More than 10,000 millionaires have left Britain in a year – this is where they’re all going
A businessman is seen walking toward a private airplane. Last year, over 10,000 millionaires left Britain, partly to escape higher taxes, with many moving to more attractive locations.
According to the analytics firm New World Wealth (NWW), Britain lost a total of 10,800 millionaires in 2024, more than any other country except China. This is a 157% increase from 2023, when 4,200 millionaires left.
The most popular cities for British millionaires to move to are Amsterdam, Dubai, Geneva, Monaco, Paris, Singapore, and Sydney. Retired millionaires prefer places like the Algarve, Florida, the Italian Riviera, and Malta.
This trend hurts Britain’s reputation as a top destination for millionaires, which has attracted wealthy individuals from Africa, Asia, Europe, and the Middle East since the 1950s.
NWW’s research head, Andrew Amoils, said higher taxes on wealth, Britain’s weaker position in global technology compared to the US and Asia, and the struggling London Stock Exchange are key reasons for the exodus.
Between 2017 and 2023, Britain lost 16,500 millionaires. Since 2024, new tax rules have increased the risk of higher taxes for non-doms (people who live in the UK but have permanent homes abroad), leading many to leave.
In March 2024, former Conservative chancellor Jeremy Hunt announced that non-doms would have to pay UK taxes on their overseas earnings for the first time. Labour’s 2024 Budget went further, planning to end non-dom status entirely by April 2025.
Amoils explained that wealthy non-doms are leaving due to these tax changes. He also noted that the UK’s appeal has declined as other English-speaking countries like the US, Australia, and Canada have grown economically. Additionally, English speakers can now thrive in other high-income markets such as Singapore, the UAE, New Zealand, Malta, Switzerland, and Mauritius.
However, Amoils added that the reasons for millionaires leaving the UK are complex. High taxes on investments and inheritance, as well as the improving quality of overseas schools and universities, also play a role.
