The United Kingdom has long been a magnet for the world’s wealthy — a global financial powerhouse with London at its glittering core. But beneath the surface of this affluent image, a dramatic shift is underway. Recent data reveals that the UK is on track to lose more millionaires than any other major economy in the coming years, with thousands already fleeing to sunnier tax havens.
As of 2023, the UK was home to over 3 million USD millionaires (approximately 3,061,553 individuals with a net worth of $1 million or more), placing it third globally behind the United States and China. This represented about 4.48% of the adult population — a respectable figure that underscored Britain’s status as a wealth hub. London alone boasted around 227,000 millionaires in recent estimates, along with thousands of ultra-high-net-worth individuals and dozens of billionaires.
Yet, projections paint a starkly different future. According to the UBS Global Wealth Report, the number of UK millionaires is expected to drop significantly by 2028, potentially falling to around 2.5 million — a decline of roughly 17%. This would mark the largest percentage decrease among major nations, far outpacing minor dips in places like the Netherlands.
The Great Millionaire Migration: What’s Driving the Outflow?
The primary culprit? A record-breaking exodus of high-net-worth individuals. In 2024 alone, an estimated 9,500 millionaires left the UK — the second-highest net outflow worldwide, trailing only China. This trend has accelerated in recent years, driven by a combination of policy changes and economic uncertainties.
Key factors include:
- Tax Reforms: The abolition of the non-domiciled (non-dom) tax regime, which previously allowed wealthy residents to avoid taxes on foreign income, has been a major trigger. Upcoming changes to capital gains and inheritance taxes have further eroded the UK’s appeal.
- Political and Economic Instability: Post-Brexit adjustments, inflation pressures, and shifting fiscal policies have made the UK less predictable for the ultra-wealthy.
- Global Competition: Destinations like the UAE, Switzerland, Singapore, and the US are rolling out the red carpet with lower taxes, golden visas, and stable environments. Many UK millionaires are relocating to Dubai or Portugal for tax advantages without sacrificing lifestyle.
This migration isn’t just about numbers — it has real economic consequences. Wealthy individuals contribute disproportionately to tax revenues. In 2023-24, around 850,000 high earners and asset-rich individuals paid £119 billion in taxes, with top earners alone shouldering billions more.
Where the Wealth Concentrates: London’s Dominance and Regional Divides
Wealth in the UK remains heavily skewed toward the south. London and the South East continue to dominate, with hundreds of thousands of millionaires calling these areas home. In contrast, regions like Wales and the North East have far fewer.
The UK also ranks high in billionaires, with around 55 in 2025, though per capita, it lags behind leaders like Switzerland.
A Global Perspective: The UK Slipping in the Wealth Rankings?
Globally, the millionaire population is booming. The US leads with over 22 million (and growing), while emerging markets add hundreds of thousands annually. In 2024, global wealth grew by 4.6%, minting over 684,000 new millionaires worldwide.
The UK’s projected decline stands out as an outlier. While countries like the US are expected to add millions more by the end of the decade, Britain risks falling behind if the outflow continues unchecked.
Can the UK Stem the Tide?
Some experts argue that proactive policies — such as incentives for investment, business-friendly reforms, or targeted visa programs — could reverse the trend. London’s enduring appeal as a cultural and financial capital remains a strong draw.
But for now, the message is clear: Britain’s millionaire boom may be giving way to a bust. As the wealthy vote with their feet, policymakers face a critical question — how to keep the golden geese from flying away?
Whether you’re an aspiring investor or simply curious about wealth trends, the UK’s story serves as a cautionary tale: In the world of high finance, loyalty is fleeting, and tax regimes can make or break a nation’s allure.
