UK loses millionaires as London’s wealthy residents continue quiet exodus
The steady pace at which the UK loses millionaires has become hard to ignore, especially in London where more than 30,000 high-net-worth individuals have left in the past decade. In the last 12 months alone, over 11,000 millionaires have packed up and moved abroad, adding up to an average of eight departures per day since 2014.
This steady flow of departures means the UK loses millionaires at a rate of roughly eight a day, a trend that has been gathering pace through political turbulence, rising taxes, and a general sense among the wealthy that other cities are now more welcoming.
For a city once seen as the natural base for international entrepreneurs, family wealth, and high-end investors, the shift is significant. London now has around 215,000 millionaires, but that’s down by 12% since 2014. In absolute terms, no other global city has seen more of its wealthy residents move elsewhere. The only city to come close, proportionally, is Moscow, where sanctions have driven capital flight since 2022.
There’s no single reason why the UK is loosing millionaires in these numbers, but several policies appear to have influenced the trend. Changes to non-dom status, a growing tax burden, and long-term concerns about London’s competitiveness have all been cited. From capital gains tax to estate duties, the mood among certain parts of London’s wealth base has shifted. Some are quietly opting out, relocating to Paris, Dubai, Singapore, or Frankfurt, places now seen by many as more stable or tax-efficient.
This is not just a question of symbolism. Analysts estimate that each millionaire who leaves the UK takes with them nearly £400,000 in potential annual income tax. If the numbers are correct, the government could be losing revenue equivalent to 1.47 million average taxpayers, more than the combined population of Cardiff, Belfast, and Edinburgh. From a revenue perspective, the departure of high earners isn’t simply a headline, it affects what’s left to fund services.
While the Treasury has stayed quiet on the issue, others have been more vocal. Some at City Hall say government policies risk treating wealth creators as “cash cows,” while economic commentators argue that these decisions, taken cumulatively, might reduce London’s appeal for the kinds of individuals who once contributed to its postwar boom.
At the heart of this shift is a wider question about what kind of economy London wants to be. For decades, the city attracted investment from Europe, Asia, Africa and the Middle East, not just through its tax policies but through its stability, schools, rule of law, and global connections. Those strengths haven’t disappeared, but they now sit alongside frustrations over slow growth, housing pressures, and a sense that the city is treading water.
The London Stock Exchange, once a symbol of British financial dominance, has reportedly seen its influence dwindle in comparison to global peers. Add to that the ongoing legacy of Brexit, and it’s clear that the decision-making calculus for wealthy individuals has changed.
It’s not just tax. Business founders and private investors have reportedly cited regulatory friction, political uncertainty, and lacklustre post-pandemic recovery as reasons to relocate. When successful individuals who built or backed FTSE-listed firms start looking elsewhere, it’s worth asking what’s being missed.
London has always been more than just a city for the rich. However, its role as a magnet for global capital has been key to how it functions. As the UK loses millionaires to rival cities, the wider concern is not just about wealth, but about whether Britain is doing enough to remain a place where people want to stay, grow businesses, and contribute to the economy long term.
For more insights into London’s economic future and how mobility and money are shaping the capital, visit EyeOnLondon. We’d love to hear your views in the comments.
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