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More and more wealthy people have expressed their intention to move out of the UK this year to encourage the country to expel concerns over tax and pension reform.
According to FT and Savanta Wealth Management Survey 2025, wealth managers say many clients are preparing to leave on an average of 52, ranging from one number to 300.
According to Henley Private Wealth Migration 2025, the UK is projected to lose 16,500 high-value individuals worth around $92 billion in investable assets this year.
Of the UK billionaires, 26% are very likely or likely to change their tax settlement within 12 months, a syndicated study by market research group Savanta has been reported.
The figures point to 29% of people who own more than £5 million in investable assets (very high-rich individuals), increasing uncertainty among the country’s wealthiest residents, the Sabanta Milveau Q1 2025 survey said.
The changes in tax and pensions introduced by the Labour government are the main concern of the wealthy, as they hamper the appeal of more financially advantageous places. For many, this decision is about financial prudence as much as lifestyle preferences.
The government’s new tax system, including capital gains and stamp duty changes by including pensions in inheritance tax (IHT), is part of the factors behind the book of Exodus.
The Labour Government has also decided to close the loophole allowing non-domes to use non-land trusts to avoid succession taxes.
This led many to leave the UK and set out for more tax-friendly regimes such as the United Arab Emirates, Italy, and Switzerland.
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However, the FT reported last month that British Prime Minister Rachel Reeves was exploring the opposite of non-Dom crackdowns as a reduced tax base from the rich could potentially put pressure on the finances.
There is also the risk that many home-built entrepreneurs’ departures could clash with innovation, leading to ripple effects that undermine Britain’s prosperity.
For UK wealth managers, the country’s declined attraction among wealthy individuals is achieved beyond management losses to make new clients more challenging, especially with increasing competition from global wealth hubs such as Dubai, Singapore and Switzerland.
FT & Savanta Wealth Management Survey 2025 spoke to 23 wealth managers about various issues relating to stock markets, regulations, AI, cryptocurrency and inheritance tax.
The Savanta Millvue Q1 2025 survey interviewed 500 wealthy individuals in the UK.
Elwira Costello is Vice Chairman of Global Wells Lead at Savanta, a market research and advisory company
