More than 10,000 millionaires have departed the UK in the past year, according to recent analysis by global wealth experts.
The mass exodus has been attributed to various factors, including high taxes, the growing influence of the US and Asia in the global tech industry, and concerns over the deteriorating state of the country’s healthcare system.
The report, compiled by global analytics firm New World Wealth (NWW), shows that the UK lost a net total of 10,800 millionaires in 2024, up from 4,200 in 2023. Only China experienced a larger loss of wealthy residents during the same period.
From 2017 to 2023, the UK also saw a net outflow of 16,500 millionaires, driven by events such as Brexit and the ongoing effects of the COVID-19 pandemic.
Experts suggest a combination of factors are behind the wealthy’s decision to relocate. NWW’s head of research, Andrew Amoils, highlights increased taxation on wealthy non-doms, capital gains tax hikes, and high estate duty rates as key deterrents for business owners and retirees.
The tax regime is also negatively affecting the wealth management and family office sectors, which have shown signs of decline.
Mr Amoils further noted that the UK’s once strong appeal, largely due to the dominance of the English language, has waned.
Countries such as the US, Australia, and Canada, which have growing economies, now offer similar benefits.
Other emerging high-income markets, including Singapore, the UAE, Switzerland, and Malta, have also become attractive destinations for high-net-worth individuals who speak only English.
Cities such as Paris, Dubai, Amsterdam, Monaco, and Sydney are proving popular among millionaires leaving the UK. Other desirable locations include Florida, the Algarve in Portugal, Malta, and the Italian Riviera, which are seeing increasing numbers of wealthy retirees.
Pimlico Plumbers founder Charlie Mullins, who recently moved to Spain, expressed his concerns about the UK’s business environment, citing increasing taxes and new employment laws as factors that have made it harder to run a business.
He believes that both the Labour and Conservative parties have contributed to the country’s struggles.
In response, a Treasury spokesperson stated that the government remains committed to progressive tax reforms aimed at fairness.
The spokesperson highlighted that reforms to non-dom taxation are expected to raise £33.8 billion over the next five years, which will help fund essential public services and investment projects aimed at boosting the UK’s economy.
