Yes, a record number of high-net-worth individuals are leaving the UK, with an estimated 16,500 millionaires expected to depart in 2025, driven by tax changes, the abolition of non-dom status, and broader economic concerns. While this represents a significant increase in outflow—more than doubling from 2024—it accounts for roughly 1% of the total UK millionaire population.
According to their calculations, some 9,500 high-net-worth individuals left Britain in 2024. That sounds dramatic but represents roughly 0.3% of the UK's millionaire population. Their forecasts for this year – some 16,500 – still amount to well under 1%.
Where Millionaires Are Leaving. The United Kingdom tops the list of net outflows, with 16,500 millionaires expected to leave in 2025. That's nearly double the outflow from China, which ranks second with a net loss of 7,800 HNWIs.
It is the apparent increased outflow of British citizens that vexes conservative newspapers. The ONS estimates that emigration rose from an average of around 150,000 a year before Brexit to 250,000 today.
The UK has over 3 million millionaires, typically defined as having net assets over $1 million (USD), with recent estimates around 3.06 million in 2023, though projections suggest this could fall to around 2.5 million by 2028 due to factors like liquid millionaire departures. This number includes diverse assets like housing and pensions, with a smaller group of "liquid millionaires" holding substantial cash and investments leaving the country.
Are millionaires going to leave the UK? | The Daily T Podcast
How many millionaires have left the UK so far in 2025?
In 2025, a record 16,500 millionaires left the UK. This is the largest number of wealthy people to ever leave one country in a single year. Many are moving to places like the UAE, USA, Italy, Portugal, and Singapore.
How much money in the bank is considered rich in the UK?
While there is no set definition of high net worth individuals (HNWIs), they are generally defined as people with substantial financial resources of £1m+, excluding personal assets and their primary residence.
Over 55% of Brits leaving the UK moved to Europe in the last year, which is no surprise, with Spain, France, Italy, Ireland and Germany being in the top 10 countries in which Brits have moved and mainland Europe is the closest destination by distance for emigrating Brits.
United Arab Emirates (UAE) The UAE continues to dominate wealth migration tables for its combination of zero personal income tax, world-class infrastructure, and globally respected residency schemes. ...
Britain is no longer classed as a “rich country” by the National Institute of Economic and Social Research. Years of stagnant wages, rising costs, and failing public services have pushed living standards down. While millions struggle, the ultra-rich keep getting richer. Who is the system working for?
Many wealthy British expats are moving to Dubai for tax advantages, lifestyle, and business opportunities, but it isn't a one-size-fits-all solution. While Dubai has no personal income tax, you still need to understand UK exit rules, UK tax obligations, inheritance implications, and local costs.
The city with the most ultra-wealthy people — those with a net worth above $30 million — by a large margin: New York. It's home to 21,380 such residents, up 23% from 2024, according to the report, which contains data through June and was published on September 30.
Starting by the summer of 2021, poll votes show more support for rejoining the EU than staying out of it, while Brexit support declined over time, dropping below 40% in March of the following year and never reaching this threshold again.
Of the countries polled, Sweden is the non-Anglosphere country seen as friendliest to Britain, with 80% of the public seeing the UK and Sweden as having a positive relationship.
What is the easiest country to move to if you are British?
Australia, Canada, the USA, and New Zealand are among the most popular visa-free destinations for UK citizens—all except the USA are members of the Commonwealth Nations. But in light of political instability, British citizens seek options in the EU more often.
The 70% money rule, often part of the 70/20/10 budget rule, is a simple budgeting guideline that suggests allocating your after-tax income into three main categories: 70% for essential living expenses (needs like rent, groceries, bills), 20% for savings and investments, and 10% for debt repayment or financial goals (wants/future goals). It provides a clear framework for controlling spending, building wealth, and managing debt, though percentages can be adjusted for individual financial situations.
