As previously reported, mounting concern over the UK’s fiscal policies continues to drive record numbers of wealthy individuals abroad…
Now, a newly released global migration study from Henley & Partners confirms the scale of the shift: the UK is projected to lose 16,500 millionaires in 2025 alone, more than any other country in the world. The exodus is attributed to sweeping changes in tax policy, especially the abolition of the non-domicile tax regime and the introduction of a more onerous residence-based system for foreign wealth.
The Henley Private Wealth Migration Report, which analyses the movement of individuals with liquid assets over $1 million, estimates that £66 billion in assets will leave the UK this year, according to The Times. The trend follows a record-breaking 2024, when 10,800 affluent residents departed, building on a post-Brexit pattern of capital flight. The closure of the Tier 1 investor visa in 2022 and successive changes to taxation have accelerated the phenomenon.
Among the key triggers was April’s overhaul of the centuries-old non-dom regime. Wealthy foreigners are now subject to UK income and capital gains tax on global earnings after four years and may face 40 percent inheritance tax on their worldwide estates. Though the government insists this reflects fairness, critics argue the result has been a dangerous brain drain and erosion of investment confidence.
The UAE, United States, Switzerland, and Italy top the list of preferred destinations, while Henley reports a 183 percent rise in British citizens applying for overseas residence or citizenship programmes. Despite political rhetoric around “taxing the rich,” a growing list of notable business figures, including Eddie Hearn, Max Gottschalk, and Anne Beaufour, have already departed or are reportedly planning to do so.
While some campaigners argue that the actual percentage of UK millionaires leaving remains low, the migration of capital, talent and influence is being felt sharply across sectors.
Photo by Reinaldo Sture
