Khaberni - A recent report has confirmed that an increasing number of British wealthy individuals are transferring their assets and families abroad, with expectations that the upcoming British budget meeting in November (which is expected to address reforms to the non-dom tax system) may accelerate this substantial flow of capital and talent.
The report, published by The National, stated that this migration is occurring amid growing concerns about tax regulation fluctuations and the declining status of the United Kingdom as an international financial hub.
Philip Amaranthe, Managing Partner for the Middle East and Head of Government Consulting at Henley & Partners in Europe, the Middle East, and Africa, said, "Many people are leaving the country due to declining confidence in the legislative and regulatory environment."
According to the latest Henley & Partners report data, about 16,500 millionaires are expected to leave Britain during 2025 (from January to May), compared to 9,500 departures in 2024, more than doubling the pace.
According to the report, Britain has lost more than 16,000 millionaires since 2017, ranking it among the largest wealth migration waves globally.
Over the last decade, the British millionaire category has decreased by nearly 9%, while other major economies have seen strong growth.
Amaranthe links the motives for this movement to several factors including: the consequences of Brexit, changes in the non-dom tax system, and the decline in the regulatory environment in terms of predictability and stability.
Alternative Options
This trend is part of a wider global movement: residency or citizenship by investment applications increased by 43% between 2024 and 2025 in the first three quarters of the year, according to data from Henley & Partners CMS.
It is notable that applications from Americans alone for these programs increased by 161% during the same period, making them the leading nationality interested.
Although some Americans migrate to the United Kingdom in search for a better environment, Amaranthe indicates that this influx does not match the volume of capital leaving. "It's not a matching change," as he described, explaining the transition as part of a "risk reduction" strategy adopted by the wealthy, prioritizing certainty.
He added, "Our clients call our offices saying, 'We don't have an alternative plan; this no longer suits us,' as he sees it, this generates 'a lack of confidence' and 'missed opportunities' as entrepreneurs move elsewhere."
Pending Challenges
Amaranthe pointed out that he anticipates the British budget in November to recognize this "harmful" path, but he expressed doubt that radical changes would be made. "I hope some people come to their senses," he stated.
He also linked the phenomenon to a general anti-immigration trend in Europe and the United Kingdom, highlighting a comparison with the Emirates, which facilitates company formation and residency acquisition.
The capital inflow is expected to continue, albeit at a slower pace. Although London will remain a financial center, wealthy individuals are reducing their presence in the United Kingdom and are looking for states where they are treated as they wish.
Amaranthe said, "When your neighbor leaves, then another neighbor leaves, you wonder: maybe it's time to pack my bags."
Competing and Attractive Center
At the Abu Dhabi Investment Forum in London (ADIF), experts highlighted how Abu Dhabi has become a destination for British professionals and investors looking for a stable and safe environment.
According to Dimitris Molavaselis, CEO of M42 Group, the emirate is seeing a transition of research and development and manufacturing companies towards it.
For instance, a partnership between the British biotechnology company Juvenescence and Abu Dhabi's "M42" in the field of artificial intelligence research and drug development is an example of this transition.
Entrepreneur Nikolay Vesov, founder and CEO of the British startup BrainPatch in London, is one of the migrants to Abu Dhabi, benefiting from an innovative environment and pointing out that tax costs, salaries, and value-added tax are increasingly burdensome in Britain.
The BrainPatch program develops non-surgical devices for brain stimulation, targeting stress and nervous condition, relying on vagus and vestibular nerve stimulation to achieve immediate and profound effects.
External Critique
Meanwhile, entities like the Tax Justice Network criticize what is called "migration of millionaires" as an exaggerated media campaign. In a report published in June 2025, they stated that the promoted numbers represent a very small percentage of the total millionaires in the United Kingdom, as the 9,500 departures in 2024, for instance, represented only about 0.3% of the number of millionaires.
The report also indicates that Henley's report is based on data from professional and social sites, not actual relocation.
In a subsequent article titled "Debunking the Millionaire Migration Myth," Tax Justice confirmed that the alleged departing numbers do not exceed 1% of the millionaires, and that media coverage has been greatly exaggerated compared to reality.
Crossroads
The report sheds light on a growing phenomenon of elite and wealth migration from the United Kingdom, driven by increasing concerns about an unstable tax and legislative environment. The November budget could mark a turning point in determining whether this trend will accelerate. However, it should be read with a critical balance, as sources criticizing the numbers say the real percentages of millionaire departures are likely much lower than rumored. Nonetheless, even the departure of a few elites could have economic and political impacts that should not be underestimated, especially in the innovation and investment sectors.
In the end, London may continue to be a resilient financial center, but the wealthy are exploring alternatives and are reducing their risk exposure in a country now seen as losing much of its competitive advantage in the global financial world.
