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UK Loses 10,800 Millionaires Amid Tax Reform Exodus

1/19/2025

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Summary

Story summary

In 2024, the UK saw a net loss of 10,800 millionaires, a 157% increase from 2023.
One millionaire departed every 45 minutes, with many moving to Europe and the UAE.
The exodus accelerated following Labour's Autumn Budget, which affected non-domiciled tax status.
Experts caution that this trend may negatively impact the UK economy, urging a reversal of tax reforms.
Data from New World Wealth underscores a notable wealth flight from the UK.

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Story summary

In 2024, the UK saw a net loss of 10,800 millionaires, a 157% increase from 2023.
One millionaire departed every 45 minutes, with many moving to Europe and the UAE.
The exodus accelerated following Labour's Autumn Budget, which affected non-domiciled tax status.
Experts caution that this trend may negatively impact the UK economy, urging a reversal of tax reforms.
Data from New World Wealth underscores a notable wealth flight from the UK.