UK millionaire exodus

Raunaq Mohammad Wealth Management

1st March 2025

Written by Raunaq Mohammad

The UK lost 10800 millionaires to foreign countries las year, this being more than double the number that left in 2023. Shockingly this means that since labour came into power, one millionaire left the UK every 45 minutes.

Another hugely worrying statistic for the UK is that this millionaire exodus is equal to the UK losing 530000 average taxpayers as the free market think tank said one millionaire’s tax payment is equivalent to that of 49 average tax payers which comes as a huge blow the country as a whole.

Why you may ask? Why all of a sudden do these high profile millionaires no longer see the UK fit to live their lavish lifestyles in?

The exodus was sparked by Labour’s tax raids on private schools as well as a general collapse in business confidence after Rachel Reeves’ October budget.

Adam Smith Institute (ASI) research showed that each millionaire that left Britain last year would have paid at least £393,957 in income tax per year resulting in loss of a staggering amount of income tax for the British government.

Maxwell Marlow, director of research at the ASI warned that the exodus of millionaires would have serious implications for the wider British economy and public services.

This exodus has been driven mainly by taxes, the growing dominance of the US and Asia in the global hi-tech sector and the state of the health system in the UK according to the New World Wealth (NWW) global analytics firm.

Only China lost more wealthy residents than the UK in 2024 emphasising the true magnitude of the situation.

These millionaires are leaving London for destinations such as Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney and Singapore research has found.

Amongst other reasons, the levels of capital gains tax and estate duty rates also deter wealthy business owners and retirees as these taxes also have a knock on effect on local wealth management and the family office sector.

Additionally, wealthy non-doms being targeted with additional taxes has also prompted many millionaires to leave the UK.

A treasury spokesperson said “The office for budget responsibility does not expect the non-dom reforms to negatively impact the economy including indirect tax receipts”

The long term effects of this UK millionaire exodus are still yet to be seen and the severity of these implications could have detrimental effects on the UK economy as a whole