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One Big ‘wexit’ Is Coming For The Uk, Firm Reports

Ta-ta for now: More millionaires are expected to flee Great Britain than any other country this year in a record “wealth exit,” aka a Wexit, a British migration advisory firm projected this week.

According to the annual wealth migration report from Henley & Partners:

Globally, 142,000 millionaires are expected to relocate in 2025, up from 134,000 last year.
The UK is projected to account for 16,500 of these departures—the biggest outflow for any country since the firm started tracking a decade ago—up from 9,500 last year.
China will rank second, with fewer than half as many millionaire moves as the UK, after sitting atop the list every year prior.

Henley & Partners said the Wexit is partially a result of tighter tax rules introduced in October for people with permanent homes outside the UK.

Where to? The UAE (where there’s no income tax) and the US are expected to receive the most millionaire movers this year. Many could also be returning home: 60% of millionaires ditching Big Ben were born outside the UK, according to New World Health, which worked on the report.

Disputed: The Tax Justice Network calls the Wexit “non-existent” because there are reportedly ~60 million millionaires in the world, and there were over 3 million in the UK as of 2023, meaning that if the projections are correct, more than 99% of them are staying put. —ML

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One Big ‘wexit’ Is Coming For The Uk, Firm Reports

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