Britain is projected to lose more high net worth individuals (HNWIs) in 2025 than any other country in the world — including China and Russia — according to a new study by Henley & Partners.
The report, which tracks global mobility among individuals with more than $1 million (£740,000) in liquid assets, paints a stark picture of the UK’s waning appeal to global wealth.
Henley & Partners’ CEO, Dr Juerg Steffen, described Britain as “a cautionary tale in this new era of wealth migration,” warning that policy uncertainty, high taxes, and a perceived decline in political and social stability are driving the wealthy abroad. The estimated £66 billion in investable assets likely to leave the UK this year alone underscores the seriousness of the trend.
In raw numbers, Britain is expected to see a net outflow of 9,500 HNWIs in 2025 — twice as many as China and ten times the figure for Russia, countries long considered inhospitable to private wealth. For a country that has long prided itself on being a global financial centre, this shift may signal deeper structural issues.
Where are they going? The top destinations include the United Arab Emirates, Australia, Singapore, and even former UK dependencies such as Jersey or Guernsey — all offering lower tax burdens, streamlined residency routes, and political climates seen as more welcoming to capital.
For policymakers, this is more than a statistical quirk. It represents a silent, but significant, vote of no confidence in the UK’s post-Brexit economic direction. While working-class voters were courted with promises of levelling-up, few anticipated that the levelling would be downward — and that Britain’s most mobile wealth creators would be the first to leave.
With wealth migration accelerating, the implications for investment, job creation, and even charitable giving in the UK are profound. Unless Westminster addresses the underlying causes — chiefly tax policy, regulatory burdens, and an unpredictable political environment — Britain may find itself not just poorer in millionaires, but poorer in opportunity.
