UK Expected to Lose 16,500 Millionaires in 2025 Exodus

In 2025, the UK is projected to experience the largest net outflow of millionaires globally, with an estimated 16,500 high-net-worth individuals (HNWIs) relocating abroad, surpassing China’s 7,800 outflow. This trend has been accelerated by the Conservative government's termination of the tier 1 investor visa scheme and the abolition of non-dom tax breaks, alongside increased inheritance tax on global assets, prompting concerns within the Treasury about potential policy reversals. The United Arab Emirates is expected to attract the most millionaires, with a net inflow of 9,800, followed by the United States with 7,500 and Saudi Arabia with 2,400, driven by favorable tax regimes, lifestyle appeal, and active migration programs. Several European countries, including France, Spain, and Germany, are also facing net losses of wealthy individuals, while Switzerland, Italy, Portugal, and Greece are gaining millionaires. Experts warn that this shift reflects broader perceptions among the wealthy of greater opportunity, freedom, and stability outside the UK and Europe, which could have significant long-term economic and investment consequences. Prominent figures such as Goldman Sachs banker Richard Gnodde and property tycoons Ian and Richard Livingstone are among those leaving the UK amid these changes.