Britain’s latest tax overhaul has fueled a record outflow of wealthy residents, with many choosing the UAE, Italy, and Switzerland as alternative hubs.
The UK government’s recent reforms — including bringing pensions into inheritance tax, raising capital gains tax, and closing offshore trust loopholes — have sparked alarm among high-net-worth individuals (HNWIs). According to the Henley Private Wealth Migration Report, approximately 16,500 wealthy residents are expected to leave the UK in 2025, representing nearly USD 92 billion in assets.
Destinations such as Dubai, Milan, and Zurich are emerging as top choices for relocation due to favorable tax structures and investor-friendly policies. While Chancellor Rachel Reeves is reassessing some measures, wealth advisors warn that Britain risks long-term competitiveness if it cannot retain its ultra-wealthy base.
UK wealth migration, tax reform, HNWI relocation