More than 10,000 millionaires have left Britain, analysts say
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More than 10,000 millionaires have left Britain in the past year, analysts say. Taxes, the growing dominance of the US and Asia in the global hi-tech sector, the “dwindling” importance of the London Stock Exchange and the “deteriorating” state of the health system are some of the potential drivers of the exodus, according to the New World Wealth (NWW) global analytics firm.
Britain lost a net 10,800 millionaires in 2024, while the figure was 4,200 in 2023. Only China lost more wealthy residents in that period. The UK also lost 16,500 millionaires to migration from 2017 to 2023, which included Brexit and the pandemic, the figures say.
Wealthy non-doms have been targeted with additional taxes, which has prompted many of them to leave the country. From the 1950s to early 2000s, the UK, and London in particular, has been one of the world’s top destinations for migrating millionaires and it has been popular among wealthy families from mainland Europe, Africa, Asia, and the Middle East, according to NWW’s head of research Andrew Amoils.
Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney, and Singapore look to be among the top destination cities for millionaires leaving the UK – while Florida, the Algarve, Malta, and the Italian Riviera are also attractive as retirement hotspots. In a blog, Mr Amoils said there are “multiple complex drivers” behind the UK’s wealth outflow.
