500,000 Millionaires Will Leave UK by 2028 Says UBS

According to a report by Swiss bank UBS, the UK is projected to lose the highest number of millionaires by 2028, with a forecasted decline of 17% from 3.062 million in 2023 to 2.542 million. This trend contrasts with a global increase in millionaires, as 52 out of 56 countries are expected to see growth. The report attributes the decline to various factors, including the impact of Russian sanctions, which have affected wealthy Russians who traditionally used London as a base, and the appeal of low-tax jurisdictions like the UAE and Singapore. Additionally, a rise in economic nationalism and shifts in supply chains are prompting millionaire entrepreneurs to relocate closer to their businesses. While changes to tax rules for non-domiciled individuals have contributed to millionaire departures, UBS emphasizes that this is a minor factor in the overall trend. The report also highlights that Taiwan is expected to see the largest increase in millionaires, driven by its microchip industry and an influx of wealthy immigrants. Recent research from Henley & Partners supports UBS's findings, indicating a net loss of 9,500 millionaires from the UK in 2024, exacerbated by the country's exit from the EU.

- The UK is expected to lose 17% of its millionaires by 2028.

- The decline is influenced by factors such as Russian sanctions and competition from low-tax jurisdictions.

- Economic nationalism is driving entrepreneurs to relocate closer to their businesses.

- Taiwan is projected to experience significant growth in millionaires due to its microchip industry.

- The UK's net loss of millionaires has been ongoing, with 16,500 leaving between 2017 and 2023.