A new report by consultancy BDO shows that two-thirds of the UK’s ultra-wealthy have considered leaving the country in the past year due to tax issues.
But the primary driver isn’t a desire for rock-bottom tax rates, it’s frustration with constant policy shifts and uncertainty.
According to BDO’s Wealth Report 2026, 66% of ultra-high-net-worth individuals (UHNWI) surveyed have contemplated relocating for tax-related reasons.
Yet when asked what would actually attract them to move, just 18% cited the “lowest tax rate” as the top factor. Instead, 42% prioritised “certainty and consistency in taxes” or “stable government”, more than double the number seeking minimal taxation.
The survey, conducted between 2-25 September, polled 200 UHNWI, defined as those with £20 million in investable assets or £50 million in total assets (or their spouses/children) – all with UK connections through residence or family. BDO also surveyed 100 wealth advisers.
Change fatigue
Elsa Littlewood, Tax Partner at BDO, said the findings point to deep “change fatigue” among the UK’s wealthy.
“In recent years, the wealthy have had to face constant changes to tax rules and our research identifies this instability is wearing people down. For many, the final straw came when the government started making big changes to inheritance tax and hinting at further changes to Capital Gains Tax,” Littlewood explained.
Crucially, many of those considering departure still view paying tax positively. 42% of respondents explicitly described paying tax as “a social responsibility to be paid in full.” Only 2% in related findings viewed UK tax levels as an “unreasonable burden.”
The issue, the report suggests, is the difficulty of long-term planning in a shifting environment. Wealthy families need predictability over decades for intergenerational wealth management, education, and estate planning – something recent UK fiscal policy has undermined.
“Many of the wealthy considering leaving the UK would rather not relocate, but living with that instability is forcing them to consider their options,” Littlewood added. “They lack trust in how UK tax will apply over the long timescales needed to manage intergenerational wealth.”
Relocation is no easy fix
Despite the headline figure, actual moves remain limited. Among those who have considered leaving:
- 25% said they had only “briefly considered” it.
- 48% are currently “just researching options.”
True relocation involves massive upheaval: family disagreements over where to live, impacts on children’s education, care for elderly relatives, and complex cross-border estate planning that can leave individuals entangled in the UK tax net anyway.
The report notes that relocation often sparks family conflict, and successful cases typically require extensive individual conversations, tailored planning across jurisdictions, and genuine family consensus.
The UK has strong fundamentals – if it can deliver stability
BDO argues the situation is fixable as the UK’s appeal goes far beyond taxes. It offers a strong rule of law, world-class education, cultural richness, talent pools, and entrepreneurial spirit.
“The UK’s ultra-wealthy aren’t asking for tax cuts, they’re asking for predictability,” Littlewood said. “If the government provides clearer long-term tax roadmaps and reduces the political theatre around fiscal policy, most would choose to stay. That stability could also draw more international wealth to the UK.”
Retaining and attracting high-net-worth individuals would bolster the tax base, fund public services, and support economic growth, the report emphasises.
The findings come amid broader discussions about wealth migration from the UK. Other reports, such as those from Henley & Partners, have highlighted record or near-record outflows of millionaires in recent years, though BDO’s research focuses specifically on ultra-wealthy attitudes and the nuanced reasons behind them.
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