Wealthy Britons Consider Emigrating Amid UK Tax Reforms

Approximately 30 percent of wealthy Britons are considering emigrating from the United Kingdom, an increase from 25 percent the previous year. According to the Saltus Wealth Index Report, high-net-worth individuals are driven by declining economic confidence and specific tax changes, including the April 2025 abolition of the non-domiciled tax regime and a shift toward residence-based inheritance taxation.

Sovereign PPG Corporate Services reports that the United Arab Emirates has become a leading destination for these migrating millionaires, accounting for 16.2 percent of UK-origin enquiries. The UAE's appeal stems from its zero income tax and long-term residency options, surpassing other popular destinations such as Portugal and the Isle of Man.

Other destinations for British wealth include Switzerland, Singapore, Italy, and the United States. The Swiss advisory firm CitizenX predicts the UK will see a net loss of 5,700 millionaires in 2027, following a prior net loss of 8,600. This trend aligns with broader forecasts from Henley & Partners and New World Wealth, which predict record global millionaire relocations for 2026.