United Kingdom sees record millionaire exodus due to tax reforms

The United Kingdom has experienced a significant exodus of wealthy individuals, according to a report by Henley & Partners. In 2025, the country lost approximately 16,500 millionaires, representing a combined wealth of nearly $91.8 billion. This figure is double the number of millionaires leaving China.

The migration is largely attributed to changes in tax policy, specifically the end of the ‘non-dom’ regime which previously allowed wealthy residents to avoid taxes on foreign income. Additionally, proposed fiscal reforms aiming to impose an average additional tax of 2% on the wealthiest could push tax rates for these individuals into the 40% to 45% range.

Data from the Adam Smith Institute indicates that the number of millionaires in the UK is at its lowest level since 2008. Martin Ott, CEO of Taxfix, noted that many wealthy clients have already chosen to leave the country in response to these shifting tax landscapes.