The predicted millionaire exodus from the UK has been widely reported, but new figures from Henley & Partners have highlighted just how big the flight of the rich from British shores could be.
The UK is forecast to lose 16,500 high-net-worth individuals this year, according to the Henley Private Wealth Migration Report 2025. This figure is more than doubles the anticipated outflow from China, which holds the second position in millionaire losses for the year at a projected 7,800.
CEO of Henley & Partners, Dr Juerg Steffen said that this trend transcended just tax implications, and suggested a broader perception among wealthy individuals that opportunities, stability and freedom may be more accessible in other regions.
Several major EU nations are projected to experience similar wealth losses for the first time. France, Spain, and Germany are expected to witness net outflows of 800, 500, and 400 millionaires, respectively. Ireland, Norway, and Sweden are beginning to show significant declines in affluent populations.
The outflow of the rich is part of a wider migration trend, with the report predicting that a record 142,000 millionaires globally were expected to relocate internationally in 2025.
[See also: Shadow Business Secretary: Britain ‘will be back’ as hub for wealth creators]
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‘2025 marks a pivotal moment. For the first time in a decade of tracking, a European country leads the world in millionaire outflows,’ Steffen said.
He added: ‘The long-term implications for Europe and the UK’s economic competitiveness and investment appeal are significant.’
Commenting on the findings, Spear’s Top Flight tax lawyer, Robert Brodrick, private client partner at Payne Hicks Beach said: ‘Italy now charges an annual EUR200,000 for non-dom status. The US is also about to launch their own non-dom alternative called the Trump Gold Card with a much more significant $5 million up front payment.
‘If Rachel Reeves genuinely wants to boost growth and attract investment to the UK, she can avoid an embarrassing u-turn and introduce a new inward investment visa with a properly costed up-front investment and an annual lump-sum payment to satisfy worldwide tax liabilities – this needs to be a meaningful amount, but the system needs to be simple, and above all it should encourage people to bring their money into the UK.’
Global shifts
The UAE continued to solidify its status as the world’s preeminent wealth magnet. A net inflow of 9,800 millionaires is expected, driven in part by attractive golden visa options tailored for international investors. Saudi Arabia is emerging as a strong contender, projected to see a net inflow of 2,400 millionaires, bolstered by a return of nationals and an influx of international entrepreneurs to cities like Riyadh and Jeddah.
In the United States, despite facing economic challenges, predictions indicated a record net gain of 7,500 millionaires in 2025. Although some high-net-worth individuals are migrating away from the US to attractive retirement spots like Portugal and Costa Rica, the overall trend reflects a significant net gain.
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Switzerland is set to attract a net increase of 3,000 migrating millionaires this year, while Italy, Portugal, and Greece are expected to welcome 3,600, 1,400, and 1,200 new residents, respectively. These nations are capitalising on their favourable tax regimes and lifestyle offerings, establishing themselves as new hubs for wealth migration in Southern Europe.
Emerging markets are also gaining prominence with Montenegro’s growth rate of 124 per cent in resident millionaires over the past decade a particular stand out, driven by attractive investment opportunities and low taxes. Similarly, Malta and Latvia are experiencing significant growth in their wealthy populations.
Henley & Parnters uses various public sources to check city locations, including LinkedIn and other business portals. Its statistics are therefore mainly based on the work locations of the individuals.
