reported on Friday. For centuries, Britain’s super-rich have been able to avoid paying taxes on income earned abroad, but newly elected Prime Minister Keir Starmer is considering abolishing the so-called non-dom system.

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“The idea that Britain is just too good to leave is wrong,” entrepreneur Bassim Haidar told Reuters. “To tax wealth made outside the UK so heavily, possibly years before people have even moved to the UK, is unfair.”

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

Britain would be wise to listen to the voices of its super-rich. According to this year’s UBS Global Wealth Report, the UK is expected to lose almost one in six millionaires by 2028. By then, the number of millionaires in the country will have fallen by 17 percent to around 2.5 million people. However, in other countries, the number of millionaires is expected to rise over the same period. In the US and France, growth of 16 percent is expected by 2028, while in Germany we expect increases of 14 percent, in Spain 12 percent and in Italy 9 percent.

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

If Britain decides to completely overhaul its tax system, the super-rich may well decide to change their tax havens and take their money elsewhere in the world.

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