Key facts
- Claims of millionaire exodus from the UK are being scrutinized.
- Henley & Partners projects 16,500 millionaires may leave the UK in 2025.
- The abolition of "non-dom" tax rules is cited as a reason for potential departures.
- New World Wealth's data may exclude property millionaires and focus on more mobile entrepreneurs.
- Migration data verification methods, such as LinkedIn usage, may not accurately reflect residency.
- UBS/Credit Suisse forecasts a drop in UK millionaires to 2.54 million by 2028.
Claims that a significant number of millionaires are leaving the UK due to tax changes are being questioned by analysis that suggests the figures may be inflated. Consultancy firm Henley & Partners projects 16,500 millionaires may leave in 2025, but the methodology behind this figure is being scrutinized. The abolition of “non-dom” tax rules has been cited as a reason for this potential "millionaire flight". However, the analysis points out that Henley & Partners' data may exclude property millionaires and that migration verification methods could be flawed. UBS/Credit Suisse has also forecast a fall in UK millionaires, but even these estimates suggest departures represent a small percentage of the total millionaire population.