16,500 Millionaires Dump UK in 2025 Setting a New record
16,500 Millionaires Dump UK in 2025 Setting a New record
The United Kingdom has recorded its largest-ever net outflow of millionaires, marking a historic shift in its status as a financial hub.
According to the Henley Private Wealth Migration Report 2025, an estimated 16,500 high-net-worth individuals departed Britain over the past year. This exodus is more than double that of China, placing the UK at the top of the global list for wealth departures for the first time.
Experts attribute this “Wealth Exit” to a “perfect storm” of fiscal policy changes and economic anxiety. The primary catalyst was the formal abolition of the “non-dom” tax status in April 2025, which removed long-standing tax exemptions on foreign income. Coupled with hikes in Capital Gains and Inheritance taxes, the UK’s fiscal environment has become significantly less attractive for mobile, international wealth.
The economic fallout is substantial, with an estimated $91.8 billion (£66 billion) in liquid assets projected to have left the country. Beyond direct tax losses, economists warn that this drain impacts domestic private equity, cools the luxury property market, and reduces philanthropic funding.
The departure of these investors threatens the very capital that fuels British startups and innovation.
The United Arab Emirates (UAE) has emerged as the top destination, attracting a record number of UK expatriates. Offering a zero-tax regime and long-term “Golden Visas,” Dubai and Abu Dhabi have successfully positioned themselves as the new global wealth nexus.
The UAE is projected to gain nearly 10,000 millionaires this year, largely at the expense of traditional Western hubs.
The United States remains a secondary favorite, particularly for those seeking deep capital markets and business growth.
While federal taxes remain high, “tax-friendly” states like Florida and Texas are seeing a surge in British arrivals due to their lack of state income tax. These regions offer a familiar cultural and legal bridge for wealthy individuals moving their primary residences.
In Europe, Italy and Portugal have become the primary alternatives for those wishing to stay close to the continent. Italy’s flat-tax regime, which caps tax on foreign income at €100,000, is a major draw for the ultra-wealthy.
Meanwhile, Portugal continues to attract HNWIs through its high quality of life and specialized residency programs tailored for international investors.
Finally, Singapore serves as the gateway for those pivoting toward Asian markets. Known for its political stability and low corporate taxes, it remains the preferred choice for family offices looking to hedge against European volatility.
As 2026 begins, the UK faces the steep challenge of proving it can still compete for the world’s most successful innovators.
