Report states millionaires leaving UK 10x faster than Russia
(MENAFN) The UK is projected to lose 16,500 millionaires in 2025—a record figure—according to a new Henley Private Wealth Migration Report cited by The Times. This outflow surpasses millionaire departures from both China and Russia, despite those countries experiencing more intense geopolitical and economic challenges.
The report attributes the mass departure of wealthy individuals to recent UK policy changes, notably the 2024 abolition of the long-standing non-domicile tax regime. This system previously allowed affluent foreigners to shield offshore income from UK taxation. It has now been replaced with a residency-based framework, exposing individuals to full global taxation after just four years in the country, and full inheritance tax obligations after ten.
These tax reforms, coupled with the 2022 termination of the Tier 1 investor visa and ongoing economic uncertainty, have driven what Henley calls a “historic wave” of wealth migration. The expected 2025 exodus builds on a previous record set in 2024, when 10,800 millionaires left the UK—marking a stark shift from the pre-Brexit era, when Britain attracted wealthy migrants.
The United Arab Emirates has emerged as the leading destination for departing UK millionaires. Henley & Partners estimates that those leaving in 2025 collectively hold around £66 billion (roughly $90 billion) in investable assets.
Remarkably, the UK’s projected millionaire loss is double that of China and ten times higher than Russia’s, despite the latter enduring extensive Western sanctions and corporate pullouts since 2022. Russian officials, however, have continued to claim that these sanctions have had minimal impact on their economy, with President Vladimir Putin highlighting the nation’s adaptability and strength under pressure.
The Henley report, compiled with data from global wealth tracker New World Wealth, monitors the movements of over 150,000 high-net-worth individuals using sources such as LinkedIn, visa statistics, property records, and internal client data. For the report’s purposes, millionaires are defined as individuals with at least $1 million in liquid investable assets.
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