The United Kingdom is on track to see an unprecedented departure of wealthy residents in 2025, with projections indicating that about 16,500 millionaires will leave the country this year. This marks the highest outflow of high-net-worth individuals (HNWIs) ever recorded for the UK and more than doubles the number expected to leave China, which had previously led global millionaire migration for the past decade.
Why Are Millionaires Leaving the UK?
The primary driver behind this exodus is the recent overhaul of the UK’s tax policies. The government has abolished the long-standing non-domicile (non-dom) tax regime and replaced it with a stricter residence-based system. Under the new rules, wealthy individuals who have lived in the UK for more than four years are now subject to UK taxes on their global income and capital gains. Additionally, their worldwide assets are now included in the UK’s inheritance tax calculations, which are taxed at a rate of 40%. These sweeping changes have made the UK far less attractive for affluent foreign residents, many of whom are now seeking more favorable tax environments elsewhere.
This shift follows a series of policy changes over recent years, including the closure of the Tier 1 investor visa in 2022 and further proposed revisions to inheritance tax. The result has been a reversal of the UK’s previous status as a net attractor of wealthy migrants.
Where Are Millionaires Going?
While the UK is experiencing a historic outflow, other countries are seeing significant inflows of wealthy individuals. The United Arab Emirates is expected to attract the largest number of incoming millionaires in 2025, with a projected net gain of 9,800. The United States ranks second, anticipating around 7,500 new HNWIs. Saudi Arabia is also on the rise as a destination, expected to see a net gain of 2,400 millionaires, driven by both returning nationals and new investors.
In Europe, Switzerland, Italy, Portugal, and Greece are among the countries forecast to see net increases in their millionaire populations, thanks in part to attractive tax regimes and investment migration programs. Meanwhile, France, Spain, and Germany are expected to see continued outflows, though on a smaller scale than the UK.
Global Trends in Wealth Migration
Beyond Europe and the Middle East, countries like Thailand are emerging as new hubs for wealthy individuals from Asia, particularly China, Vietnam, and South Korea. Traditional destinations such as Singapore, Australia, Canada, and New Zealand are projected to see their lowest inflows in years, while places like Costa Rica, Panama, and the Cayman Islands are gaining popularity. In Africa, Morocco, Mauritius, and Seychelles are now being recognized as attractive destinations for affluent migrants.
Economic Impact and Outlook
The departure of so many wealthy individuals from the UK is expected to have significant economic implications. Collectively, the millionaires leaving the UK in 2025 are estimated to hold around £66 billion in investable assets. This capital flight follows a year in which 10,800 affluent residents left the country, compounding a trend that began with Brexit and has accelerated with each new policy change.
Experts note that this migration is not solely about taxes. Many of the wealthy are also seeking greater economic opportunity, freedom, and stability, which they now perceive to be more accessible in other countries. The long-term impact on the UK’s economic competitiveness and attractiveness to investment remains to be seen, but the immediate effect is clear: the nation is experiencing a historic shift in its wealthy population, with ripple effects likely to be felt for years to come.