What's happened
The Henley Private Wealth Migration Report 2025 reveals the UK is set to lose a record 16,500 millionaires this year, driven by tax reforms and a perception of better opportunities abroad. The UAE is expected to attract 9,800 millionaires, solidifying its status as a top destination for wealth migration.
What's behind the headline?
Key Drivers of Wealth Migration
- Tax Reforms: The UK government has implemented sharp increases in capital gains and inheritance taxes, particularly affecting non-domiciled residents.
- Perception of Opportunity: Wealthy individuals are increasingly viewing the UK as less favorable compared to countries like the UAE, which offer more attractive tax regimes and lifestyle benefits.
- Economic Competitiveness: The UK's declining appeal as a wealth haven is raising concerns about its long-term economic competitiveness, with experts warning of significant implications for investment and growth.
Future Implications
- Continued Outflow: The trend of wealthy individuals leaving the UK is likely to continue unless significant policy changes are made to attract and retain high-net-worth individuals.
- Impact on Local Economy: The loss of millionaires could lead to reduced investment in the UK economy, further exacerbating economic challenges.
What the papers say
According to Business Insider UK, the UK is set to lose a record 16,500 millionaires in 2025, marking a significant shift in wealth migration patterns. Juerg Steffen, CEO at Henley & Partners, noted that this is the first time a European country leads in millionaire outflows, highlighting a broader trend of wealthy individuals seeking stability and opportunity elsewhere. Meanwhile, Gulf News reports that the UAE is becoming a prime destination for these individuals, with notable relocations from high-profile figures like John Fredriksen and Michael Platt, who cite the UK's tax reforms as a driving factor for their moves. The Independent emphasizes that the UK's economic performance and tax policies are pushing affluent individuals towards more favorable jurisdictions, such as the UAE, Monaco, and Malta. This sentiment is echoed by Bloomberg, which discusses the implications of the UK's tax changes on its attractiveness to wealthy individuals.
How we got here
The UK has seen a decade of economic challenges and significant tax reforms, particularly affecting high-net-worth individuals. The abolition of the non-dom tax status and increased inheritance taxes have prompted many wealthy individuals to seek more favorable jurisdictions, notably the UAE.
Go deeper
- What are the reasons behind the millionaire exodus from the UK?
- How is the UAE attracting so many wealthy individuals?
- What impact will this have on the UK economy?
Common question
-
What Are the Proposed Changes to Inheritance Tax in the UK?
Chancellor Rachel Reeves is considering significant changes to inheritance tax rules, particularly affecting non-domiciled individuals. These proposed adjustments aim to address tax equity but have raised concerns about a potential exodus of wealthy individuals from the UK. Here’s what you need to know about these changes and their implications.
-
What are the Economic Challenges Facing the UK in 2025?
As the UK grapples with rising public sector borrowing and potential tax reforms, many citizens are left wondering how these economic challenges will impact their daily lives. This page addresses common questions about the current fiscal landscape, including government responses and implications for taxpayers.
-
What are the impacts of the new UK tax reforms on wealthy residents?
Recent tax reforms in the UK have sparked significant discussions about their effects on high net worth individuals. With the abolition of non-dom status and rising concerns about millionaire migration, many are left wondering how these changes will shape the future of wealth in the UK. Below are some common questions and answers regarding these reforms and their implications.
-
Why are so many millionaires leaving the UK?
The UK is experiencing a significant exodus of millionaires, with a record 16,500 expected to leave in 2025. This trend raises important questions about the underlying causes and potential consequences for the UK economy. What factors are driving this migration, and which countries are becoming the new havens for the wealthy? Below, we explore these pressing questions and more.
-
Why are so many millionaires leaving the UK in 2025?
In 2025, the UK is witnessing an unprecedented exodus of millionaires, with a record 16,500 expected to leave. This trend raises important questions about the factors driving this migration and its implications for the UK economy. Below, we explore the reasons behind this shift, the countries attracting these wealthy individuals, and what the future may hold for the UK's financial landscape.
-
How is AI Changing Job Opportunities in the UK?
The impact of artificial intelligence (AI) on the UK job market is profound and multifaceted. While AI is reshaping job opportunities, it also presents challenges, especially for recent graduates. This page explores the evolving landscape of employment in the UK, highlighting sectors that are thriving and those that are struggling amidst these technological advancements.
-
Why is the UAE Attracting So Many Millionaires from the UK?
The recent Henley Private Wealth Migration Report highlights a significant trend: the UK is losing a record number of millionaires, while the UAE is becoming a prime destination for wealth migration. This raises questions about the factors driving this shift and the implications for both countries. Below, we explore the reasons behind this migration and what it means for the future of wealth distribution.
More on these topics
-
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country located off the northwestern coast of the European mainland.
-
Rachel Jane Reeves is a British Labour Party politician serving as Shadow Chancellor of the Duchy of Lancaster and Shadow Minister for the Cabinet Office since 2020. She has been the Member of Parliament for Leeds West since 2010.
-
The Labour Party, commonly Labour, is one of the two main political parties in the United Kingdom, along with the Conservative Party. It sits on the centre-left of the left–right political spectrum, and has been described as an alliance of social democr
-
Nigel Paul Farage is a British politician. He has been leader of the Brexit Party since 2019, and served as Member of the European Parliament for South East England from 1999 until the United Kingdom's exit from the EU in 2020.
-
The United Arab Emirates, sometimes simply called the Emirates, is a sovereign state in Western Asia at the northeast end of the Arabian Peninsula on the Persian Gulf, bordering Oman to the east and Saudi Arabia to the south and west, as well as sharing m