UK to Lose Record 16,500 Millionaires in 2025 as Tax Hikes Drive Exodus
The UK is set to witness a record-breaking net outflow of high-net-worth individuals (HNWIs) in 2025, with a staggering 16,500 millionaires expected to leave. This is more than double the anticipated net outflow from China and the first time in a decade that a European country leads the world in millionaire outflows.
The shift is driven partly by Labour's sweeping tax reforms, including sharp hikes in capital gains and inheritance taxes. Shadow Business Secretary Andrew Griffith warned of the wider consequences, stating, 'There is nothing good about wealth creators fleeing the country, leaving the rest of us to pay higher taxes or have worse public services.'
Meanwhile, Southern Europe is emerging as a new center of gravity for wealth migration. Italy, Portugal, and Greece are forecast to see record inflows of 3,600, 1,400, and 1,200 millionaires, respectively. The UAE retains its crown as the world's leading wealth magnet, with a record net inflow of 9,800 relocating millionaires expected this year.
South Korea is also expected to see significant net outflows of HNWIs in 2025, following a period of economic and political turbulence. EU heavyweights France, Spain, and Germany are also expected to see net HNWI losses in 2025. The CEO of Henley & Partners, Juerg Steffen, predicts the largest global exodus of billionaires from the UK in 2025.
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