A record 142,000 millionaires are expected to relocate globally in 2025, with the UK forecast to suffer the world’s largest outflow of wealthy residents, according to the latest Henley Private Wealth Migration Report.
The report reveals that 16,500 high-net-worth individuals (HNWIs) are projected to leave the UK this year, more than double the number expected to exit China and ten times higher than Russia’s outflow.
This marks a significant moment for Britain, as 2025 becomes the first year a European country tops the global millionaire exodus rankings, raising serious questions about the UK’s appeal to the world’s wealthy.
Tax Reforms Driving the Wealth Exodus
Experts attribute this unprecedented flight of capital to sweeping tax reforms and a decade of economic underperformance.
Both Conservative and Labour administrations have contributed to the diminishing appeal of the UK for wealthy individuals, who are increasingly relocating to low-tax jurisdictions such as the UAE, Monaco, Malta, and Portugal.
Plans to scrap the non-domicile (non-dom) tax status—once a major incentive for wealthy foreigners to live in the UK—were formalised by the Treasury in April.
Under proposals introduced by Chancellor Rachel Reeves, foreign nationals residing in Britain for over four years will now face UK income and capital gains tax, while those staying for ten years or more may also be subject to inheritance tax at 40% on global assets.
In response, Reform UK, led by Nigel Farage, has proposed a controversial “Robin Hood tax”, offering affluent individuals a one-off £250,000 levy to entice them back into the UK system.
“A Pivotal Moment” for the UK and Europe
Dr Juerg Steffen, CEO of Henley & Partners, said: “2025 marks a pivotal moment. For the first time in a decade of tracking wealth migration, a European country leads the world in millionaire outflows. This isn’t solely about tax—it reflects growing disillusionment with the UK’s prospects for opportunity, freedom, and financial stability.”
Wealth Drain Threatens UK’s Global Standing
Economist Professor Trevor Williams, co-founder of FXGuard and former Chief Economist at Lloyds Bank Commercial Banking, highlighted Britain’s declining wealth status:
“The UK is now the only member of the world’s top 10 wealthiest nations (W10) to have experienced a decline in millionaire numbers over the past decade.”
Between 2014 and 2024, the UK’s millionaire population fell by 9%, while W10 nations averaged a 40% increase. By comparison, the United States saw a staggering 78% growth, leading global wealth expansion.
Europe Losing Ground as Southern States Gain
The UK is not alone. France, Spain, and Germany are also projected to lose 800, 500, and 400 millionaires, respectively, in 2025.
In contrast, Southern European nations such as Italy, Portugal, Greece, and Switzerland are witnessing a surge in incoming wealth, thanks to attractive tax regimes, high quality of life, and investment migration incentives.
Millionaire Magnet Countries on the Rise
Countries like the UAE, Malta, the USA, and Montenegro continue to top the list of preferred destinations for wealthy expatriates, driven by their golden visa programmes and business-friendly policies.
The UAE remains the world’s most popular destination for migrating millionaires, while Saudi Arabia is also climbing the ranks.
Andrew Amoils, Head of Research at New World Wealth, observed: “Most of the world’s fastest-growing wealth markets are either welcoming migrating millionaires or developing as emerging tech hubs. The movement of wealthy individuals plays a vital role in long-term national prosperity.”
