UK Britain is poised to lose a record 16,500 millionaires in 2025

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Britain Faces Historic Wealth Exodus as Tax Reforms Drive Millionaires Abroad

 

Britain is poised to lose a record 16,500 millionaires in 2025 as sweeping changes to tax and visa regulations push affluent residents to seek more favourable financial climates abroad. According to the latest Henley Private Wealth Migration Report, the UK is now a leading example of how policy shifts can accelerate a flight of capital in an increasingly competitive global race for talent and investment.

 

The report, which tracks the movement of individuals with liquid assets exceeding $1 million (approximately £740,000), places the UK at the top of the global millionaire outflow list—outpacing China twofold and Russia tenfold. The projected departure of these individuals is expected to result in the loss of around £66 billion in investable assets.

 

Dr Juerg Steffen, chief executive of Henley & Partners, the advisory firm behind the report, said the UK had become “a cautionary tale in this new era of wealth migration.” He added, “This unprecedented outflow follows an already record-breaking year in 2024, when 10,800 affluent residents departed in search of greener pastures — compounding the mounting capital drain that began with Brexit. Prior to 2016, the UK had always attracted more millionaires than it lost to migration.”

 

The exodus coincides with the abolition of the controversial non-domiciled tax regime, a system that had long allowed wealthy foreigners to shield offshore income from UK tax. The government’s new stance has made Britain less appealing to international investors, even as it attempts to retain global competitiveness. Reform UK, for instance, has proposed a so-called “Robin Hood” policy allowing non-doms to pay a flat £250,000 annual fee to avoid UK taxation on global earnings, with the funds redirected to low-income workers.

 

Despite these efforts, Henley & Partners warns that Britain’s appeal to high net worth individuals is waning. While the country remains attractive to some, particularly disillusioned American citizens under the Trump administration, the number of wealthy newcomers has not been enough to balance those leaving.

 

Data from Henley & Partners show a dramatic rise in British nationals applying for second residencies or citizenships through international migration programmes—an increase of 183 percent in the first quarter of 2025 compared to the same period last year. These trends are echoed in Companies House records analysed by Bloomberg, which show a sharp uptick in UK company directors relocating abroad.

 

The preferred destinations for those exiting the UK include the United Arab Emirates, the United States, Switzerland, and Italy. The UAE stands out in particular, with Dubai and Abu Dhabi drawing 9,800 millionaires this year alone—a net gain attributed to their zero income tax policy, stable governance, investor-friendly regulations, and high-quality infrastructure. “The UAE’s appeal rests on multiple factors beyond its welcoming immigration policy,” said Steffen. “Zero income tax, world-class infrastructure, political stability and a regulatory framework that treats capital as partner rather than prey has created a compelling proposition.”

 

Among the high-profile names reportedly leaving the UK are Anne Beaufour, the billionaire French heiress; German investor Max Gottschalk; JC Flowers co-president Tim Hanford; and boxing promoter Eddie Hearn. Lakshmi Mittal, the steel magnate and one of Britain’s wealthiest residents, is also believed to be considering an overseas move.

 

While Britain may still hold allure for some, the growing perception of the UK as a less hospitable environment for capital is reshaping its global reputation—and its economic landscape.

 

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  Adapted by ASEAN Now from The Times  2025-06-26

 

 

[JonnyF]

Rachel from accounts with her fake CV and her budget for recession is driving wealth out of the country.

 

The politics of envy, combined with financial illiteracy is a very poor combination that will see Britain's economy circle further down the toilet.

 

But hey, at least we can replace the 16,500 millionaires with many times that number of cultural enriching "doctors and engineers" coming over on the dinghys and living free in our hotels (but only until they can land their first job as brain surgeon or rocket scientist).  

[KhunLA]

"Sooner or later, you run out of other people's money"

 

... part of the reason I left the USA ... 'taxes'.   Never minded paying them, but did mind what it was spent on, and who's pockets they were going into.   Certainly not the people that needed them. 

 

Corrupt bastards, as DOGE pointed out, for the most ignorant to understand.  Surely the same in the UK.

[quake]

Top marks Labour.

Forging ahead.

Stupid Is, As Stupid Does. 

 

[EVENKEEL]

If some are leaving the UK in favor of the USA, that means the UK really, really sucks.

[transam]

1 minute ago, EVENKEEL said:

If some are leaving the UK in favor of the USA, that means the UK really, really sucks.

No, the Labour Party really sucks, they told lies like Trump did, to get control.........

[Thingamabob]

This will result in a huge loss of tax revenue. How do Labour intend to replace the loss ?

[spidermike007]

I'm sure taxes are a factor, but I also think it's just the low quality of life that is driving people out. More than likely the same applies to America which has been declining for a very, very long time. 

[MalcolmB]

Just now, spidermike007 said:

I'm sure taxes are a factor, but I also think it's just the low quality of life that is driving people out. More than likely the same applies to America which has been declining for a very, very long time. 

Yeah, I got out last year.

I find the people much nicer in Thailand if you have money. There is a lot of jealousy in the UK. It is quite nasty.

 

Here it seems to get me a lot of respect. 
Definitely a big difference in mentality.