In the past decade, the United Kingdom has been one of the world’s top destinations for global wealth. But recent years have brought a sharp reversal. According to research, the UK saw a record net outflow of around 9,500 millionaires in 2024 alone—marking its most dramatic wealth migration loss to date.

This figure isn’t just a statistical anomaly. It’s a symptom of deeper structural concerns, from unfavourable tax reforms to political instability. In this article, we explore why Britain’s high-net-worth individuals (HNWIs) are relocating, where they are going, and what this means for the UK economy going forward.

The Scale of Wealth Flight

Between 2017 and 2023, the UK lost over 16,500 millionaires through emigration. But 2024 alone surpassed all previous years, with 9,500 HNWIs relocating abroad. This included:

• 78 centi-millionaires (individuals with over £100 million in assets)
  
  
• 12 billionaires
  
  

While the UK still hosts over 600,000 millionaires, this trend is no longer marginal. It reflects growing discomfort among wealthy individuals with the UK’s changing fiscal and political environment.

Why Are British Millionaires Leaving?

1. Tax Policy Overhaul

The most widely cited reason for the exodus is the aggressive shift in tax policy.

The abolition of the non-domicile (non-dom) tax regime, announced in 2024, eliminated a decades-long incentive for wealthy foreign residents to keep the UK as their base. The removal of this scheme meant:

• Worldwide income and capital gains were now fully taxable after a short grace period
  
  
• Offshore assets became subject to UK inheritance tax
  
  
• Reductions in capital gains allowances and dividend thresholds further narrowed wealth planning tools
  
  

The Office for Budget Responsibility estimated these tax reforms would raise over £33.8 billion in revenue over five years. However, early signs suggest this may come at the cost of diminished competitiveness for attracting and retaining mobile global capital.

2. Economic and Political Uncertainty

The lingering effects of Brexit, combined with multiple changes in government leadership and inconsistent economic policy, have created an atmosphere of unpredictability.

For many HNWIs, especially entrepreneurs and investors this has prompted concern about long-term security, stability, and growth prospects within the UK.

3. Declining Perception of the UK as a Global Hub

London, once seen as the undisputed financial and cultural capital of Europe, is facing growing competition from cities like:

• Dubai (financial innovation, tax incentives)
  
  
• Singapore (strong regulatory framework)
  
  
• Milan, Lisbon, and Zurich (wealth-friendly tax regimes and lifestyle advantages)
  
  

For those with portable wealth, relocating has become not only easier but strategically advantageous.

Where Are They Going?

In 2024, the UK recorded its highest-ever outflow of millionaires, with nearly 9,500 HNWIs relocating abroad. Now in 2025, we can clearly see where they’ve gone and why.

While motivations differ, common factors include tax efficiency, economic and political stability, and lifestyle appeal. Below is a breakdown of the top destinations attracting British high-net-worth individuals.

Dubai

Dubai remains the most popular destination for UK HNWIs. In 2024 alone, it welcomed an estimated 6,700 new millionaires, many of them from Britain. Its appeal is grounded in:

• Zero income, capital gains, and inheritance taxes
  
  
• A long-term golden visa scheme with no minimum stay requirement
  
  
• A booming luxury property market, business-friendly environment, and elite lifestyle
  
  

The city also offers fast-track company formation, favourable banking regulations, and a large English-speaking expatriate community.

Italy

Italy has become increasingly attractive since introducing a €100,000 flat tax regime for foreign income, available to new residents. This has drawn wealth holders seeking both fiscal predictability and lifestyle benefits.

Regions like Tuscany, Lombardy, and Rome are favourites among British families, retirees, and entrepreneurs who want EU residency without high tax burdens.

Switzerland

Switzerland continues to attract those seeking wealth preservation and stability. The lump-sum taxation system, known as forfait fiscal, allows affluent individuals to negotiate a fixed annual tax unrelated to global income.

Cities like Geneva, Zurich, and Lugano offer discretion, asset protection, and world-class financial services. For families, the Swiss education and healthcare systems also rank highly.

United States (Florida)

Florida remains a top choice for Brits, especially through the EB-5 Investor Visa. In addition to a favourable business climate, Florida offers:

• No state income tax
  
  
• Robust private healthcare and schooling
  
  
• Luxury living in cities like Miami and Palm Beach
  
  

Portugal 

Although Portugal phased out its property-based golden visa in 2023, interest remains strong through fund investment options and digital nomad pathways. Coastal cities like Lisbon and Porto still attract affluent lifestyle migrants. Minimal physical presence requirements, EU mobility, and a strong British expat network keep Portugal high on the list in 2025. 

Singapore

Singapore appeals to British entrepreneurs and investors looking for a low-tax, high-efficiency jurisdiction in Asia. The city-state offers:

• No capital gains tax
  
  
• A stable banking environment
  
  
• Strategic access to Southeast Asia
  
  

Although immigration pathways are more selective, the Global Investor Programme (GIP) offers residency in return for substantial investments in approved sectors or funds.

Malta and Cyprus

Malta and Cyprus are smaller jurisdictions, but consistently draw HNWIs with:

• Investor residency or citizenship programmes
  
  
• English-speaking populations and EU access
  
  
• Attractive regimes for pensioners, family offices, and crypto investors
  
  

These nations are often seen as ideal for second residency or plan-B structuring for estate and wealth planning.

Greece

Greece is quietly rising as a go-to destination for British investors. With one of the most affordable Golden Visa options in Europe and no minimum stay requirement, it’s ideal for those seeking EU residency and a Mediterranean lifestyle without severing UK ties.

What This Shift Really Signals

The record-breaking exodus of British millionaires in 2024 was not just a reaction to tax reform, it was a statement about long-term confidence. For many high-net-worth individuals, the UK has started to feel like a less predictable, less competitive base for preserving and growing wealth.

By mid-2025, their destination choices make it clear: global mobility is no longer a privilege, it’s a strategy. Countries like Dubai, Italy, Portugal, and Greece are positioning themselves as open, flexible, and fiscally attractive to the world’s most mobile capital.

If the UK wants to remain relevant in this shifting landscape, it will need to do more than just tinker with tax thresholds. It must reframe its relationship with wealth, seeing it not as a domestic liability to be managed, but as a mobile asset to be retained.

Because when wealth moves, so does opportunity.