The UK will witness an unprecedented exodus of millionaires this year, with an estimated 9,500 people holding at least £1m in investable liquid assets expected to leave the country. This figure is more than double what it left in 2023, reflecting a steady decline in the UK's attractiveness to high net worth individuals (HNWIs) due to political instability, potential rises in taxes and the lingering effects of Brexit.
The data, provided by investment firm New World Wealth, reveals a continuing trend of wealth migration from the UK, with 16,500 millionaires leaving between 2017 and 2023. This is part of a massive global migration of rich, with a projected record of 128,000 millionaires. to move this year.
The United Kingdom, once a prime destination for the wealthy, is now one of the countries most affected by this trend. Only China is expected to lose more HNWIs by 2024. In contrast, countries such as the US, Canada, Australia, Germany and France have seen their wealthy populations increase over the past decade.
The impact of Brexit, together with economic shocks such as the war in Ukraine and rising energy prices, has created a period of unprecedented political uncertainty in the UK. The country has had five prime ministers since 2010, contributing to an unstable environment that has hampered efforts to spur economic growth and attract investment.
Adding to the uncertainty is the upcoming election on July 4, where the Labor Party, led by Keir Starmer, is currently leading the polls. Despite pledging not to raise income or sales tax, the Labor Party is committed to targeted tax increases that could hit the wealthy, including scrapping a 20% tax break on private schools and closing tax loopholes for non-Dominical residents.
This political and economic context, combined with upcoming policy decisions, is accelerating the outflow of HNWIs from the UK. However, not all wealthy people plan to leave. Rishi Sunak, a millionaire former hedge fund manager, and his wife Akshata Murty, the daughter of an Indian tech billionaire, have announced their intention to remain in the UK regardless of the outcome of the election.
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