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.
Commenting on this, Marc Acheson, Global Wealth Specialist at Utmost Wealth Solutions, said:
Unfortunately, these numbers aren’t surprising. Ever since the Autumn Budget and the removal of the inheritance tax (IHT) protections on foreign assets, we have witnessed a significant flight of wealth, and we are still seeing many consider international options with increasing regularity.
The outflow of the UK’s non doms and HNWs will benefit countries such as the UAE and Italy who have built attractive tax regimes that appeal to internationally mobile HNW individuals.
Whilst it was reported last week that the Chancellor was exploring reversing a decision to charge UK inheritance tax on the global assets of non-doms, it will take a long time to restore trust and stability.
