News stories in recent months have claimed that more than 16,500 millionaires are expected to leave the UK in 2025 due to the country's increasing tax burden. Notably, the abolition of “non-dom” tax rules has been touted as one of the reasons for this “millionaire flight”.
For example, the 9500 millionaires widely reported to be leaving the UK in 2024 represented 0.3% of the UK's 3.06 million millionaires. Media reporting widely blamed the alleged millionaire exodus on tax policies in the same year that calls for a wealth tax on the superrich gained unprecedented momentum globally.
After Vladimir Putin's invasion of Ukraine in 2022 halted the flow of wealthy Russians, some claim Labour's non-doms tax has sent the global elite fleeing the UK for cities such as Milan, Singapore, Geneva and Dubai.
According to Henley & Partners' annual Wealth Migration Report, the UK will haemorrhage 16,500 millionaires over the course of 2025, more than double the 7,800 forecast to quit second-placed China, which until this year had topped report's exit leader board for 10 straight years.
The UK and China are seeing the biggest millionaire outflows
While some countries are booming, others are bleeding wealth. 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.
'We must leave the UK': Millionaires reveal why they're feeling 'forced out' | LBC
What is the best country to live in if you are rich?
1. Switzerland. Switzerland takes the top spot for expats looking to grow their wealth. There's good pay and the opportunity for career progression and an improved quality of life.
In terms of density, Monaco tops the global list, with 1 in every 39 residents considered ultra-wealthy. American resort towns follow close behind: Aspen (1 in 77); Naples, Florida (1 in 93); and Greenwich, Connecticut (1 in 186). New hot spots are also emerging.
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.
The UK's economy and the structure of its workforce also play a crucial role in shaping its tax system. With a significant portion of the economy centred around services, the government relies heavily on Income Tax and National Insurance contributions, which are relatively high compared to other types of taxes.
In the period from April 2020 to March 2022, the wealthiest region in Great Britain was the South East, with median household wealth of £489,800. Median household wealth in the North East was less than half that of the South East, at £179,900.
England, as well as the rest of the United Kingdom, is located in the continent of Europe. England is situated on the British Isles (which is made up of the UK and the Republic if Ireland) in the North of the Atlantic Ocean.
Today, 4.5 per cent of British residents are millionaires but the think tank expects this to fall to 3.62 per cent. It said the reasons for this include high levels of current taxation, threats of further increases, a hostile culture towards wealth-creators and the abolition of the non-dom regime.
How wealthy do you have to be to be in the top 1% in the UK?
Effective financial planning, saving, and investing are crucial. The Office for National Statistics (ONS) suggests that £3.6 million in assets can place you in the top 1% of wealthy individuals in the UK. Strategic financial management can help convert high earnings into sustainable wealth.
The United States leads the pack with nearly 22 million modern millionaires, making up around 40% of the global count. This dominance is fueled by a diverse economy that thrives on innovation, technology, and finance.
The UK is expected to suffer the largest outflow of millionaires globally in 2025, according to data from Henley & Partners, marking a bleak reversal for a country once seen as a magnet for global wealth.
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.
Despite scaremongering reports with questionable methodologies, the super-rich are here to stay – nearly 100% of them preferring the UK over Dubai or Saudi Arabia. Moreover, they're proud to pay their taxes and contribute to this country.
97% of all millionaires have a degree! According to the office of National Statistics, 1 in 5 graduates go on to have assets of more than £1million. In contrast only 3% of millionaires in the UK have no formal qualifications.
Luxury living defines Mayfair, and the area has become a favourite to bed down in for the international elite – billionaire business owners from all over the world love the exquisite properties, the cache of being in the most exclusive zone of London, and the proximity to areas that trip off the tongue for prestige ( ...
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.
The Bottom Line. Ultra-high-net-worth individuals are defined as people with more than $30 million in net worth. This is measured by combining the value of all assets, not just investable or physical assets.
Greece's pitch to the wealthy is potent: natural beauty that's hard to rival, millennia of cultural cachet, and a Golden Visa program that grants residency through real estate or business investments. For €250,000 – still modest by global luxury standards –buyers can secure a foothold in the EU.
