The UK has been seeing a steep annual decline in its millionaire population, the highest among any country globally as high-net-worth individuals (HNWIs) continue to relocate to Golden Visa destinations like Dubai in search for a better quality of life and favourable tax conditions.
According to a recent report by international property consultancy Astons, the trend is driven by sweeping tax hikes specifically targeted towards the rich including increases to capital gains tax, inheritance tax and reforms to the non-dom regime.
The highest proportion of millionaires is currently held by the US, China, France, Japan, and Germany at 39.7 per cent, 10.5 per cent. 4.8 per cent, 4.6 per cent, and 4.5 per cent, respectively.
Six countries have seen a decline in its millionaire population – Australia, Japan, Saudi Arabia, Taiwan, and Germany. However, the UK saw the largest drop at 14.3 per cent.
Additionally, the data revealed a wider trend of declining personal wealth, dropping at an average of 3 per cent per adult.
Last month, Arabian Business reported that the UK wealth exodus is also driven by high-earning athletes, entertainers, and emerging talent. These high-profile individuals are increasingly choosing the UAE amid Britain’s unfavourable tax conditions.
“The industries are going to suffer. The United Kingdom will no longer produce superstars. And those superstars create employment and revenue. If they go, the UK will lose employment revenue, not only from the superstars themselves but also from everyone around them. An athlete or entertainer is like their own massive corporation. The UK is driving their business away,” said Oriana Morrison, UK-US tax strategist.
She has reported that 100 per cent of her clients have already left the country or are planning to if conditions do not improve.
“Nobody is getting any value for money anymore when it comes to taxes. The worst level of public services ever. Who wants to pay more and more and more for nothing in return?” she added.
According to the Astons report, wealthy people that have chosen to stay in the UK will have seen their net worth reduce, increasing financial pressures and in some cases even pushing them out of the millionaire bracket.
“Let’s take a boxer earning GBP1 million for a fight. In the UK, once you factor in income tax, national insurance, and possibly agent fees, they’re walking away with GBP400,000 – if that. And that’s assuming everything’s structured well. In the UAE? You’re keeping GBP900,000 or more. The tax rate is zero. That’s real cash in your account. But it’s not as simple as just moving there. You’ve got to plan your exit properly to avoid UK tax on foreign earnings,” Morrison explained.
“Everyone is paying an exorbitant amount of tax and not receiving anything in return,” she emphasised.
Golden Visa destinations offering residency-by-investment schemes are becoming increasingly popular among HNWIs flocking out of the UK. Greece and Dubai are the most sought-after destinations with Greece offering benefits such as accessible investment thresholds, a straightforward application process and access to the Schengen area.
“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,” said Suzanna Uzakova, Senior Consultant for Residency and Citizenship Programmes at Astons.
On the other hand, Dubai offers beneficial tax conditions, safety and lifestyle benefits.
“The UAE is a no-brainer when it comes to tax efficiency, and the weather helps. There’s public order, low crime, and better quality housing. It’s safer, but there are drastic lifestyle changes,” Morisson explained.
“Taxation pays for safety. People feel that in the UAE. They don’t in the UK. I feel less safe every day I live here. I’ve stopped feeling safe in my neighbourhood. There are stabbings locally in my area regularly. What country am I in? People are paying more and feeling less safe. The United Kingdom is changing and not for the better,” she added.
According to the latest UBS Global Wealth Report 2025, the number of ‘Everyday Millionaires’ has more than quadrupled since 2000 to 52 million. At the end of last year, these millionaires accounted for over $107 trillion of total wealth.
Over 680,000 new USD millionaires were added in 2024, the highest increase occurred in Turkey, while the UAE ranked second with an expansion of 5.8 per cent.
“Wealth finances investment, making it hugely important economically. But wealth also matters a great deal politically,” said Paul Donovan, Chief Economist at UBS Global Wealth Management.
The report data reveals anticipated growth in the number of USD millionaires and a rise in the growth of personal wealth over the next five years.
While wealth numbers increase globally, the UK stands to risk a “massive haemorrhage of income” to the government.
Experts claim that although the UK government is aware of the trend, “they’re not acting fast enough.”
Morrison said her high-profile clients, “see crumbling public services and zero incentives to stay. The government needs to look at this as a competition. Because that’s what it is. The UAE, the US? They’re winning on talent attraction. We’re just taxing and shaming.”
Britain’s status as a global hub for sporting and entertainment stands to inherit permanent damage.
“The UK is not the best future for them or their kids. People are confronting this reality every day. For those who have young kids or want to start a family, the UAE is a no-brainer,” she said.
However, moving to the UAE requires navigating a complex residency and structuring rules to avoid continued UK tax strains since “leaving the United Kingdom does not automatically remove a person from its tax system,” Michael Kortbawi, Senior Partner and Co-Founder of BSA Law said to Arabian Business.
“The most common mistake is believing that a move to Dubai automatically ends UK tax residency,” he added.
The move requires careful planning and documentation for HNWIs to avoid being treated as a UK tax resident. Zones such as Dubai Media City and Dubai Sports City is making relocation easier with tailored licenses and facilities.
As individuals continue to relocate, experts stress that the implications extend beyond personal decisions to the country’s economy, national competitive advantage and cultural influence. As HNWIs move they take with them direct economic contributions as well as employment generation, capacity to attract investment and maintain the UK’s cultural footprint.
“For the people who stay in the UK, they are going to be sadder, poorer, and less aspirational,” Morrison concluded.
Follow us on
