A record 16,500 millionaires are expected to leave the UK in 2025 (that’s 7,000 more individuals from last year), taking nearly $92 billion in wealth with them, according to a wealth migration report by Henley & Partners.
The shift follows major tax changes targeting “non-dom” residents—wealthy individuals who live in the UK but claim tax residence elsewhere.
Britain now leads the world in millionaire outflows, surpassing even China and Russia.
New tax rules introduced in October, targeting wealthy individuals without a permanent residence in the UK, are considered one of the reasons behind the outflow. The exit can also be a result of economic stagnation and an eroding sense of opportunity, per Henley & Partners.
Where is the wealth heading?
Dubai and Abu Dhabi are the top destinations for millionaires, as these places offer zero income tax, capital gains tax, and inheritance tax. The United Arab Emirates is projected to gain 9,800 millionaires this year, the most worldwide for the fourth consecutive year.
Other top destinations include the US, Monaco, Malta, and India. However, geopolitical instability—especially the US joining Israel in strikes on Iran—could disrupt migration patterns.
Globally, an estimated 142,000 millionaires are expected to migrate in 2025, up from 134,000 last year. Despite tighter immigration policies, the US ranks second in inflows, largely due to Florida, Silicon Valley, and the EB-5 visa program.
Since 2014, the number of millionaires in the US has risen 78%, while UK numbers have dropped 9%.