The country that was a magnet for the world's rich is now losing the largest number of millionaires.

According to the Henley Wealth Migration Report 2025, the UK is set to lose 16,500 millionaires this year – more than double the estimated net outflow from China, which has held the top spot every year for the past decade. It is also the largest millionaire exodus ever recorded from any country since consultancy Henley & Partners and global research firm New World Wealth began tracking the data 10 years ago. “2025 marks a watershed moment. For the first time in a decade, a European country is leading the world in millionaire departures,” said Juerg Steffen, CEO of Henley & Partners. He added that the move was not just about tax changes in the UK, but reflected a “growing perception among the wealthy that more opportunity, freedom and stability lie elsewhere.” “The long-term implications for the economic competitiveness and investment attractiveness of Europe and the UK are significant,” he said. A country losing on both fronts “The UK’s appeal is waning – its global position as a magnet for the world’s wealthiest people is being eroded by a combination of political inaction and economic uncertainty,” Stuart Wakeling, head of the UK office at Henley and Partners, told Business Insider. “The country is now in a unique position in the global migration landscape: it is losing on both sides of the ledger, as it has limited access routes for investors to enter the country and is simultaneously facing record outflows of millionaires,” he said. The shift is part of a wider trend of wealth migration. 142,000 high-net-worth individuals are expected to move to another country by 2025. But the UK’s position is unique. Since the 2016 Brexit referendum, Britain has transformed from a haven for the wealthy into a launchpad for their departure. The October 2024 budget, the first under the newly elected Labour government, introduced steep increases in capital gains and inheritance taxes. The changes have triggered a massive exodus that some analysts are calling “Wexit” – an outflow of wealth from the country. Andrew Amoils, head of research at New World Wealth, said that around 60% of the high-net-worth individuals leaving the UK in 2024 and 2025 were foreign-born. “Financial and professional services are the main sector for high-net-worth individuals leaving the UK – these include banking, fund management, law firms etc. Technology is also a major sector,” Amoils added. Where are the millionaires going The UK is not alone in facing a wave of millionaire departures. France, Spain and Germany are also expected to see net millionaire outflows this year, signaling a broader retreat from Western Europe. But these outflows are expected to be much less pronounced than those in the UK, with France losing 800 millionaires, Spain 500 and Germany 400. Meanwhile, southern European countries such as Italy, Portugal and Greece are emerging as new wealth magnets, thanks to their friendly tax regimes and attractive lifestyles. Italy is expected to add 3,600 millionaires this year, while Portugal and Greece will add 1,400 and 1,200 respectively. Top global destinations include the United Arab Emirates, which is expected to attract 9,800 millionaires in 2025, followed by the US, which is expected to welcome 7,500 millionaires.

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