Wealthy individuals are leaving the UK in record numbers, driven by tax changes, economic uncertainty, and new opportunities abroad. From the skyscrapers of Dubai to the scenic towns of Montenegro — and even the worldschooling hubs of Bulgaria — a new global map of prosperity and lifestyle is emerging.
The Great Wealth Migration: Why Millionaires Are Leaving the UK — and Where They’re Going
For decades, the United Kingdom — and London in particular — has been a magnet for the world’s wealthy. But a new trend is accelerating: a record-breaking migration of millionaires away from the UK. In 2025, the country is expected to lose as many as 16,500 high-net-worth individuals (HNWIs) — the largest net loss of wealthy residents of any country, according to Henley & Partners’ latest Private Wealth Migration Report (henleyglobal.com).
Meanwhile, countries like the United Arab Emirates (UAE), the United States, and Italy are attracting the lion’s share of this mobile wealth (businessinsider.com). One country, however, stands out as the fastest-growing millionaire magnet: Montenegro (livemint.com).
The scale of the exodus
2025 is on track to be a historic year: up to 142,000 millionaires are expected to relocate internationally (imglobalwealth.com).
Of those, the UK is leading the losses. With a net outflow of 16,500 millionaires, it far surpasses China (expected to lose 7,800) (henleyglobal.com, spearswms.com, businessinsider.com).
Why millionaires are leaving the UK
Tax policy shockwaves
The Autumn 2024 budget, introduced by the Labour government, brought sweeping changes: increases to capital gains and inheritance taxes, the scrapping of the non-dom regime, and the removal of universal tax relief on pension savings (thetimes.co.uk).
The result was immediate. Nearly 3,800 company directors reported relocation between October 2024 and July 2025 — up from 2,712 the year before (ft.com). Most headed for the UAE, Spain, and the US.
Eroding confidence in the UK’s wealth environment
As the Financial Times noted, many wealthy individuals are driven not just by higher taxes, but by a sense that the UK is losing its allure as a place to grow wealth. Declining demand for luxury goods, falling high-end property returns, and a shrinking high-earner base are reshaping the country’s economic landscape (ft.com).
Where the money is going
United Arab Emirates (UAE)
The UAE is the clear winner in 2025, set to welcome 9,800 millionaires — an all-time high (businessinsider.com). Its zero-income and zero-capital-gains tax policies, combined with an upgraded Golden Visa program, make it an irresistible option for many.
United States
The US ranks second, attracting 7,500 millionaires, thanks to its entrepreneurial ecosystem, innovation hubs, and vast consumer market.
Italy — and other European options
Italy expects to receive 3,600 millionaires, lured by its relatively low inheritance and property taxes, combined with lifestyle appeal. Portugal, Greece, and even Saudi Arabia have also emerged as surprising new wealth hubs.
Montenegro — the rising millionaire magnet
Small but mighty, Montenegro has seen its millionaire population grow by 124% over the last decade, reaching around 2,800 today (hindustantimes.com). Low taxes, political stability, and a prime location on the Adriatic are helping it outshine larger, more established destinations.
Lifestyle migration: From billionaire enclaves to worldschooling in Bansko
It’s not just the ultra-rich who are on the move. Alongside millionaire migration, another movement is gaining momentum — families in search of something far beyond financial optimization. They’re looking for freedom, community, and a different way to raise and educate their children.
As Maya Middlemiss put it in Remote Work Europe:
“What struck me most in #Bansko wasn’t just the freedom these families have claimed for their children, but the thoughtfulness with which they’ve claimed it.
This isn’t a rejection of #education. It’s a deep, ongoing inquiry into what #learning looks like when it’s rooted in trust, community, and curiosity.
It’s not a fringe lifestyle anymore. #Worldschooling, in its many forms, has come of age.
Today, families can choose differently, without waiting for permission. The #tools, the #technology, the #communities exist.
And for those raising children in a world of remote work, shifting norms, and global uncertainty, that choice may be more than a privilege.
It may be a #responsibility.”
Bansko, long known as a hub for digital nomads, is now also attracting worldschoolers — families blending travel, remote work, and alternative education. This is no longer a fringe experiment; it’s becoming a mainstream choice for entrepreneurs, creatives, and globally-minded parents. It reflects the same underlying driver as millionaire migration: the search for places that offer quality of life, flexibility, and a community aligned with future-focused living.
Are the numbers reliable?
Henley & Partners and New World Wealth produce these migration figures regularly, but critics note methodological gaps. The data often includes LinkedIn location updates — which may not represent actual relocations — and asset definitions that include gold and cryptocurrencies but sometimes exclude real estate. Even so, luxury spending trends and high-end property market data tend to corroborate the overall migration pattern.
What this means for the UK — and beyond
Economic and political implications
The economic impact could be severe. The wealthiest individuals contribute disproportionately to national tax revenues — in the UK, the top earners pay nearly 29% of all income tax. The government’s forecast of £33.8 billion in extra revenue from tax reforms over five years may be undermined if enough capital and talent leave.
Potential policy responses
Proposals include an “exit tax,” incentives to retain high-net-worth residents, and more competitive visa programs. Striking the balance between fairness and attractiveness will be a challenge.
A shifting global wealth map
As the UK’s pull weakens, destinations like the UAE, US, and Montenegro are emerging as new centers of economic gravity. On a parallel track, towns like Bansko are becoming social and educational hubs for the globally mobile. Together, these shifts point to a redistribution of not only wealth, but also skills, innovation, and values.
Conclusion
The great millionaire migration of 2025 is not an isolated event — it’s a clear signal that global wealth and influence are moving. The UK’s policy changes and uncertain economic outlook are pushing millionaires toward more favorable environments. Countries like the UAE, the US, and Montenegro are the economic winners.
But alongside them, a different kind of migration is quietly reshaping communities: families in places like Bansko redefining education, work, and life itself.
Both movements share the same foundation — the desire to choose, and the growing ability to make that choice.
By Chris...
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