The UK is bracing for a record number of millionaires to leave the country this year. According to a report by international investment migration advisory firm Henley & Partners, the UK is expected to see the largest net outflow of high-net-worth individuals (HNWIs) by any country since the firm began tracking millionaire migration ten years ago. The report projects that the UK will lose more than double the anticipated 7,800 net outflows from China, which has topped the millionaire-loser leaderboard every year over the past decade.
In contrast, the UAE is expected to retain its crown as the world’s leading wealth magnet, with a record net inflow of relocating millionaires expected this year. The CEO of Henley & Partners stated, “2025 marks a pivotal moment. For the first time in a decade of tracking, a European country leads the world in millionaire outflows.
This isn’t just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere.”
The UK is not alone in its struggles. For the first time, EU heavyweights France, Spain, and Germany are expected to see net HNWI losses in 2025.
Millionaire exodus reshapes UK’s wealthy landscape
Ireland, Norway, and Sweden are also beginning to see significant wealth losses, with many affluent Europeans relocating to more investor-friendly hubs on the continent. Outside of Europe, the UAE has reinforced its position as the world’s most sought-after wealth haven, attracting a net inflow of nearly 10,000 millionaires.
Saudi Arabia is the biggest riser on this year’s inbound list, projected to see a net inflow of new millionaires in 2025. Since the 2016 Brexit vote, the UK has shifted from being a net magnet for millionaires to a net exporter. The latest surge is driven in part by sweeping tax reforms introduced in the October 2024 budget, which included sharp hikes in capital gains and inheritance taxes, as well as new rules targeting non-domiciled residents and family wealth structures.
Dr. Juerg Steffen, the chief executive of Henley & Partners, said that Britain had emerged as “a cautionary tale in this new era of wealth migration.” He estimates that those heading for the exit this year would collectively hold £66 billion in investable assets. Despite concerns about the scale of the exodus, tax campaigners say that it must be seen in perspective.
Alex Cobham, of the Tax Justice Network, said, “If you took Henley’s numbers seriously, the claim is that just 0.6 per cent of the UK millionaire population will move. They’re telling us that because the cup might be 0.6 per cent empty — that is, 99.4 per cent full — somehow we should be giving tax breaks to the extremely wealthy.”
The shifting patterns in global wealth migration highlight the rising influence of strategic wealth movement on global economic power shifts, underscoring the critical role of policy stability and favorable investment climates in attracting and retaining global wealth.