India, Dec. 21 -- In 2025, Britain lost more millionaires than any other major economy except China. This did not follow war, sanctions, or financial collapse-the usual triggers of elite capital flight. It occurred in a country with strong institutions, deep capital markets and global credibility.

That is precisely why it warrants attention. When a growing number of a nation's most mobile and tax-productive residents conclude that leaving is the rational choice, the issue is not personal morality but policy design. The UK's unfolding millionaire outflow is not a referendum on greed, nor a rejection of social responsibility.

It is better read as an early warning about how fiscal reform, when driven as much by political signalling as by e...