UK Far Outpaces China In HNW Exodus; UAE, Switzerland Gain – Study

Tom Burroughes

25 June 2025

A report by migration advisory firm (see here) and (see here) in the UK, that tax changes, such as the end to the UK’s centuries-old resident non-domicile system, is driving HNW people abroad and therefore will shrink, not expand, revenues in the long term. There is media speculation that UK Chancellor of the Exchequer, Rachel Reeves, will perform a partial U-turn on this move. Advisors have warned that such a change will come too late to reverse the blow to the UK’s reputation.

"2025 marks a pivotal moment. For the first time in a decade of tracking, a European country leads the world in millionaire outflows. This isn't just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. The long-term implications for Europe and the UK's economic competitiveness and investment appeal are significant,” Dr Juerg Steffen, CEO at Henley & Partners, said.

For the first time, France, Spain, and Germany are also expected to see net HNWI losses in 2025 – with projected net outflows of –800, –500, and –400 millionaires, respectively. Ireland (–100), Norway (–150), and Sweden (–50) are also beginning to see significant wealth losses, with many affluent Europeans relocating to more investor-friendly hubs on the continent, the report said.

"Unfortunately, these numbers aren’t surprising. Ever since the Autumn Budget and the removal of the inheritance tax (IHT) protections on foreign assets, we have witnessed a significant flight of wealth, and we are still seeing many consider international options with increasing regularity," Marc Acheson, global wealth specialist at , said.

"The outflow of the UK’s non-doms and HNWs will benefit countries such as the UAE and Italy who have built attractive tax regimes that appeal to internationally mobile HNW individuals. Whilst it was reported last week that the Chancellor was exploring reversing a decision to charge UK inheritance tax on the global assets of non-doms, it will take a long time to restore trust and stability," he added.

Switzerland and other winners
Beneficiaries of this trend are Switzerland, set to attract a net gain of +3,000 migrating millionaires this year, while Italy, Portugal, and Greece are also forecast to see record inflows of +3,600, +1,400 and +1,200, respectively – driven by favourable tax regimes, lifestyle appeal, and active investment migration programmes, the report said.

Outside Europe, Saudi Arabia is the greatest gainer on this year's inbound list, projected to see a net inflow of +2,400 new millionaires. Traditional destinations such as Singapore (+1,600), Australia (+1,000), Canada (+1,000), and New Zealand (+150) appear to be losing their appeal, with their lowest net inflows on record provisionally expected in 2025. Thailand (+450) is rapidly emerging as Southeast Asia's new haven, with Bangkok positioning itself as a key rival to Singapore.

Hong Kong (+800) and Japan (+600) are forecast to enjoy higher HNWI inflows this year, while Central American and Caribbean jurisdictions – including Costa Rica (+350), Panama (+300), the Cayman Islands (+200), and Bermuda (+50) – are all set to attract record numbers of wealthy migrants to their shores. Three African nations – Morocco (+100), Mauritius (+100), and the Seychelles (+50) – have made it onto the inbound millionaire migration rankings for 2025.

Other outflows
In Asia, South Korea is expected to see significant net outflows of HNWIs (–2,400), more than double last year's figure. Vietnam (–300) is also beginning to see a worrying uptick in millionaire departures, and Pakistan (–100) continues to lose millionaires to the UAE. Taiwan (–100) presents a mixed picture: while its tech-driven economy remains robust with +65 per cent millionaire growth over the past decade, growing tensions with China and a lack of luxury real estate options appear to be unsettling some of its wealthiest residents.

In Latin America, Brazil (–1,200) and Colombia (–150) are both expected to see sizeable wealth drains, while the other BRICS nations – China (–7,800), India (–3,500), Russia (–1,500), and South Africa (–250) – are all on track to record their lowest net millionaire losses since Covid, it added.

The figures in the report were published in conjunction with New World Wealth.