The number of millionaires in the U.K. has fallen to its lowest level in nearly 20 years, driven by high taxes under the Labour government and persistent inflation, according to fortune.com. Last year, about 16,500 millionaires left the country, representing a 9% decline in the millionaire population over the past decade. The Henley Private Wealth Migration Report 2025 estimated these departures involved approximately $91.8 billion in wealth.
Martin Ott, CEO of Berlin-based tax app Taxfix, valued at over $1 billion, told fortune.com that some wealthy U.K.-based clients are considering relocating abroad to save money. Ott, a former Meta executive, advised against leaving, emphasizing the importance of staying invested in the country. The exodus concerns resurfaced as the U.K.’s new prime minister, Andy Burnham, considers a 2% tax on wealth exceeding £10 million ($13.3 million). The business secretary had previously expressed worry about billionaires and professionals leaving due to tax policies.
The decline in the U.K.’s millionaire population reflects broader challenges including Brexit, political uncertainty, and tax changes. The U.K. saw more millionaires leave in 2025 than any other nation, highlighting the impact of fiscal policy on wealth retention. Taxfix’s Ott framed the decision to stay as a social responsibility for wealthy individuals to invest in their home country, countering the trend of relocation to more tax-friendly jurisdictions.
The Henley Private Wealth Migration Report 2025 provides the latest comprehensive data on millionaire migration, showing a decade-long trend of wealth outflow from the U.K. valued at nearly $92 billion. This report remains a key reference for policymakers and financial services monitoring wealth movement in response to tax and economic shifts.