Goodbye to London: Thousands of millionaires are leaving the British capital, and these are their destinations.

London has been witnessing a notable exodus of wealthy residents in recent months. High‑net‑worth entrepreneurs, financiers, and investors are moving their tax residency out of the United Kingdom, drawn to more favorable fiscal environments in places like the United Arab Emirates, the United States, Italy, Monaco, and Switzerland.

Reeves’ wealth taxes

London Mayor Sadiq Khan has voiced concern over the trend. In comments to the Financial Times, he warned that wealthy individuals shouldn’t be treated as “scapegoats” and cautioned that certain tax policies could undermine the British capital’s competitiveness.

His remarks were widely interpreted as a veiled critique of Finance Minister Rachel Reeves, who has pushed reforms aimed at increasing the tax burden on top earners.

According to Henley & Partners, a consultancy specializing in investment migration, the UK is losing millionaires and multimillionaires at a faster pace than any other country.

In 2024 alone, the nation reportedly saw a net loss of about 10,800 millionaires, and projections for 2025 estimate another 16,500 departures, representing roughly $92 billion in combined wealth.

However, some experts dispute these figures, and the UK’s tax authority has not confirmed any large‑scale capital flight.

The impact of tax reforms

Several policy changes appear to be influencing these decisions. One of the most significant is the abolition—effective April 6, 2025—of the “non‑dom” tax regime, which allowed UK residents to avoid paying taxes on income earned abroad. In 2024, around 73,700 taxpayers benefited from this system.

Additional changes include adjustments to inheritance tax, capital gains tax, and the introduction of a new levy on luxury properties valued at more than £2 million (about $2.5 million).

The government has acknowledged that some of its decisions have contributed to the departure of prominent financial figures, including brothers Ian and Richard Livingstone, who have relocated to Monaco.

Against this backdrop, the mayor of London is urging the Treasury to avoid further measures that could push even more wealthy residents to leave the city.

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