Introduction
Think Britain’s wealthy millionaires are happy at home? Think again. A shocking 60% of UK millionaires now believe they’d have a better quality of life elsewhere, with many actively planning to leave Britain, according to new research by Arton Capital.
This millionaire exodus isn’t just rich people complaining about the weather. We’re talking about wealthy Brits potentially fleeing the country, which could seriously impact Britain’s tax base. With Labour’s wealth tax rhetoric heating up and high-profile billionaires already emigrating from the UK, Britain’s millionaire class is eyeing the exit door.
So where are these wealthy individuals heading, and what’s driving this unprecedented millionaire migration from the UK?
Top Destinations for UK Millionaires Emigrating
The grass looks greener across the pond for wealthy Brits seeking emigration. The USA tops the wishlist for UK millionaires leaving Britain, followed by Canada and Australia. The UAE and France round out the most popular destinations for British millionaire migration.
What’s driving these emigration choices? It’s not just about sunshine and space. These countries offer what Britain increasingly doesn’t: tax certainty, investment incentives, and business-friendly environments for wealthy individuals.
Nearly 82% of surveyed UK millionaires expressed interest in “Golden Visa” schemes that fast-track residency for wealthy investors. Countries like Portugal, Spain, and the UAE have built entire industries around attracting foreign capital through these programmes.
Why UK Wealth Tax Fears Drive Millionaire Emigration
When asked about potential UK wealth taxes, nearly one in three millionaires said they’d be more likely to leave Britain entirely.
Chancellor Rachel Reeves has called the current tax balance “fair,” but prominent Labour MPs keep pushing for higher wealth taxes on UK millionaires. Meanwhile, the Treasury is reportedly eyeing inheritance tax loopholes and capital gains rises – both forms of wealth taxation that could accelerate British millionaire emigration.
It’s classic tax policy tension: squeeze the wealthy too hard, and they might just squeeze back by leaving entirely.
High-Profile Cases of UK Millionaires Leaving Britain
This millionaire exodus from the UK isn’t theoretical anymore. High-profile emigration cases are already happening:
- Aston Villa owner Nassef Sawiris (Egyptian billionaire leaving Britain)
- Goldman Sachs senior banker Richard Gnodde (emigrating from UK)
- Multiple non-dom millionaires ahead of UK tax changes
The government’s still waiting for full data on wealthy individuals leaving Britain, but early signs suggest the trickle of UK millionaire emigration could become a flood.
The top 5% of UK taxpayers already pay nearly half of all income tax. Lose even a fraction of these wealthy contributors through emigration, and the fiscal impact on Britain could be massive.
Economic Impact of UK Millionaire Emigration on Britain
Britain faces a delicate balancing act with its wealthy residents. Progressive taxation sounds great in theory, but if UK millionaires can literally emigrate and take their tax contributions elsewhere, you risk shooting yourself in the foot.
Countries like Singapore, Dubai, and Monaco have built their reputations on attracting mobile wealth from places like Britain. The UK’s historical advantages – language, legal system, financial markets – might not be enough if the tax burden drives millionaire emigration.
Arton Capital’s CEO Armand Arton warns Britain risks “losing capital, talent and long-term investment to countries that offer greater security” to wealthy individuals.
The Bottom Line on UK Millionaire Emigration
UK millionaires are sending a clear signal: they’re not feeling the love at home. Whether it’s wealth tax uncertainty, regulatory burden, or just a sense that the political winds have shifted against wealth creation, 60% are looking elsewhere for a better life.
For policymakers, the message about this potential millionaire exodus is stark: tax policy isn’t just about raising revenue – it’s about keeping your revenue base from literally emigrating from Britain.
FAQ
Q1: How many UK millionaires are actually emigrating from Britain?
A: Full emigration data isn’t available yet, but several high-profile cases suggest wealthy individuals leaving Britain is accelerating. The government is still collecting statistics on millionaire departures following recent tax changes.
Q2: What’s a “Golden Visa” and why do UK millionaires want them?
A: Golden Visas offer residency or citizenship in exchange for investment. Countries use them to attract wealthy foreigners, and 82% of UK millionaires surveyed showed interest in these emigration schemes.
Q3: Which countries are most popular with UK millionaires emigrating from Britain?
A: The USA leads destinations for British millionaire emigration, followed by Canada, Australia, UAE, and France. These destinations offer favourable tax regimes and business environments compared to Britain.
Q4: How much tax do emigrating UK millionaires actually pay?
A: The top 5% of taxpayers contribute nearly half of all income tax receipts. This concentration makes Britain’s tax base vulnerable if wealthy individuals emigrate from the UK.
Q5: Will the UK actually introduce wealth taxes that drive millionaire emigration?
A: Not directly. While ministers have rejected explicit wealth taxes as “daft,” the Treasury is reportedly considering inheritance tax reforms and capital gains rises – both forms of wealth taxation that could accelerate UK millionaire emigration.
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Effective Date: 15th July 2025
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