The United Kingdom is witnessing an unprecedented exodus of wealthy individuals, with an estimated 16,500 high-net-worth individuals (HNWIs) and billionaires projected to leave in 2025, according to the Henley Private Wealth Migration Report.
This mass departure, dubbed “Wexit”, marks the largest single-year millionaire outflow ever recorded globally, doubling China’s projected loss of 7,800 HNWIs and far surpassing Russia’s 1,600.
Driven by tax hikes, Brexit fallout, and policy shifts, the migration is reshaping the UK’s economic landscape, with £66 billion in investable assets expected to exit.
The Labour government’s April 2025 overhaul of the non-domiciled (non-dom) tax regime, which ended tax breaks for 74,000 non-doms, has been a key trigger.
New inheritance and capital gains taxes on worldwide assets have pushed wealthy residents, including 78 centi-millionaires and 12 billionaires in 2024, to seek tax-friendly jurisdictions.
Popular destinations include the UAE, expecting 9,800 millionaire inflows; the US, with 7,500; and European hubs like Italy, Switzerland, and Portugal.
Social media sentiment on X, with posts like @robprogressive
’s warning of a £66 billion economic hit reflects fears of reduced tax revenue and job losses.
High-profile departures, such as German tech entrepreneur Christian Angermayer to Switzerland and real estate investor Asif Aziz to Abu Dhabi, highlight the trend.
The closure of the Tier 1 Investor Visa in 2022 and Brexit-related visa restrictions have further eroded the UK’s appeal, once a magnet for global wealth.
Dr Juerg Steffen of Henley & Partners noted, “This isn’t just about taxes; it’s a perception that opportunity and stability lie elsewhere.”
The UK’s negative millionaire growth since 2014 contrasts sharply with the US’s 78% increase.
Critics, including the Adam Smith Institute, warn that non-dom reforms could cost £1.3 billion annually in lost economic activity, potentially eliminating 23,000 jobs by 2030.
Meanwhile, emerging hubs like Dubai, with zero income tax and golden visa programmes, are capitalising on the UK’s loss.
Despite some inflows from Americans disillusioned with the Trump administration, the UK struggles to offset this wealth flight.
As London’s status as a financial hub wanes, overtaken by cities like Paris and Dubai, calls grow for policy reversals, such as scrapping capital gains tax, to restore competitiveness
