Phones4U tycoon John Caudwell says he would leave the country if Jeremy Corbyn becomes Prime Minister to avoid being “raped” with higher taxes.
The billionaire told luxury lifestyle magazine Spear’s he was “not scared” of paying his “fair share” of tax.
But he said a Corbyn government would be a “step too far”.
“If Corbyn wanted to start taxing more extensively than already, my appetite or tolerance to pay much more than I’m already paying is not very big,” he said.
He added: “We’d just go and live in the south of France or Monaco. Why would we stay and be raped?”
Mr Caudwell went on to say Corbyn would be a “complete fiasco for the UK.”
He said: “What Corbyn never seems to realise is you have got to create wealth in order to spread the wealth out.
“They don’t understand that if you tax the rich, there’s a level of threshold.”
Mr Caudwell has pledged to donate at least 70% of his fortune to good causes when he dies.
He told the Mirror last month: “I don’t want my kids to be broke, but if you left your kids your entire wealth, that does nothing to rebalance the rich-poor divide.
“If they are worth several billion, what about giving most of that away and just leaving a few hundred million to the kids? They’re still filthy rich, they can still ruin their lives.
“I don’t think leaving your kids filthy rich is going to be good for them.
“And if it is good for them, it probably isn’t any good for their kids, so sooner or later, the chickens come home to roost.”