The UK is experiencing its largest net outflow of millionaires, as rising taxes and policy changes prompt the affluent to seek more stable and attractive jurisdictions like Singapore, Switzerland, and Portugal, according to Henley & Partners.
Britain is losing some of its shine for the globally mobile wealthy as a combination of tax rises, policy shifts and wider fiscal uncertainty pushes affluent families to look elsewhere, according to Henley & Partners. The migration consultancy says the UK has moved from being its 20th-largest source of new clients in 2018 to its fifth-largest today, reflecting a marked change in how rich individuals view the country’s long-term appeal.
The firm’s Millionaires on the Move report points to a series of pressures behind that shift, including the abolition of non-dom status, changes to inheritance tax and the end of the Tier 1 Investor Visa, which was often used as a route for wealthy overseas investors. Henley & Partners says the result is a climate in which many residents are reassessing where to base themselves, with the UK now named among five countries where wealthy residents are weighing whether to leave, alongside Germany, Norway, South Korea and France.
In its wider 2025 wealth migration analysis, Henley & Partners forecasts a record 142,000 millionaires will move internationally this year, with Britain expected to suffer the largest net outflow, at 16,500. The report argues that the UK has not only tightened its tax treatment of wealth, but also failed to replace the investor route with an effective alternative for attracting wealthy newcomers. It says clearer paths to indefinite leave to remain and a revived investor visa could help stem the exodus.
The policy backdrop matters because Britain’s tax take has risen sharply. Rachel Reeves’ autumn Budget added new levies on higher-value property, while income from property and dividends has also faced heavier treatment. For advisers and wealth planners, the cumulative effect is as important as any single measure. As one chartered financial planner told Newspage, each policy may seem defensible in isolation, but together they can feel like a signal that wealth is being targeted.
Where the wealthy are heading instead is equally telling. Henley & Partners says Singapore, Italy, Switzerland, Greece, Hong Kong and New Zealand are drawing interest, with the UAE also remaining a major magnet. The firm says these jurisdictions are benefitting from political stability, clearer rules and more attractive tax frameworks. In Italy, for example, interest has been driven by its flat-tax regime for new residents and favourable inheritance treatment, while Portugal is winning support from investors seeking more space, EU access and long-term capital growth.
Source Reference Map
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Source: Noah Wire Services
Verification / Sources
- https://www.dailymail.com/money/financial-planning/article-15903659/Tax-hikes-fiscal-uncertainty-mean-Britain-appealing-wealthy.html?ns_mchannel=rss&ito=1490&ns_campaign=1490 – Please view link – unable to able to access data
- https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2025/how-uk-can-regain-its-millionaire-appeal – This article discusses the decline in the UK’s appeal to high-net-worth individuals (HNWIs) due to policy inaction and economic uncertainty. It highlights the net outflow of millionaires since 2016, with projections indicating a loss of 16,500 millionaires in 2025. The closure of the Tier 1 (Investor) visa in 2022 and the absence of an inbound framework for attracting wealthy migrants are cited as contributing factors. The article suggests that reintroducing an investor route and providing clearer pathways to Indefinite Leave to Remain could help mitigate millionaire outflows and enhance the UK’s competitiveness.
- https://www.henleyglobal.com/newsroom/press-releases/henley-private-wealth-migration-report-2025 – The press release announces the Henley Private Wealth Migration Report 2025, forecasting a record-breaking 142,000 millionaires to relocate internationally this year. The UK is projected to experience the largest net outflow of high-net-worth individuals, with an anticipated loss of 16,500 millionaires. In contrast, the UAE is expected to attract a net inflow of 9,800 millionaires, maintaining its position as the world’s leading wealth magnet. The report underscores the impact of strategic wealth migration on global economic power shifts.
- https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2025/taxing-choice-migration-millionaires-and-meaning-exodus – This article examines the factors influencing the migration of millionaires, focusing on the UK’s net outflow of high-net-worth individuals. It discusses the impact of tax reforms, including the abolition of the non-domicile status and changes to inheritance tax, on the UK’s attractiveness to wealthy individuals. The article also highlights the closure of the Tier 1 (Investor) visa in 2022 and the absence of a dedicated pathway for attracting wealthy migrants as contributing factors to the UK’s declining appeal.
- https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2025/what-driving-uks-millionaire-exodus – This article explores the reasons behind the UK’s net outflow of millionaires, highlighting factors such as the loss of Euroclear activities since Brexit and the closure of the Tier 1 (Investor) visa in 2022. It also discusses recent policy shifts, including the abolition of the non-domicile status and changes to inheritance tax, which have diminished the UK’s appeal to wealthy foreign nationals. The article suggests that these developments have prompted many affluent individuals to consider relocating to more investor-friendly jurisdictions.
- https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2025 – The Henley Private Wealth Migration Report 2025 provides insights into global wealth migration trends, including projections of net high-net-worth individual (HNWI) inflows and outflows. The report highlights the UK’s projected net outflow of 16,500 millionaires in 2025, the highest in the world. It also discusses the rise of Southern Europe as a new centre of gravity for wealth migration, with countries like Switzerland, Italy, Portugal, and Greece expected to see record inflows due to favourable tax regimes and active investment migration programmes.
- https://moneyweek.com/personal-finance/tax/where-rich-relocate-to – This article discusses the increasing number of wealthy individuals and business owners leaving the UK due to rising tax burdens and economic instability. It highlights the end of non-domicile status, higher property and dividend taxes, and the introduction of a ‘mansion tax’ as contributing factors. The article also mentions that Henley & Partners forecasts the UK will lose 16,500 millionaires in 2025, the highest in the world, as wealthy individuals seek more favourable tax and investment environments.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score: 7
Notes: The article references Henley & Partners’ Private Wealth Migration Report 2025, published on 24 June 2025. (henleyglobal.com) The article was published on 19 June 2026, indicating a freshness gap of nearly a year. While the data is recent, the narrative may be considered outdated, potentially affecting its relevance.
Quotes check
Score: 6
Notes: The article includes direct quotes attributed to Henley & Partners’ report and a chartered financial planner. However, without access to the full report and the original source of the planner’s statement, the authenticity and context of these quotes cannot be independently verified. This lack of verification raises concerns about the reliability of the information presented.
Source reliability
Score: 5
Notes: The primary source, Henley & Partners, is a reputable firm specialising in residence and citizenship planning. However, as a private company, their reports may have inherent biases. The article also cites a chartered financial planner, but without specific identification, it’s challenging to assess the credibility of this secondary source. The reliance on a single, potentially biased source diminishes the overall reliability of the information.
Plausibility check
Score: 7
Notes: The claims about the UK’s net outflow of millionaires and the factors influencing this trend align with broader discussions on wealth migration. However, the article lacks specific data points and references to support these claims, making it difficult to fully assess their accuracy. The absence of detailed evidence weakens the plausibility of the narrative.