The UK is projected to experience the largest outflow of millionaires globally in 2025, according to a new global wealth migration report by Henley & Partners. The advisory firm anticipates that 16,500 millionaires will leave the UK, significantly surpassing the 7,800 expected to exit China. This represents a 73% increase from the 9,500 projected to leave in 2024, marking the first time the UK tops the global ranking for high-net-worth individual (HNWI) outflows since the study’s inception.
The report defines millionaires as individuals with over $1 million (£740,500) in liquid, investable assets. While the United Arab Emirates is expected to gain the most HNWIs this year, followed by the United States and Italy, the UK faces the most significant net loss of wealth due to migration. Experts warn this trend could have substantial economic repercussions.
“This isn’t just about changes to the tax regime,” said Henley & Partners CEO Dr Juerg Steffen. “It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere.”
The report adds to the growing evidence that the UK is struggling to retain its wealthiest residents, many of whom are relocating to jurisdictions with lower tax burdens, political stability, and more favourable investment conditions. David Lesperance of Lesperance & Associates cautioned that the UK is not only losing individuals but also their economic contributions.
The surge in millionaire departures follows extensive tax changes announced in the Autumn Budget, including the abolition of the non-dom tax regime, new inheritance tax liabilities for foreign trusts, a rise in capital gains tax, and the introduction of VAT on private school fees. These changes have faced strong resistance, with warnings that more than a quarter of non-doms could leave the UK permanently.
In response, the Treasury is reportedly considering adjustments to the tax reforms, including a potential reversal of taxing foreign-held trusts for non-doms. Concurrently, Nigel Farage’s Reform UK party has proposed a ‘Britannia Card’ offering wealthy foreigners a £250,000 flat fee for 10 years of tax residency, exempt from UK tax on foreign income, capital gains, and inheritance. Critics, including Labour Chancellor Rachel Reeves, have criticised the proposal as a “tax cut for foreign billionaires.”
The UK’s status as a global wealth hub is under scrutiny. The report depicts a nation at risk of eroding its appeal to entrepreneurs, investors, and job creators, as it aims to position itself as a post-Brexit centre for innovation and finance. “The long-term implications for the UK’s economic trajectory, tax base, and global standing are considerable,” Dr Steffen warned. “Countries that fail to retain or attract wealth risk being left behind.”
