A quarter of wealthy Britons are weighing whether to pack up and leave the UK permanently, driven primarily by mounting concerns over tax stability and an increasingly uncertain fiscal landscape under the current government.
This is according to the latest Saltus Wealth Index report for February 2026, 26% of high-net-worth individuals (HNWIs), defined as those with at least £250,000 in investable assets, have considered relocating abroad for good. Of those, 11% have already taken concrete steps to make it happen.
The survey paints a picture of eroding confidence among the very group whose spending, investment, and tax contributions play an outsized role in the British economy.
Reasons for moving – and where people are moving to
Tax pressures emerged as a dominant factor. More than half (51%) of those eyeing a move cited financial reasons, with 11% pointing specifically to a lack of tax stability and 9% to additional levies on wealth, such as surcharges on properties valued over £2 million.
Other tax-related grievances included changes to inheritance tax (6%), the freeze on income tax thresholds (7%), and the imposition of VAT on private school fees (7%, rising to 9% among those with children under 18).
Preferred destinations for those contemplating an exit include the United States (18%), followed by Canada (7%), Spain (7%), the UAE (7%), and France (6%).
A dip in confidence
The report arrives amid a broader slide in sentiment. Confidence in the UK economy dipped to 59% from 66%, while personal financial confidence fell to 87% from 92%. Nearly half (49%) of respondents felt they were paying too much tax, with higher income tax rates (22%) and inheritance tax (16%) viewed as particularly unreasonable.
Tax changes ranked as the second-biggest perceived risk to personal wealth in 2026 (45%), trailing only inflation (51%). Other worries included interest rates (30%) and the possibility of recession (16%).
The findings reflect growing frustration with post-Brexit realities and recent policy shifts. Additional non-tax drivers for relocation included perceptions that the UK is no longer a good place to raise a family (12%), lingering disconnection after Brexit (10%), and opposition to proposals like pay-per-mile taxes for electric vehicles (6%).
Education costs also factored heavily: 68% of respondents (up from 55% in prior surveys) reported making sacrifices to cover private school fees following the introduction of VAT, with 7% having already removed a child from a UK private school. Some 6% cited education abroad as a relocation motive.
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