A record-breaking 142,000 millionaires are projected to relocate internationally this year, with the UK expected to see the largest net outflow of HNWIs by any country since millionaire migration tracking began 10 years ago.

According to the Henley Private Wealth Migration Report 2025 published today, the UK is forecast to lose 16,500 millionaires in 2025.

That’s more than double the anticipated 7,800 net outflow from China, ranked 2nd this year after topping the millionaire-loser leaderboard every year over the past decade.

Since the 2016 Brexit vote, the UK has shifted from being a net magnet for millionaires to a net exporter. The latest surge is driven in part by sweeping tax reforms.

According to the report the UAE looks set to retain its crown as the world’s leading wealth magnet, with a record net inflow of 9,800 relocating millionaires expected this year 2,300 more than the US in 2nd place.

Surprisingly perhaps, given the current political climate, 7,500 new wealthy migrants are expected to make America home by year-end.

For the first time, EU heavyweights France, Spain, and Germany are 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.

Dr Juerg Steffen, CEO at Henley & Partners, said the divergence highlights the rising influence of strategic wealth migration on global economic power shifts. He said: “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.”

The Henley Private Wealth Migration Report is published annually by advisory firm Henley & Partners in partnership with intelligence firm New World Wealth, which tracks the movements of more than 150,000 high-net-worth individuals.

• The following sources are consulted when mapping the migration of HNWIs: Investment migration program statistics in each country; Henley’s internal data on wealthy individuals who enquire about investment migration programs; New World Wealth’s in-house database; monitoring where new family offices are being established; property registers in major destination markets, company registers; statistics from high-end international removal firms.