Overview

• The Henley & Partners Wealth Migration Report forecasts a net loss of 16,500 millionaires from the UK in 2025, the biggest outflow ever recorded for any country.
• Abolition of the non-dom status and hikes to capital gains and inheritance taxes, combined with sluggish economic growth, are cited as the main drivers of the wealth flight.
• Since 2014 the UK’s resident millionaire population has fallen by 9 percent compared with a 40 percent average gain among the world’s ten wealthiest countries.
• The United Arab Emirates, United States and Italy are projected to attract 9,800, 7,500 and 3,600 millionaires respectively this year.
• The Institute of Fiscal Studies and other economists have proposed introducing an exit levy or rolling back punitive tax measures to curb millionaire departures.