Around 27.000 millionaires are leaving the United Kingdom. The movement is directed towards countries with more advantageous tax regimes, such as Italy, the United Arab Emirates, Monaco, Switzerland, and the United States. This data comes from... Henley & Partners, a consulting firm specializing in migration for investment.
The consulting firm estimates that, between 2024 and 2025, more than 27.000 millionaires will leave the country. In 2025 alone, o The projected number is 16.500. The estimate represents an outflow of nearly US$92 billion in assets from the British economy.
A city of Milan It appears among the preferred destinations. The main attraction is the flat tax regime offered by Italy. The annual amount, which was €100.000, was raised to €200.000 in 2025 and is expected to rise to €300.000 from 2026 onwards, according to the Budget Law.
End of the "non-dom" regime
According to wealth management experts, the main cause of the exodus is the end of the tax regime for so-called "non-doms"—people who reside in the United Kingdom but have their tax domicile in another country. The change came into effect in April 2025.
Furthermore, the Labour government eliminated exemptions on inheritance and capital gains taxes. A new tax was also introduced on luxury properties valued at over £2 million. These measures have drawn criticism both inside and outside the government.
Political reaction
London Mayor Sadiq Khan argued that the wealthy should not be made "scapegoats." He urged the Treasury to avoid new policies that could alienate the super-rich still residing in the city.
Peter Kyle, the Business Secretary in the Starmer government, acknowledged in November that "some of the decisions" taken by the Labour Party influenced the decision of some millionaires to leave the country.
Destinations and names
Among the best-known names who have left the United Kingdom is Alan Howard, co-founder of the hedge fund manager Brevan Howard Asset Management. He has taken up residence in Switzerland.
Egyptian businessman Nassef Sawiris, considered the richest man in Egypt and a shareholder in English club Aston Villa, also swapped the United Kingdom for Italy.
Ian and Richard Livingstone, brothers and real estate investors with businesses in luxury retail and hotels, have moved to Monaco.
Jeremy Coller, a private equity investor and founder of Coller Capital, now lives in Switzerland.
Nik Storonsky, co-founder of the digital bank Revolut, has chosen the United Arab Emirates as his new tax domicile.
Lakshmi Mittal, a steel magnate and CEO of the ArcelorMittal group, has also moved to Switzerland, with plans to spend more time in Dubai.
According to the newspaper The TimesEven conservative media outlets see a negative impact from the fiscal changes. The government, however, denies there is a mass exodus.
FOLLOW-US
