A hedge fund tycoon who is Britain's third biggest taxpayer is joining the exodus of billionaires from Labour’s Britain.

His contribution last year of £330million is enough to pay the salary of 10,000 newly qualified nurses.

But now Chris Rokos, founder of Rokos Capital Management, is switching his residency to Greece and opening an office in Athens, Bloomberg has reported.

The move was an embarrassing blow on the day that John Healey – in his first major speech as Chancellor – said he wanted to be a ‘country of wealth creation’.

Instead the likes of Mr Rokos – who is said to be worth £3billion – are fleeing amid Labour tax hikes. Non-domiciled resident payments, inheritance tax, expensive properties and private-school fees have already been targeted.

Fear is growing that Labour will introduce more taxes on wealth to pay for Prime Minister Andy Burnham’s costly promises to build more council houses, overhaul social care and boost defence spending. And balancing the books is getting even harder since the cost of government borrowing rose to a 28-year high following a bond market sell-off.

Critics say Labour must tackle this by cutting Britain’s ballooning welfare bill rather than hiking taxes, which are at their steepest since the 1940s. The previous chancellor, Rachel Reeves, already put them up by £75billion.

Tory shadow chancellor Andrew Griffith said last night: ‘Fewer wealth creators means fewer opportunities for young people – and leaves the rest of us paying more.’

Billionaires Guillaume Pousaz, founder of payment platform Checkout.com, and Egypt’s second-richest man Nassef Sawiris, have already left the UK.

Mr Rokos, 55, donated £190million to Cambridge University earlier this year in what was described as the largest single donation to a British university in modern times.

The tycoon attended a state primary school before winning a scholarship to Eton.

He then studied maths at Pembroke College, Oxford.

Mr Rokos was paid £477million last year after a bumper year for his firm, with profits almost tripling to £940million. He owns the historic Tottenham House in Wiltshire, a 100-bed Grade I-listed mansion near Marlborough.

Mr Rokos has also donated to the Conservative Party in the past.

His departure to Greece comes after the country introduced rules allowing some foreigners to pay a flat annual tax of €100,000 (£74,000) on all overseas income.

It is a major boost for Greece as it continues to rebuild its economy after a debt crisis that caused a major eurozone crisis in 2011.

A spokesman for Mr Rokos declined to comment.