July 19, 2025

UK Set to Lose 16,500 Millionaires in 2025

Why wealthy individuals are leaving — and why it pays to plan before you do the same

The UK is on track to lose 16,500 millionaires in 2025 — the biggest wealth outflow of any country globally, according to Henley & Partners’ latest Wealth Migration Report.

This predicted exodus is being driven by a raft of tax changes. The scrapping of non-dom tax breaks, higher capital gains tax, and new rules affecting overseas trusts are pushing many high-net-worth families to explore alternative jurisdictions.

Top destinations for departing millionaires include Switzerland, Italy, Portugal, and Greece.

But the UK isn’t alone. China is expected to lose around 7,800 millionaires, with France, Spain, and Germany also appearing high on the list.

What’s behind the exodus?

Professor Trevor Williams, co-founder of FXGuard and former Chief Economist at Lloyds Bank Commercial Banking, notes that the UK’s economic backdrop hasn’t helped.

“Since 2014, the number of resident millionaires in the UK has dropped by 9%,” he says, “compared to a 40% average increase across other W10 nations.” By contrast, the US has seen a 78% surge in millionaires — the fastest among the top 10 wealthiest countries.

Thinking of relocating for tax reasons?

Speak to a planner first. For many, leaving the UK might feel like the obvious move – but it’s a decision that needs careful thought.

Before you pack your bags, it’s worth speaking to a financial planner who can help you:

  • See the full picture – Not every destination delivers the tax savings you might expect. A planner can weigh up the pros and cons based on your full financial and personal circumstances.
  • Avoid hidden costs – From exit charges to transfer fees and local taxes, some countries come with pitfalls that aren’t immediately obvious.
  • Protect your wealth – Pension plans, trusts, and other UK-specific assets don’t always translate neatly abroad. Good advice ensures nothing gets lost in translation.
  • Stay compliant – Tax rules differ widely by country. An adviser can help you stay on the right side of the law in both the UK and your new jurisdiction.

Leaving the UK might feel like a quick fix, but the reality is rarely that simple. With the right guidance, you can make an informed, confident decision that truly works for your long-term future.