Exodus of millionaires qutting UK with only China losing more wealthy residents
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Analysts have reported that over 10,000 millionaires have departed the UK in the past year. Factors such as taxes, the rising dominance of the US and Asia in the global hi-tech industry, the "dwindling" significance of the London Stock Exchange, and the "deteriorating" condition of the health system are potential reasons for this exodus, according to global analytics firm New World Wealth (NWW).
The UK saw a net loss of 10,800 millionaires in 2024, up from 4,200 in 2023, with only China experiencing a greater loss of wealthy residents during this period. From 2017 to 2023, which included Brexit and the pandemic, the UK also lost 16,500 millionaires due to migration, the data reveals.
NWW's head of research, Andrew Amoils, noted that from the 1950s to the early 2000s, the UK, particularly London, was one of the top destinations worldwide for migrating millionaires, attracting wealthy families from mainland Europe, Africa, Asia, and the Middle East. However, cities like Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney, and Singapore now appear to be the preferred destinations for millionaires leaving the UK, with Florida, the Algarve, Malta, and the Italian Riviera also proving popular as retirement locations.
In a blog post, Mr Amoils stated that there are "multiple complex drivers" behind the UK’s wealth outflow, adding: "Wealthy non-doms have been targeted with additional taxes, which has prompted many of them to leave the country.". Wealthy business owners and retirees are feeling pinched by the UK's capital gains tax and estate duty rates, with knock-on effects for local wealth management and family office sectors, experts point to a concerning trend. Mr Amoils articulated: "Historically, much of the UK’s appeal lay in its language, English, which is the first or second language of most high net-worth individuals globally.
