In 2024, the ultra wealthy left the UK at the rate of one millionaire every 45 minutes. It is expected that the rate will increase in 2025.
The Socialist Labour Party is scrapping the non-domicile tax that they’ve had in place for 200 years. It gives tax breaks to ex-pats. It was a big drawer for foreign wealth.
It has already led to a departure of 10,800 wealthy individuals representing a 157% increase from 2023, according to the Henley migration dashboard.
Only China experienced a greater loss of wealthy residents during this period.
According to Henley Import’s Analysis, the exodus struck hard at the upper echelon of wealth; 78 centi-millionaires and 12 billionaires have departed the British Isles in 2024.
In a misguided effort to raise revenue and please British voters, the UK dropped the preferential tax treatment for wealthy foreigners. It was motivation for them to leave and that will continue this year.
The non-domicile status ended in April of this year. Jeremy Hunt, an alleged conservative, who is responsible for it as the shadow budget director, claimed it was fairer.
Jeremy Hunt insisted that the UK would remain competitive with other countries in attracting global talent. He did give the wealthy a four year grace period, which will only give them time to pack up in preparation for their departure.
Details
The UK is forecasting a loss of a staggering 16,500 millionaires in 2025 more than double the anticipated number.
The data is based on 150,000 high-net-worth individuals tracked by New World Wealth. They only count people who stay in their country more than half of the year and they focus primarily on company founders, chairs, CEOs, presidents, directors, and managing partners. The people that drive the engine that makes the country work.
The Henley Private Wealth Migration report found that 128,000 millionaires are set to relocate this year meeting last year‘s record by 8,000.
As many as 9,500 people with at least $1 million in liquid, investable assets, will leave the country, more than double the number that left in 2023, according to provisional estimates contained in a report Tuesday by migration advisers Henley & Partners.
“These figures reflect a steady accumulation of factors detracting from the UK’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.”
As the UK and China lose their wealthiest people, the ranks of the wealthy have grown in the US, Canada, Australia, Germany, and France.
The firm’s data shows wealthy Britain’s primarily relocated to the European Union, specifically Italy, Malta, Switzerland, Portugal, and Cyprus, followed by the United States, United Arab Emirates, and Australia. The Caribbean islands and Singapore and Canada have emerged as new locations as well as South Africa and Thailand.
Anywhere but the UK.
