For years, discussions about people leaving the UK have focused on students, retirees, or lifestyle movers. However, a more significant trend has been emerging: UK millionaires are leaving the country in increasing numbers.
How Many UK Millionaires Are Leaving?
The UK does not track the wealth of emigrants in official migration statistics, so millionaire migration is monitored by private wealth researchers. The most credible source is the Henley & Partners Global Private Wealth Migration Report, with data from New World Wealth.
According to Henley & Partners, approximately 4,200 UK millionaires left the country in 2023. That number jumped to around 9,500 in 2024, setting a record. Early estimates for 2025 suggest that 9,000 to 10,000 may leave, making the UK one of the top countries globally for millionaire outflows alongside China and India.
Weekly and Daily Averages
Henley reports annual figures rather than weekly counts, but breaking these down provides context. Using the 2024 figure of roughly 9,500, this equates to around 790 per month, approximately 180 per week, or around 25 per day. In other words, between 150 and 200 UK millionaires leave the country each week on average. These figures are averages and not live counts, but they help to illustrate the scale of the trend.
Why Are UK Millionaires Leaving?
The reasons behind this migration are largely financial rather than cultural.
The Tax Environment
The UK remains one of the highest tax developed economies for mobile wealth. By late 2025, high earners face a 45% additional rate of income tax, frozen thresholds causing fiscal drag, a capital gains tax allowance of £3,000, a dividend allowance of £500, and inheritance tax at 40%. For entrepreneurs, investors, and business owners, these taxes can significantly reduce disposable wealth. According to Henley & Partners, tax pressure and uncertainty remain the primary driver of UK millionaire emigration.
Non-Dom Rule Changes
The effective dismantling of the UK’s non dom tax regime has also played a significant role. Non dom status previously allowed wealthy individuals to reduce UK tax liabilities on foreign income. Changes to this regime have made the UK less attractive to internationally mobile wealth and encouraged relocation. For those whose assets span multiple countries, long term clarity and stability are key, and the UK now ranks lower on this scale compared to alternative destinations.
Housing and Property Costs
Housing costs are another contributing factor. Average UK house prices in late 2025 remain around £290,000, with prime London property continuing to stagnate. Stamp duty remains high, and capital gains exposure on property has increased. For millionaires, the UK property market is increasingly seen as illiquid, expensive, and tax inefficient. Many destination countries offer lower transaction costs, stronger rental yields, or simpler ownership structures.
Cost of Living
While millionaires can afford higher living costs, the balance between expenses and value is increasingly unfavourable in the UK. The combination of high taxation, housing costs, business expenses, and rising council tax makes the UK less appealing compared to countries such as the UAE, Singapore, Portugal, or Switzerland, which offer lower or zero income tax, predictable wealth structures, and attractive lifestyles.
Popular Destinations for UK Millionaires
The most common destinations for emigrating UK millionaires, based on Henley & Partners and New World Wealth data, include the United Arab Emirates, Singapore, Australia, Portugal, and Switzerland. These countries are not chosen solely for lifestyle reasons but also for financial strategy. Lower or zero income tax, business friendly environments, and stable legal systems are major draws for globally mobile wealth.
The Wider UK Emigration Context
Overall UK emigration remains elevated. The Office for National Statistics reports that approximately 557,000 people left the UK in the year ending June 2024, which averages around 10,700 people per week. While millionaires are a small fraction of the total, their economic impact is significant, particularly in terms of tax contributions, investment capital, and business creation. Losing even a few thousand high net worth individuals per year has important fiscal consequences.
Is the UK Facing a Wealth Drain?
This trend can be described as a “wealth drain.” Indicators such as increasing numbers of taxpayers becoming non UK resident, business founders relocating, and declining competitiveness in global wealth rankings suggest the UK is losing both capital and entrepreneurial activity. While immigration helps maintain population numbers, it does not automatically replace the experience, investment, or business leadership that leaving millionaires take with them.
Implications for 2026 and Beyond
If these trends continue, the UK risks a feedback loop in which higher taxes drive wealth abroad, resulting in a narrower domestic tax base and further pressure on those who remain. Understanding these patterns is essential for anyone concerned with long term wealth preservation, investment strategy, or personal financial planning.
The migration of UK millionaires is a rational response to financial incentives. Around 150–200 high net worth individuals leave the UK each week, making strategic decisions about taxation, housing, and lifestyle. This trend highlights the importance of understanding how policy, costs, and global mobility affect wealth.
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