Following the governments increases of tax and the Chancellor targeting non-doms the UK is set to see 16,500 millionaires flee Britain this year alone.
The Henley Private Wealth Migration report has revealed that 142,000 millionaires globally will move to a new country in 2025 and the exodus from the UK is down to a “historic wave of wealth migration.”
According to the report the UK will lose ten times as wealth individuals than Russia and twice as many as China this year.
Dr Juerg Steffen, Henley & Partners’ chief executive cautioned that the UK is now in a “a cautionary tale in this new era of wealth migration.”
Dr Steffen told The Times, “This unprecedented outflow follows an already record-breaking year in 2024, when 10,800 affluent residents departed in search of greener pastures, compounding the mounting capital drain that began with Brexit.
“Prior to 2016, the UK had always attracted more millionaires than it lost to migration.”
He added that the Chancellor’s plans on inheritance tax for wealthy foreigners has “triggered a sharp escalation, pushing net millionaire departures into double digits for the first time.”
