One millionaire left Britain every 45 minutes in the year Labour came to power, figures suggest. The UK lost 10,800 millionaires to overseas countries last year, more than double the number in 2023, according to new data.
The Henley Private Wealth Migration Report 2025 forecasts a net loss of 16,500 high-net-worth individuals (HNWIs) from the UK this year, the highest such outflow ever recorded by the firm in the past decade of tracking global wealth migration trends.
The UK and China are seeing the biggest millionaire outflows
The UK is projected to see a net outflow of 16,500 millionaires — the largest of any country — followed by China and India, whose respective outflows stand at 7,800 and 3,500.
Today we found out that 16,500 millionaires are expected to leave the UK in 2025. This is forecast to be the highest exodus from any country in the world. I raised concerns around this on Question Time in March and was told 'they won't actually leave'. But we know that 11,000 millionaires left in 2024.
But even working with these estimates (around 9,000 for 2024 and the 16,500 figure for 2025) gives a number of rich people leaving or expected to leave the UK that hovers between close to zero and 1% of the UK population of millionaires.
Millionaires are leaving the UK. Does it matter? | LBC debate
How many people have a 10 million net worth?
A $10 million net worth places households in an even more exclusive category, with around 2.13 million households, or 1.62% of the total, meeting this benchmark. This level is just shy of the top 1%, which requires a net worth of approximately $13.7 million.
The top 10% of UK households hold £1.2 million or more in net wealth, and you need to crack £3.1 million in total wealth to become a member of the top 1%.
A high-net-worth individual (HNWI) is someone with liquid assets of at least $1 million after accounting for their liabilities. Liquid assets held by HNWIs include cash and investments that can be easily liquidated or converted to cash, including stocks.
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.
Discover why the flat tax regime, fiscal advantages, and luxury real estate opportunities are driving this unprecedented wealth migration to Italy. A growing number of millionaires, super-rich, and ultra-wealthy investors are moving to Italy, driven by its attractive flat tax regime and lifestyle appeal.
Where are UK millionaires relocating to? Popular destinations include the UAE, USA, Switzerland, Italy, Portugal, Greece, and Saudi Arabia. These countries offer favourable tax treatment, investor visa routes, and potentially, greater fiscal stability.
Wealth inequality is high and rising and more marked than income inequality. In the UK, the bottom 50% of the population owned less than 5% of wealth in 2021, and the top 10% a staggering 57% (up from 52.5% in 1995). The top 1% alone held 23% (World Inequality Lab, 2022).
The 2025 Henley & Partners report estimates that net departures in 2025 will be 16,500 – around 1% of UK millionaires. This figure has been widely reported as part of the “non-dom” debate.
The world's richest people used to flock to the UK. Now, it's bleeding millionaires at a record rate. The UK is set to lose 16,500 millionaires in 2025, more than any other country on record. Tax hikes and declining economic confidence are driving the rich away, according to Henley & Partners.
How many houses in the UK are worth more than 2 million?
In the UK there are about 58,500 properties valued at over £2 million according to property analyst Hometrack. Others estimate a higher number such as Savills with about 97,000 and Zoopla with 108,000.
In fact, reliable data suggests that households with $5 million or more in net worth represent a small fraction of the population. According to DQYDJ, in 2023, approximately 4.8 million American households had a net worth above $5 million, representing roughly 3.7% of all U.S. households.
The top 1 percent own 43 percent of all global financial assets. Just two corporations control 40 percent of the global seed market. The “big three” US-based asset managers —BlackRock, State Street, and Vanguard— hold $20 trillion in assets, close to one-fifth of all investable assets in the world.
UK's 50 richest families hold more wealth than 50% of population, analysis finds. The number of billionaires in the UK has grown sharply – from 15 in 1990 to 165 in 2024 – at the same time as inequality in the UK's overall wealth distribution has dramatically increased, analysis has found.
Generally, a liquid net worth of at least $1 million would make you a high net worth (HNW) individual. To reach a very high net worth status, you'd need a net worth of $5 million to $10 million. Individuals with a net worth of $30 million or more might qualify as ultra-high net worth.
Usually, a HNW client has a net worth between £1 million and £5 million in assets that can easily and quickly be converted into cash (known as liquid assets). However, HMRC defines an HMW individual as someone with over £10 million. There are different tiers of HNW clients.
Yet, the Charles Schwab Modern Wealth Survey for 2025 revealed that, while the dollar figure to be considered “wealthy” has dipped from last year—now at $2.3 million in net worth, down from $2.5 million in 2024—it's still far beyond what the average American has.
