UK to Lose Most Millionaires Amid Tax Changes

The UK is expected to lose a record 16,500 millionaires in 2024, the highest outflow globally, largely due to new non-domicile tax rules that impose taxes on global earnings and inheritance for long-term residents. Analysts warn this exodus may undermine expected Treasury revenues and reduce the country's economic competitiveness. New York City is also facing a possible outflow of wealthy residents after political shifts and proposed tax hikes, reflecting a broader trend of millionaire migration in response to fiscal policies. Meanwhile, the United States as a whole continues to experience strong millionaire growth, adding about 379,000 new millionaires in 2024 and now accounting for roughly 40% of the global millionaire population. Despite this wealth surge, the U.S. retains a significant population living in poverty, highlighting persistent inequality. Countries such as the UAE and the U.S. are benefiting from the influx of wealthy individuals, even as some traditional centers like the UK see increased departures but also continue to attract new arrivals.