Are the UK’s Millionaires Really Fleeing? Examining the Claims of a Wealth Exodus

Recent reports have suggested that over 16,500 millionaires could leave the UK in 2025, driven by rising taxes and the abolition of the “non-dom” tax status. The narrative of a so-called “millionaire flight” paints a dramatic picture. Taxing the wealthy, some argue, risks “killing the goose that lays the golden egg.”
Taxation is a central issue for everyone, funding vital public services such as healthcare, education, defence, roads, and infrastructure. The claims about fleeing millionaires frame the UK as a high-tax country that may be discouraging talent or pushing wealthy residents toward lower-tax nations. Yet, a closer look at the statistics reveals that these claims may be overstated.
The concept of a wealth exodus has strong symbolic power, evoking concerns about losing the richest citizens. At the same time, there is a societal expectation that those with the most resources contribute fairly to support public services and reduce inequality.
Much of the “millionaire flight” discussion revolves around non-doms, wealthy UK residents who were previously able to limit taxes on overseas income. With these rules abolished, some individuals may seek residency in countries with lower taxes. But where do these claims originate?
Consultancy firm Henley & Partners, which advises on citizenship by investment programs, has tracked wealthy individuals using data from research firm New World Wealth. Their projections, widely reported in the media, estimate 16,500 millionaires could leave the UK by 2025. However, New World Wealth’s database focuses heavily on entrepreneurs and company founders, a group that tends to be more mobile. This tracking does not include property millionaires, and migration figures may count individuals who spend only slightly more than six months abroad as out-migrants. Methods like using LinkedIn to track millionaire locations can also be misleading.
Swiss banks UBS and Credit Suisse have also forecast a decline in the UK’s millionaire population from 3.06 million in 2024 to 2.54 million by 2028, but even these figures represent only a small percentage of the total millionaire population. Considering there are over 3 million people in the UK with wealth of £1 million or more, estimates of exodus account for less than 1 percent of the total.
Surveys and research suggest that many wealthy individuals remain committed to the UK. Groups such as Patriotic Millionaires report that the affluent are concerned about the country and willing to pay taxes. London, in particular, continues to attract the super-rich with its wealth, property, and global influence.
Some commentators and sectors including finance, luxury, and property may amplify the narrative of a wealth exodus to push for more favorable tax policies. While these stories make headlines, the evidence for a large-scale departure of the UK’s rich is limited.
Despite ongoing speculation, the non-dom exodus has not materialized, even as Chancellor Rachel Reeves reportedly considers reversing the decision to abolish non-dom status. The policy change was projected to bring in £12.7 billion over five years, underlining the significant stakes involved.
In reality, the UK’s wealthy population appears far less mobile than some reports suggest, and the country continues to benefit from the economic contributions of its richest residents.