UK's Millionaire Exodus: Labour's Tax Policies Drive Record Wealth Migration to Southern Europe
The UK is witnessing an unprecedented exodus of high-net-worth individuals (HNWIs) and their businesses, primarily due to Labour's aggressive tax policies. Meanwhile, Southern Europe and other regions are emerging as new hubs for wealth migration.
A record 142,000 millionaires are projected to relocate internationally this year, with the UK expected to see the largest net outflow. This shift is driven by Labour's sweeping tax reforms, including capital gains and inheritance tax hikes. The UK is forecast to lose a staggering -16,500 millionaires in 2025, more than double the anticipated net outflow from China.
Southern Europe is fast becoming a new center of gravity for wealth migration. Italy, Portugal, and Greece are seeing record inflows, while for the first time, EU heavyweights France, Spain, and Germany are expected to see net HNWI losses in 2025. Affluent individuals are attracted to these regions for their lower taxes and desirable living conditions.
Other popular destinations include the UAE, which retains its crown as the world's leading wealth magnet, and tax-friendly jurisdictions such as the UAE, Monaco, and Malta. Lifestyle havens like Italy, Greece, and Portugal are also drawing millionaires. In 2025, significant net outflows are expected from South Korea, Brazil, and Colombia, with the US, Portugal, and other countries being popular destinations.
The UK's shift to a net exporter of millionaires, driven by Labour's tax policies, is reshaping the global wealth map. Southern Europe and other regions are benefiting from this trend, while traditional wealth hubs like the UK and EU heavyweights face net losses. The UAE continues to attract a record number of relocating millionaires, highlighting the importance of tax-friendly policies in wealth migration.
