Britain is "losing the useful and attracting the useless" as millionaires flee the UK in record numbers, Emily Carver has warned.
Her stark assessment comes as new figures reveal London has suffered the second-largest exodus of wealthy residents globally, behind only sanction-hit Moscow.
The capital has lost 11,300 dollar millionaires in the past year alone, raising serious concerns about Britain's economic future.
Speaking on GB News, Tom Harwood said: "I wonder how much of this is tax-related and how much of it is also what we saw from the last government, which tended to, with its levelling-up agenda, sometimes beat down on the parts of the country that were doing well.
Emily Carver said that we are attracting "the less than useful"
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"I wonder if, actually, there’s some sense that the previous Conservative government started to target the bankers and the City of London because they were trying to foster growth in other parts of the country.
"But maybe hitting the parts of the country that were growing has pushed people away, too."
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Emily said: "I also think it has a lot to do with crime levels, actually. I think London used to feel a bit safer for rich people.
"Now, you’re worried that your house is going to be broken into, even if it’s in Notting Hill or Belgravia or Chelsea or wherever, and you’re worried that your Rolex is going to be snatched off your wrist and all of that.
"But it does seem as though we’re losing useful people and attracting the less useful."
Tom said: "If we’re talking about net contributors."
Emily said: "We’ve got a lot of net takers coming in and a lot of net contributors leaving, which isn’t great for a country that wants economic growth, is it?"
Tom said: "But it’s also why these immigration numbers, I think, are too simplistic sometimes.
"Because we talk about the absolute numbers of people coming in without talking about the kind of people who are coming in.
"If there are people coming in who are entrepreneurs with lots of wealth and business experience and all the rest of it, I don’t think anyone would care about the numbers coming in.
"And yet, if it’s people coming in mainly on the take, then that’s obviously a negative thing for the country."
London has fallen out of the top five richest cities after a millionaire exodusGETTYThe recent abolition of the non-dom tax regime has accelerated the departure of wealthy foreigners from Britain.
After coming into force on Monday, the traditional status that allowed wealthy foreigners to shelter their worldwide assets from British taxes has been replaced with a far less generous residence-based system.
Tax advisors report that former non-doms are relocating to countries like Portugal, Spain, Greece, the UAE and Italy, where taxes are much lower.
The Adam Smith Institute has warned that Britain could lose a fifth of its millionaires under the current Labour government.
