According to Henley & Partners’ annual Wealth Migration Report, the UK will haemorrhage 16,500 millionaires over the course of 2025, more than double the 7,800 forecast to quit second-placed China, which until this year had topped report’s exit leader board for 10 straight years.
The finding is a steep jump from last year’s study produced by the specialist advisory firm, which forecast the UK would lose 9,500 dollar millionaires in 2024, defined by its authors as anyone with over $1m (£740,500) in liquid investable assets.
The United Arab Emirates is predicted to gain the most high-net-worth individuals (HNWIs) this year – luring in an additional 9,800 overall – while the United States and Italy round off the top three countries, attracting 7,500 and 3,600 respectively.
Henley & Partners chief executive Dr Juerg Steffen said the findings marked a “pivotal moment” for global wealth migration, which was likely to have stark implications for Britain and Europe’s appeal to the world’s most moneyed inhabitants.
“For the first time in a decade of tracking, a European country leads the world in millionaire outflows,” he said. “This isn’t just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. The long-term implications for Europe and the UK’s economic competitiveness and investment appeal
are significant.”
The paper will pile further scrutiny on a continuing narrative that the UK is struggling to retain its richest residents, who are swapping Britain for other jurisdictions with more vibrant economies or lower taxes.
