UK Faces World’s Largest Millionaire Exodus Amid Labour Tax Hikes

The UK has experienced the largest millionaire exodus of any nation in 2025, according to new analysis from international property consultancy Astons.

The firm’s research reveals that the country has suffered the sharpest annual decline in its millionaire population, a trend driven by Labour’s sweeping tax reforms targeting high-net-worth individuals (HNWIs). These include increases to Capital Gains Tax and Inheritance Tax, as well as major changes to the non-dom regime.

As a result, an increasing number of the UK’s wealthiest citizens are relocating to Golden Visa destinations, seeking more favourable tax environments and improved quality of life.

Astons analysed the latest data from the Global Wealth Report 2025, which tracks the number of millionaires across global markets and highlights where HNWIs are gaining or leaving in greatest numbers.

Highest proportion of millionaires by nation

The analysis shows that the United States, China, France, Japan and Germany currently hold the highest proportions of the world’s millionaires, accounting for 39.7%, 10.5%, 4.8%, 4.6% and 4.5% respectively.

The UK ranks just outside the top five, with 4.4% of the global total, equivalent to approximately 2.6 million individuals with assets of at least one million pounds.

Highest growth in millionaire numbers

But whilst these nations boast the highest proportion of millionaires, its countries such as Mexico, Brazil and Russia that have experienced the fastest growth in millionaire numbers, rising by 20.3%, 13.8% and 11.6% respectively. The US, by comparison, saw its millionaire population grow by 8.6% over the same period.

Just six nations have seen a decline in numbers – The UK being the worst

Only six countries have seen a decline in millionaire numbers. These included Australia, Japan, Saudi Arabia, Taiwan and Germany, but the UK’s -14.3% annual drop was by far the largest.

This decline also reflects a broader trend of falling personal wealth within the UK as the average wealth per adult fell by -3%.

In contrast, countries such as the US and Spain have seen an increase, where wealth per person rose by 9.9% and 3.6% respectively. However, the UK did perform better than some nations, including France (-8.4%), Japan (-6.9%) and Australia (-5.4%), where average wealth levels dropped more sharply.

Why the number of UK millionaires is falling

The drop in UK millionaires can be attributed in part to recent tax changes affecting high-net-worth individuals. Adjustments to inheritance tax, capital gains tax and the non-domiciled regime have prompted many wealthy individuals to leave the UK for jurisdictions with more favourable tax systems. As a result, both the number of millionaires and their overall wealth have declined.

In addition, some wealthy people who have chosen to stay in the UK may have seen their net worth reduced as these new tax measures increase financial pressures and limit tax planning opportunities, thus pushing them out of the millionaire bracket.

Golden Visa programmes and the Greek advantage

Residency-by-investment schemes, commonly referred to as Golden Visa programmes, are becoming an increasingly popular solution for those looking to relocate and protect their wealth. These programmes allow individuals to gain residency rights in exchange for investment, typically in property or government-approved assets.

According to Astons, Greece has become one of the most sought-after destinations in Europe for Golden Visa applicants. Its programme is attractive due to its relatively accessible investment thresholds, straightforward application process and the added benefit of access to the Schengen Area. Investors are also drawn by Greece’s stable legal framework, appealing lifestyle and growing property market. While other European countries have scaled back or closed their programmes, Greece has remained open and competitive, helping to explain its continued popularity among relocating investors.

Suzanna Uzakova, Senior Consultant for Residency and Citizenship Programmes at Astons, commented:

“The significant decline in the number of UK millionaires is indicative of a broader trend where high-net-worth individuals are seeking more favourable tax environments. Recent UK tax reforms, such as changes to inheritance tax, capital gains tax, and the non-domiciled regime, have prompted many to reconsider their residency.

Wealth is increasingly mobile, and countries like Greece offer structured and appealing alternatives. Greece’s Golden Visa programme remains one of Europe’s most attractive options, with a minimum investment of €250,000 required for properties converted from commercial to residential use. This threshold applies regardless of the property’s location, making it accessible even in high-demand areas. Additionally, the programme provides the benefit of Schengen Area access, a stable legal framework, and a high quality of life, all of which contribute to its growing popularity among relocating investors.”