UK Millionaires: Why the Nation Faces an Exodus like No Other

CREATED BY ROGER EDDOWES Published: 14/08/2025 @ 09:00AM #UKMillionaireLoss #WealthAttraction #TaxIncreases #EconomicStagnation #FinancialHealthConcerns

Latest reports reveal a troubling trend for UK millionaires, with projections indicating around 16,500 will have left the country by the end of 2025. Driven by tax increases and economic stagnation, this raises concerns about the nation's financial health and attractiveness for wealth retention ...

UK Millionaires, Leaving for pastures new, Economy shrinks

As a keen observer of economic trends, I believe the recent findings from the Wealth Migration Report by Henley & Partners are particularly concerning. The projected loss of 16,500 millionaires from the UK by the end of 2025 is startling, especially when you consider the reasons behind this exodus: punitive tax hikes and a stagnant economy.

It's hard not to feel a sense of foreboding about
what this means for our economy!

The increase in the forecast from last year's estimate of 9,500 millionaires leaving the UK is not merely a statistical change; it signifies a growing sentiment among high-net-worth individuals that their future looks brighter elsewhere.

I'd emphasise the role of perception in this mass migration. For UK millionaires, the attraction of more favourable tax regimes and greater opportunities in other countries has become an irresistible magnet. This shift goes beyond financial metrics; it highlights a deeper craving for freedom and stability, qualities that many feel are in short supply at home.

What's particularly alarming is how the UK's recent tax policy changes, notably modifications to Capital Gains Tax and the elimination of the non-dom regime, seem to be accelerating this trend.

These adjustments are not happening in isolation; they come amid a backdrop of broader economic stagnation. For those of us aware of how interconnected policies and perceptions are, the implications are grave. The current political climate does not seem favourable for high earners, as they navigate a labyrinth of financial penalties that only serve as deterrents.

The combined wealth loss from departing millionaires
will place a strain on the economy!

The implications of this trend are profound, as fewer high-net-worth individuals contribute less to charitable causes, investment opportunities dwindle, and the country risks losing its status as a global financial hub.

This raises questions about whether the government will hold policy discussions to mend fences and attract back these disappearing millionaires, but given their track record so far, I somehow doubt it.

Saying that, I do hope that policy reversals are on the table to provide an olive branch to UK millionaires who are weighing their options. I believe that a proactive approach, rather than reactive measures, will be key to retaining the wealth that has long supported the UK's economy.

It's essential for us to keep a vigilant
eye on what's happening!

Not only does this trend merit scrutiny for its economic implications, but it also speaks to the broader narrative of opportunity and stability. If the current trajectory continues, we might witness a full-blown departure of wealth that could reshape the UK for decades to come.

For the sake of the vibrant economic ecosystem we have always cherished, let us hope that measures are taken to maintain the fabric of our financial community.

Until next time ...

ROGER EDDOWES
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About Roger Eddowes ...
Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach. Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.

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