Millionaires Are Expected to Leave the U.K. in Droves This Year: Report

High-net-worth individuals in the United Kingdom may be packing their bags soon enough.

A record number of millionaires are expected to leave the country this year, according to a new migration report published on Tuesday by Henley & Partners. The consultancy, which looked at data from 150,000 high-net-worth individuals, estimates that the U.K. will lose a staggering 9,500 people who own at least $1 million or more in liquid assets. For context, that’s more than double the 4,200 lost in 2023. The outflow is partly due to political uncertainty and the possibility of higher taxes under a new Labour government, pending the results of the country’s upcoming general election on July 4.

“These figures reflect a steady accumulation of factors detracting from the U.K.’s appeal to high-net-worth individuals,” Hannah White, CEO of the Institute for Government, wrote in the report. “The hangover from Brexit continues to be felt, with the City of London no longer seen as the financial center of the world.” 

Other reasons for the exodus include war in Ukraine and the resulting energy crisis, as well as the rise in inflation and the fallout from Brexit, according to CNN.

From 2017 to 2023, the six years post-Brexit, the U.K. lost 16,500 millionaires to migration. The report also found that 128,000 HNWIs are projected to relocate this year, surpassing last year’s record by 8,000. “As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval, millionaires are voting with their feet in record numbers,” Dominic Volek, head of private clients at Henley & Partners, said in a press release. 

Other countries that are anticipated to see record outflows of HNWIs are China and India, which ranked in first and third place respectively. According to the report, China is on track to lose 15,200 millionaires this year while India will see 4,300 people leave. Conversely, more millionaires are being drawn to the United Arab Emirates, which is expected to gain 6,700 wealthy residents in 2024. At the same time, the U.S. will welcome 3,800 affluent arrivals, followed by Singapore with 3,500 newcomers.  

“The UAE—with low crime rates and zero personal income, capital gains, and inheritance taxes—is at the top of the list again, while stable democracies with high standards of living, including Australia and Canada, also continue to do well,” added White. “Despite the unpredictability of the outcome of its election, the USA is once again becoming an appealing destination—with a thriving tech sector and attractive environment for retirement.”