The United Kingdom is expected to lose around 9,500 millionaires this year, more than any other country in the world except China, according to a new report on the migration intentions of the world's wealthy. According to a report published by Bloomberg, "this number is more than double the number that left the country in 2023, placing Britain second only to China, which is expected to lose 15,200 millionaires this year, according to the Henley Private Wealth Migration Report prepared by Henley & Partners." Dominique Follyck, head of the Private Client Group at Henley, stated: "As the world grapples with a full storm of geopolitical tensions, economic uncertainty, and social upheaval, millionaires are voting with their feet."
The Bloomberg report indicates that the figures reflect net inflows and outflows, showing where the number of millionaires is increasing versus decreasing. The partner company to Henley & Partners, New World Wealth, estimated immigration figures based on transportation data, investment migration statistics, and interviews with wealth industry brokers. The report found that more than 7% of millionaires expected to move to new countries this year will originally come from the UK.
Hannah White, CEO of the Institute for Government, stated that this reflects a "steady accumulation of factors" making the UK less attractive for the wealthy, including Brexit, the energy crisis stemming from the war in Ukraine, and the subsequent rise in inflation in London.
The primary destination for millionaires leaving Britain is the United Arab Emirates, which is set to attract 6,700 wealthy individuals this year. The country has long been favored by the wealthy from India and the broader Middle East and has welcomed thousands of Russians following the war in Ukraine. While the flow of Russians to the UAE slowed over the past year, this was partially compensated by larger numbers of Europeans and British individuals moving to the UAE, according to the report.
Henley stated: "The number of millionaires living in Dubai has increased by 78% over the past decade." With no personal income tax, a time zone convenient for multiple continents, and a world-class airport, the UAE has made concerted efforts to attract the wealthy. Both Abu Dhabi and Dubai have developed sophisticated financial markets to entice global companies and family offices to establish branches.
