Mass Exodus of UK Billionaires: Over 17,000 High-Net-Worth Individuals Leaving, Reshaping Global Wealth Landscape

In 2025, the UK is undergoing an unprecedented wealth outflow crisis. According to Henley & Partners, up to 16,500 high-net-worth individuals (HNWIs) are expected to leave the UK this year, taking with them nearly $92 billion in investable assets, accounting for 9% of this group. This marks the largest recorded billionaire exodus globally and signifies Europe leading the global wealthy migration for the first time.

At the heart of this exodus is the phased abolition of the UK’s centuries-old “non-domiciled” tax status, which allowed many wealthy foreigners to avoid paying taxes on overseas income and global inheritance tax. Announced in March 2024, the UK government plans to end this system, requiring new immigrants to pay global taxes within four years and increasing the inheritance tax rate on global assets to 40%. Changes to agricultural and business property reliefs have further fueled this departure.

Numerous prominent figures have relocated abroad, including Hauser & Wirth gallery owners Iwan and Manuela Wirth, shipping magnate John Fredriksen, BlueCrest co-founder Michael Platt, and property developers the Livingstone brothers, moving to Switzerland, the UAE, Italy, and Monaco. Other notable departures include Goldman Sachs Vice Chairman Richard Gnodde and Egyptian billionaire Nassef Sawiris.

The UK’s high tax burden exacerbates wealth erosion, with top marginal income tax rates effectively reaching 60%, and recent hikes in capital gains and inheritance taxes diminishing the UK’s appeal. Market research suggests over a quarter of UK millionaires may change their tax residency within a year. The number of UK billionaires fell from 165 in 2024 to 156 in 2025, the largest drop in 37 years.

Economic uncertainty and declining confidence are also key drivers. Since the Labour government took office in summer 2024, growth has slowed, debt levels remain high, and fiscal policy shifts have caused market volatility and capital flight. In the first half of 2025, London’s high-end property transactions plunged, and corporate director resignations surged, reflecting the gravity of the talent and capital drain.

Meanwhile, other countries are actively courting this wealth. The UAE is expected to attract nearly 9,800 millionaires, boasting over 120 family offices managing $1.2 trillion in assets, becoming a new magnet for global wealth. The US, Italy, Switzerland, Saudi Arabia, Singapore, Portugal, and Greece also rank among the top destinations, signaling a profound reshaping of the global wealth map.

This “millionaire migration” not only threatens the UK’s tax base and financial center status but also heralds a major redistribution of global wealth and power. How the UK government adapts its tax policies and economic strategies will determine its future position in this competitive landscape.