With 2025 bringing tax increases on both businesses and workers, 2025 was a big year for wealth migration. And according to global financial advisors, this trend could increase in 2026.
Nigel Green, CEO at deVere Group, believes the number of high-net-worth individuals (HNWIs) leaving the UK next year could potentially double.
This comes as data shows that countries like Ireland, Dubai and the US are being seen as increasingly attracting to high-net-worth individuals looking to move their wealth abroad.
“Strategic relocation planning now sits at the centre of decision-making for globally mobile wealth.” Green says.
“We’re not guessing. We’re watching behaviour change. Enquiries including relocating out of the UK picked up strongly at the end of last year and they have not slowed.
“On that basis, we believe the number of wealthy people leaving in 2026 could potentially double.”
He adds: “When families and business owners start asking how to move rather than whether to move, intent becomes clear. Those conversations are increasingly happening every day.”
How Taxes Have Changed The Game
But this acceleration of HNWIs leaving the UK isn’t coming out of nowhere.
Over the past 18 months or so, the new Labour government have adopted policies that have changed how wealth is seen and taxed in the UK.
One of the biggest changes was the abolition of the non-dom scheme, which previously allowed people to live in the UK but not pay any tax on foreign income. Now, UK residents are taxed on worldwide income and capital gains, as well as being liable for Inheritance Taxes.
This, on top of frozen tax bands and higher capital gains taxes, mean that the wealthy are taxed a huge amount just for living in the UK. Put that alongside the slowing economy, ever-changing government policies and high cost of living, and for those with businesses and homes elsewhere, it’s easy to see why a move becomes appealing.
In fact, according to a YouGov poll by Tideway Wealth, since the 2025 budget, 1 in 10 adults UK are planning to move abroad, with 4% aiming to leave in the next 5 years.
Reasons for this included the cost-of-living crisis, wage stagnation, economic uncertainty, immigration and rising taxes. (Money Week)
Nigel Green says, “Policy sets the backdrop, but confidence drives decisions. Wealth follows opportunity, stability and clarity about the future.”
Business Owners Are Also Planning To Leave
But the move abroad isn’t just limited to HNWIs and those that have retired, according to research by Rathbones, 1 in 8 SME owners are planning to move themselves, their business, or both abroad, due to UK tax laws.
“Mobility now plays a central role in financial planning. High-net-worth individuals increasingly compare jurisdictions on access to global markets, infrastructure strength, family security and the ability to operate across borders with minimal friction.” Green comments. And he’s right.
2025 Exodus
According to The Henley Private Wealth Migration Report, the UK lost an estimated 16,500 millionaires in 2025 alone – making it one of the biggest exoduses of wealthy individuals anywhere in the world.
According to Rathbone’s research, Ireland was rated as the top country to move to by more than a quarter of those considering leaving the UK. This was followed by 21% choosing Dubai and 18% choosing the US.
Nigel Green commented “Competition for global wealth has become deliberate and highly focused.
“This has turned into a contest for capital and talent. Governments which understand how mobile wealth has become are now shaping policy accordingly. The UK remains a major financial centre, but relative advantage matters more than reputation when people have genuine choice.”
And with the rise of golden visas making moves easier for those with wealth, they are left with little reason to remain on UK soil.
How Could This Impact The UK Economy?
As screams of ‘tax the rich’ are heard on UK streets, the truth is that high wealth migration could have a negative impact on the UK economy.
HNWIs fuel investment, growth and entrepreneurship, and when they take their wealth abroad, it’s UK businesses that feel the pinch.
“When wealth moves, economic gravity moves with it. Capital takes more than tax revenue. Investment energy, risk appetite and long-term commitment travel with it.” says Nigel Green.
And when it comes to high earners, the same applies. According to the House of Commons, the 10% of income taxpayers with the largest incomes contribute over 60% of income tax receipts.
If we lost these earners, the money available for public services would drop exponentially, affecting those at all levels.
And whilst some high earners and wealthy families will stay in the UK, many warn that the exodus is only getting stronger in 2026.
An Uncertain Year Ahead
Looking ahead, it’s difficult to tell whether the 2026 exodus will be as strong, or stronger than 2025. However, as the UK continues to increase its tax burden on its residents, it’s hardly a surprise that wealthy individuals are finding themselves drawn elsewhere.
Nigel Green concludes: “Entrepreneurs and investors are aligning themselves with environments that offer clarity, tax efficiency, ambition and long-term confidence.”
Can the UK provide that in time? Or are we too far gone? We will wait and see…
