10,000 millionaires have left Britain
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Over 10,000 Millionaires Exit Britain in 2024, Seeking Tax-Friendly Havens

London, Jan 31, 2025 — Britain has experienced a significant exodus of its wealthy elite, with over 10,800 millionaires leaving the country in 2024. According to analytics firm New World Wealth (NWW), this figure marks a 157 percent increase from the 4,200 millionaires who departed in 2023, making the UK the second most affected nation after China.

NWW attributes this mass departure partly to the rising tax burdens in the UK. Wealth taxes, especially those targeting non-domiciled residents (non-doms), have been a major driving force behind the move. In March 2024, former Conservative Chancellor Jeremy Hunt announced that non-doms would be required to pay UK tax on their overseas earnings for the first time. This policy change was further intensified by the Labor Party’s November 2024 Budget, which proposed scrapping the non-dom status entirely from April 2025, reported by City AM.

Andrew Amoils, Head of Research at NWW, explained, “Wealthy non-doms have been targeted with additional taxes, which has prompted many of them to leave the country. 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.”

The top destinations for departing UK millionaires include Amsterdam, Dubai, Geneva, Monaco, Paris, Singapore, and Sydney. Retirees, in particular, are favoring the Algarve, Florida, the Italian Riviera, and Malta for their favorable climates and lifestyle offerings.

NWW highlighted that the UK’s diminished role in the global technology sector compared to the US and Asia, along with the faltering London Stock Exchange, has also contributed to the wealth flight. “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,” Amoils added. He emphasized that the reasons for millionaires leaving the UK are “multiple complex drivers,” including high capital gains tax and estate duty, as well as the improvement of overseas private schools and universities to rival those in the UK.

The loss of such a significant number of millionaires is a blow to Britain’s international reputation as a haven for the wealthy. Since the 1950s, the UK has been a magnet for affluent individuals from Africa, Asia, Europe, and the Middle East. However, recent policy shifts and economic factors have eroded this long-standing appeal.

The impact of this wealth flight is multifaceted. Beyond the immediate economic implications, the departure of millionaires can affect investment, real estate markets, and the overall perception of the UK as a stable and attractive place for high-net-worth individuals. As the government grapples with retaining its affluent residents, the challenge lies in balancing tax policies with the need to maintain Britain’s status as a global financial hub.

In response to the trend, some policymakers argue for a reassessment of tax strategies to prevent further loss of wealth and expertise. “We need to create a more favorable environment for our millionaires to stay and invest in the UK,” suggested a senior government advisor. However, with strong political commitments to tax reforms, reversing the trend may prove difficult in the near term.

As the UK faces this significant outflow of wealth, the government’s ability to adapt its policies and restore confidence among the country’s affluent population will be crucial in determining its future economic trajectory.

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