The UK will haemorrhage more than 16,500 millionaires over the course of 2025, according to Henley & Partners’ annual Wealth Migration Report, with the vast majority likely to move to the United Arab Emirates.
The figure is more than double the 7,800 that is forecast to leave second-placed China, which until this year had topped report’s exit leader board for 10 straight years.
The increased exodus of millionaires (which is defined by Henley as dollar millionaires ie anyone with more than $1m (£740,500) in liquid investable assets) is a dramatic rise on last year’s numbers which forecast the UK would lose 9,500 in 2024.
The United Arab Emirates is predicted to gain the most high-net-worth individuals (HNWIs) this year – luring in an additional 9,800 overall – while the United States and Italy round off the top three countries, attracting 7,500 and 3,600 respectively.
Marc Acheson, Global Wealth Specialist at Utmost Wealth Solutions, said: "Unfortunately, these numbers aren’t surprising. Ever since the Autumn Budget and the removal of the inheritance tax (IHT) protections on foreign assets, we have witnessed a significant flight of wealth, and we are still seeing many consider international options with increasing regularity.
"The outflow of the UK’s non doms and HNWs will benefit countries such as the UAE and Italy who have built attractive tax regimes that appeal to internationally mobile HNW individuals.
"Whilst it was reported last week that the Chancellor was exploring reversing a decision to charge UK inheritance tax on the global assets of non-doms, it will take a long time to restore trust and stability."
