UK to see record number of millionaires leave this year
A record-breaking 142,000 millionaires are projected to relocate internationally this year, with the UK expected to see the largest net outflow of high-net-worth individuals (HNWIs) of any country.
The Henley Private Wealth Migration Report 2025, published on Tuesday (24 June), shows the UK is forecast to lose a staggering 16,500 millionaires in 2025.
This is more than double the anticipated 7,800 net outflow from China, ranked second this year after topping the millionaire-loser leaderboard every year over the past decade.
The UAE retains its crown as the world’s leading wealth magnet, with a record net inflow of 9,800 relocating millionaires expected this year, over 2,000 more than the US in second place. 7,500 new wealthy migrants are expected to make America their home by year-end.
“2025 marks a pivotal moment. For the first time in a decade of tracking, a European country leads the world in millionaire outflows,” said Dr. Juerg Steffen (CEO at Henley & Partners).
“This isn’t just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. The long-term implications for Europe and the UK’s economic competitiveness and investment appeal are significant,” he said.
A shift in the status quo
The UK is not alone in its struggles. For the first time, EU heavyweights France, Spain, and Germany are expected to see net HNWI losses in 2025, with projected net outflows of 800, 500, and 400 millionaires, respectively. Ireland (100), Norway (150), and Sweden (50) are also beginning to see significant wealth losses, with many affluent Europeans relocating to more investor-friendly hubs on the continent.
Key beneficiaries of this trend are Switzerland, set to attract a net gain of 3,000 migrating millionaires this year, while Italy, Portugal, and Greece are also forecast to see record inflows of 3,600, 1,400 and 1,200, respectively – driven by favorable tax regimes, lifestyle appeal, and active investment migration programs.
Southern Europe is fast emerging as a new centre of gravity for wealth migration in the region, with Monaco (200) remaining popular, especially among ultra- HNWIs from the UK, Africa, and the Middle East.
“If one reviews the fastest growing wealth markets in the world over the past decade, it is noticeable that most of these countries are either popular destinations for migrating millionaires – such as Montenegro, the UAE, Malta, the USA, and Costa Rica – or emerging market tech hubs like China, India, and Taiwan,” said Andrew Amoils (Head of Research at New World Wealth).
“This demonstrates the importance of millionaire migration in driving new wealth formation in a country,” said
