The UK government should step in to stop an exodus of wealthy foreigners from the country following a major tax crackdown, says Alastair King (Lord Mayor of the City of London).
Speaking to Bloomberg, King said he expects the exits to dent investment in the country, including in growth businesses.
“We need to do something in relation to staunching the flight. The government do need to look at that,” King said, noting that some of his friends had also moved abroad following the policy changes.
“The knock-on effect in relation to scale-up will be similar to other areas of investment” into the UK, he said. “It’s something that we do need to be careful on.”
King’s comments come after a new report shows 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 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 favourable tax regimes, lifestyle appeal, and active investment migration programs.
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