Overview

• The UK is projected to lose 16,500 millionaires in 2025, the largest outflow ever recorded for any country.
• October 2024 budget measures raised capital gains and inheritance taxes and introduced rules targeting foreign taxpayers.
• Germany is set to lose around 400 millionaires, making Britain the only G10 nation with negative millionaire growth since 2014.
• Italy, Portugal, and Greece are poised to gain about 3,600, 1,400, and 1,200 millionaires respectively under more favourable tax regimes.
• The United Arab Emirates and the United States remain top wealth destinations, expected to attract 9,800 and 7,500 millionaires next year.