In a report released Tuesday by migration advisers Henley & Partners, it was revealed that a record number of millionaires could leave the United Kingdom this year. According to the report, as many as 9,500 individuals with at least $1 million in liquid assets are expected to depart the country, more than double the number that left in 2023.
Hannah White, CEO of the Institute for Government, commented on the findings, stating, “These figures reflect a steady accumulation of factors detracting from the UK’s appeal to high-net-worth individuals. The hangover from Brexit continues to be felt, with the City of London no longer seen as the financial center of the world.”
The report is based on data from 150,000 high-net-worth individuals tracked by investment firm New World Wealth. It found that the exodus of millionaires from the UK is part of a global trend, with 128,000 millionaires set to relocate this year, surpassing last year’s record by 8,000.
Dominic Volek, head of private clients at Henley & Partners, highlighted the reasons behind the mass migration of the wealthy, stating, “As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval, millionaires are voting with their feet in record numbers.”
The impact of Brexit, along with other economic shocks such as the war in Ukraine and the energy price spike, has contributed to the ongoing instability in the UK. The country has had five prime ministers since 2010, creating a challenging environment for addressing economic growth and investment.
With the upcoming election on July 4, Keir Starmer’s Labour Party is leading in the polls and has promised economic stability and stronger growth if elected. However, their targeted tax increases for the wealthy could further accelerate the outflow of high-net-worth individuals from the UK.
Despite the potential exodus, it was noted that Prime Minister Rishi Sunak, a millionaire former hedge fund manager, and his wife Akshata Murty, the daughter of an Indian tech billionaire, plan to stay in the country. They are worth £651 million according to The Sunday Times Rich List, making them richer than King Charles. Sunak has expressed his commitment to serving a full term if re-elected, even if his party loses the government.
