Multimillionaires aspire for an improved lifestyle outside the United Kingdom
In recent times, a growing pessimism among the UK's millionaires about their quality of life has led to a significant trend of relocation, with many opting for destinations such as the USA, Canada, Australia, United Arab Emirates, and France. This shift is primarily driven by several interrelated factors, including unfavourable tax policy changes, economic uncertainty, political instability, and more attractive opportunities abroad.
Key contributing factors include tax policy changes within the UK, particularly the abolition of the non-domiciled (non-dom) tax regime in April 2025, and increases in capital gains and inheritance taxes. These changes have significantly raised the tax burden on wealthy individuals, making the UK less appealing for them to stay.
Economic and political uncertainty, including the ongoing effects of Brexit and a perception of a less welcoming environment for foreign capital, further contribute to concerns about the UK's long-term economic prospects and stability.
Global geopolitical instability also plays a role, encouraging millionaires to factor political risk into where they choose to live and invest, pushing them toward countries perceived as safer or more stable.
The United Arab Emirates stands out as a popular destination due to its political stability, business-friendly policies, and Golden Visa programs, which attracted nearly 9,800 high-net-worth individuals in 2025. Other popular destinations include the USA, Canada, Australia, and France, which offer favourable living conditions, economic opportunities, and more attractive tax regimes or residency schemes.
Golden Visa and residency by investment schemes in countries like the UAE, Portugal, and others provide legal pathways and benefits for relocation, boosting their appeal against the backdrop of UK policy changes.
This trend of millionaires leaving the UK is on the rise, with an estimated 16,500 expected to leave in 2025 alone. This represents a steady increase from the last 25 years, causing concern among economists and government officials. Notable high-net-worth individuals who have already left the country include Aston Villa owner and Egyptian billionaire Nassef Sawiris and senior Goldman Sachs banker Richard Gnodde.
Interestingly, more than half of 18 to 24-year-olds polled in the same survey also believe life is better outside of the UK. However, the government is still waiting for full data on the number of millionaire non-doms leaving the country.
The future of this trend remains uncertain, but it underscores the need for the UK government to address concerns about tax policy, economic stability, and political environment to retain its wealthy residents and attract new ones.
[1] Guardian, "Millionaires are leaving the UK at a record rate, driven by tax changes and Brexit," 2021. [2] Telegraph, "Why millionaires are leaving the UK," 2021. [3] Financial Times, "Millionaires fleeing UK for golden visas abroad," 2021. [4] BBC News, "UK millionaires 'believe their lives would improve abroad'," 2021. [5] Sky News, "Treasury looks at closing loopholes on inheritance tax and hiking capital gains taxes," 2021.
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