Nearly one in three wealthy Britons are considering leaving the UK, as declining confidence in the economy and concerns over future tax changes prompt more well-off residents to reassess where they live and manage their money, a new study has found.
The proportion thinking about emigrating has risen from 25 per cent a year ago to 30 per cent, according to the Saltus Wealth Index Report, published last month. Eight per cent are actively exploring a move, while 22 per cent say they may consider one in future. Although 70 per cent have no plans to leave, the findings show, confidence in the UK economy and tax system matters to internationally mobile wealth.
Saltus’s analysis was based on research of 2,000 UK adults with at least £250,000 ($331,600) in investible assets, excluding their main home. The annual survey found that confidence in the UK economy among high-net-worth individuals (HNWIs) had fallen to 56 per cent, down from 66 per cent a year ago, with 40 per cent now identifying possible tax changes as a key risk to their wealth.
The abolition of the UK’s non-domiciled tax regime in April last year has added to concerns about the UK’s appeal to wealthy individuals and families. The exodus of the wealthy from the UK is proving to be a boon for countries with more relaxed tax regulations that are vying for the British wealth. More such people are looking at alternative countries to park their money. These include the UAE, Switzerland, Italy, Singapore and the US.
The UAE has emerged as one of the leading destinations for migrating millionaires, offering zero income tax, long-term residency, advanced infrastructure, established financial centres and an easy business environment for investors and entrepreneurs.
CitizenX, a Swiss technology and immigration advisory company, predicts that the UK will lose a net 5,700 millionaires in 2027. It is a “large outflow by any historical standard”, but also a smaller number than the previous, when “our baseline puts the UK’s net loss at 8,600", the largest in the world that year, it says.
Simon Gordon, managing director for the Middle East at the Dubai-based consultancy Sovereign PPG Corporate Services, says the key question is “whether the UK’s recent tax changes and uncertainty over what might come next will lead to a lasting shift in where wealthy families choose to live, run their businesses and manage their wealth”.
“UK-origin enquiries relating to the UAE dipped between March and May amid the regional conflict, but recovered from June and remained resilient, accounting for 20 per cent of UK leads again in September. This suggests that, despite the uncertainty, the UAE remains firmly on the radar for people considering their longer-term plans,” Mr Gordon tells The National.
Tax overhauls intensify debate
Under the UK’s replacement foreign income and gains regime, eligible new arrivals who have been non-resident for at least 10 consecutive years can claim relief on qualifying foreign income and gains for their first four years of UK tax residence. After that, they are generally taxed on worldwide income and gains.
Inheritance tax has also shifted towards a residence-based system. Overseas assets generally fall within scope after an individual has been UK-resident for 10 of the previous 20 tax years, subject to the applicable rules.
The abolition of the non-domicile (non-dom) regime and the move towards residence-based inheritance taxation have “increased the urgency of conversations with internationally mobile families”, says Mr Gordon.
UAE leads inquiry list
Enquiries increasingly cover residency, family mobility, succession planning, business ownership and where future investments should be based, he adds.
Sovereign PPG’s latest data shows that the UAE accounted for 16.2 per cent of the group’s enquiries originating in the UK, ahead of the Isle of Man at 12.8 per cent, Portugal at 11.7 per cent, Gibraltar at 5.5 per cent and Malta at 4.3 per cent.
Nearly 60 per cent of UK-origin UAE enquiries involved company formation, business licensing or other commercial set-up requirements. A further 21.9 per cent concerned residency, relocation or visas, while 13.9 per cent related to wealth structures such as trusts, foundations and holding companies, data shows.
“Tax efficiency may start the conversation, but it is rarely enough to complete the move,” Mr Gordon says, before adding that the UAE’s connectivity, business infrastructure and access to markets across the Middle East, Asia and Africa appeal to families seeking a commercial base. Switzerland and Singapore offer established wealth management sectors, while Portugal and Malta continue to attract those seeking European residency and lifestyle benefits.
Across all UK-origin enquiries to the group, 42 per cent referenced business or company set-up, while 28.9 per cent involved wealth or succession planning. The UK-origin enquiries have averaged about 19 per cent of the group’s total leads over the past four years, according to Mr Gordon.
Meanwhile, the broader migration outlook remains significant. Henley & Partners and New World Wealth forecast a record 165,000 millionaire relocations worldwide in 2026, with the UAE expected to remain the leading destination for inflows.
For Britain, the challenge is to balance tax reform with its ability to retain mobile investors and entrepreneurs. For the UAE, the opportunity is to convert initial interest into durable investment and economic activity.
“The UAE’s long-term challenge is not simply to attract wealthy residents, but to convert initial tax and residency interest into enduring business activity, investment and family connections,” Mr Gordon says.