Exodus Of HNWs From The UK

Analysis by New World Wealth and Henley & Partners, reveals Britain has lost a net 10,800 millionaires to migration last year, a 157% increase on the previous year.

Following the calling of the general election, one dollar millionaire is said to have left “every 45 minutes”.

Globally, only China lost more rich residents during 2024, according to the research, which adds that the actual number is “even higher…because the net figure also takes into account the millionaires who arrived in the UK.”

Italy, Switzerland and the United Arab Emirates were the main destinations of choice, and the total included a high proportion of ultra-wealthy individuals: 78 centi-millionaires and 12 billionaires were among those who departed over the 12-month period.

The exercise looked at high net-worth individuals with liquid assets of more than $1mn, and adds further pressure on the government to rethink its tough tax changes for non-doms.

It found the average non-dom paid an average of £800k in VAT in the last tax year, and £890k in stamp duty over the previous five years. The average sum invested since arriving in the UK – per individual – was £118mn, with an average of £5.9mn given to good causes.