The UK is watching its wealth walk out the door. According to the 2025 Henley Private Wealth Migration Report, 16,500 millionaires are expected to leave Britain this year. That’s the largest net outflow of high-net-worth individuals ever recorded by any country. It’s not a blip. It’s a rupture. And it’s accelerating.
This year’s number is up 73% from 2024, when 9,500 millionaires left. Before that, the UK was still bleeding, but slower. Now it leads the world in outbound wealth. China is second at 7,800. Russia is losing 1,500. Britain is losing more than both combined.
The reasons are not abstract. The 2024 budget scrapped the non-dom tax regime. That system let wealthy foreign residents shield offshore income. It’s gone. Replaced with a residency-based model that exposes global income after four years and inheritance tax after ten. The Tier 1 investor visa was already shut down in 2022. That was the entry point for many of these individuals. Now there’s no door in and a big reason to leave.
The 16,500 millionaires expected to leave in 2025 hold an estimated $90 billion in liquid assets. That’s capital that won’t be invested in UK businesses, real estate, or jobs. It’s going to the UAE, the US, Italy, and Switzerland. The UAE alone is expected to gain 9,800 millionaires this year. The US will gain 7,500. Italy is pulling in 3,600.
The total global migration of millionaires in 2025 is projected at 142,000. That’s the highest ever recorded. Next year, it’s expected to hit 165,000. The UK is not just losing people. It’s losing its position. It used to be a magnet. Now it’s a warning.
This isn’t about yachts or vacation homes. These are people moving their primary tax residency. They’re taking their capital, their businesses, their family offices, and their philanthropic foundations. The economic footprint doesn’t stay behind. It follows them.
The destinations gaining this wealth are offering more than tax breaks. They’re offering stability, investor visas, and regulatory clarity. The UAE has zero income tax. Switzerland has long been a safe harbor. Italy’s flat tax regime is pulling in global earners. The UK, meanwhile, is tightening the screws.
The long-term implications are not subtle. Fewer millionaires means less capital formation, less private investment, and a shrinking tax base. The Treasury is reportedly reviewing tweaks to the reforms, but the damage is already in motion. Once capital leaves, it rarely returns.
Sources:
https://www.henleyglobal.com/newsroom/press-releases/henley-private-wealth-migration-report-2025
https://x.com/_Investinq/status/1939318687984431294
https://spearswms.com/wealth/uk-braced-for-record-wealthy-exodus-henley-partners/