More than 10,000 millionaires have quit UK – new analysis

More than 10,000 millionaires have left the UK in the past year, analysts say.

Taxes, the growing dominance of the US and Asia in the global hi-tech sector, the “dwindling” importance of the London Stock Exchange and the “deteriorating” state of the health system are some of the potential drivers of the exodus, according to the New World Wealth (NWW) global analytics firm.

Britain lost a net 10,800 millionaires in 2024, while the figure was 4,200 in 2023.

Only China lost more wealthy residents in that period.

The UK also lost 16,500 millionaires to migration from 2017 to 2023, which included Brexit and the pandemic, the figures say.

Migrating millionaires

From the 1950s to early 2000s, the UK, and London in particular, has been one of the world’s top destinations for migrating millionaires and it has been popular among wealthy families from mainland Europe, Africa, Asia, and the Middle East, according to NWW’s head of research Andrew Amoils.

Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney, and Singapore look to be among the top destination cities for millionaires leaving the UK – while Florida, the Algarve, Malta, and the Italian Riviera are also attractive as retirement hotspots.

In a blog, Mr Amoils said there are “multiple complex drivers” behind the UK’s wealth outflow.

He added: “Wealthy non-doms have been targeted with additional taxes, which has prompted many of them to leave the country.”

He also suggested the levels of capital gains tax and estate duty rates also deter wealthy business owners and retirees – and these taxes also have a spillover effect on the local wealth management and family office sector, which is showing signs of decline.

English

Mr Amoils said: “Historically, much of the UK’s appeal lay in its language, English, which is the first or second language of most high net-worth individuals globally.

“However, over time this has become less important as the economies of the other major English-speaking countries (US, Australia, and Canada) have grown.

“Furthermore, there are now several other high-income markets where those who only speak English can get by, including the likes of Singapore, the UAE, New Zealand, Malta, Switzerland, and Mauritius.

“The top-end schools and universities in these countries have also improved over time and many are now rated on a par with the UK.”

The figures are from New World Wealth, the global analytics firm, and investment migration advisers Henley & Partners, which looked at high net-worth individuals with liquid assets of more than one million US dollars (£821,500), The Times said.

Pimlico Plumbers founder Charlie Mullins, who has moved to Spain, told the newspaper: “Britain is in trouble.

“I’m not going to blame Labour completely, the Tories also lost the plot, but Labour have made it worse.

“They’ve raised taxes, and added new employment laws like getting a contract from day one.

“It makes it hard to run a business.”

A Treasury spokesman said: “We are committed to tax reforms that are progressive and underpinned by fairness.

“It is right that those who can afford to, contribute their fair share to fix the foundations to provide stability and fund public services to drive growth.

“The OBR (Office for Budget Responsibility) expects the non dom reforms to raise £33.8 billion over the next five years to help fund the investment projects needed to deliver on the Plan for Change and improve living standards across the country.”