UK Faces Record Wealth Exodus After Tax Overhaul

A record 16,500 millionaires are projected to leave the UK in 2025, driven by recent tax increases, the abolition of the non-domicile tax regime in April 2024, and growing economic uncertainty. The end of the non-dom regime requires wealthy foreigners to pay full UK tax after four years of residence and inheritance tax after ten years, while the earlier closure of the Tier 1 investor visa further reduced the UK's appeal. This historic wave of wealth migration has led to a 183% surge in British nationals seeking citizenship or residence abroad and is expected to remove £66 billion in investable assets from the UK economy. Experts warn that these departures could significantly weaken the UK's growth and investment attractiveness, making it a net exporter of wealthy individuals for the first time in decades. Popular destinations for these millionaires include the UAE, Switzerland, Italy, and the US, all of which offer more favorable tax regimes. The trend marks a pivotal change in global wealth migration patterns and positions Britain as a cautionary example for other advanced economies.