UK is ‘sleepwalking into a long-term economic decline’ by driving away wealth creators

The UK is facing the largest millionaire exodus in the world this year, yet the government appears unwilling—or unable—to do anything meaningful to stop it, says the CEO of one of the world’s largest independent financial advisory organisations.

Nigel Green, chief executive of deVere Group, says Britain is sleepwalking into a long-term economic decline by driving away wealth creators and refusing to compete for their return.

“Wealthy individuals and global investors are leaving the UK in record numbers, and there’s no serious attempt to bring them back,” says Nigel Green.

“That’s short-sighted and self-destructive.”

Henley & Partners projects that 16,500 millionaires will leave the UK in 2025, following the loss of 10,800 last year. At least 18 billionaires have also reportedly departed since 2022.

Britain is now the only G7 economy expected to post negative millionaire growth this year.

The main trigger was the government’s decision to abolish the non-domiciled (non-dom) tax regime in April.

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The decades-old system allowed foreign nationals living in the UK to avoid tax on overseas income. In its place is a residence-based model that subjects long-term residents to full taxation on global income and capital gains—and, after 10 years, to inheritance tax on worldwide assets.

“This wasn’t just a tax change, it was a signal,” says Nigel Green. “It told global wealth that it’s no longer welcome here. Other countries, such as Italy, the UAE, Singapore, the US, are rolling out the red carpet while the UK is rolling up the drawbridge.”

Despite mounting evidence of an exodus, there is no formal UK government plan to reverse course or attract wealthy individuals back.

While political voices have floated ideas—from investor visas to special exemptions—none of these have translated into policy, and ministers remain committed to the current tax framework.

“Any talk of outreach is, at best, speculative. There’s no package, no campaign, no legal change under discussion that would seriously persuade high-net-worth individuals to return,” Nigel Green continues.

“Until there is, this trend will accelerate.”

Even modest amendments to the new system, such as a temporary repatriation facility to allow one-off tax breaks on bringing foreign assets back to the UK, are limited in scope and time-bound. They don’t address the broader issues of fiscal instability, reputational damage, or policy uncertainty.

“This isn’t just about tax rates, it’s about trust,” says Green. “When the rules shift dramatically, with little consultation or warning, it undermines long-term confidence. That’s incredibly hard to rebuild.”

Wealth migration doesn’t just affect a narrow elite. It affects investment flows, job creation, philanthropy, asset markets, and the tax base itself. Some analysts warn that losing just 5% of top earners could erode over 30% of income tax receipts.

Yet despite this, the political mood in Westminster remains largely hostile to capital retention strategies.

“Britain seems more interested in penalising success than attracting it,” adds the deVere CEO. “At the same time, the rest of the world is taking full advantage.”

Countries with clear, stable and competitive tax systems are now attracting the family offices, entrepreneurs, and investors that once helped define the UK’s global financial appeal. London, once a hub for international wealth, is quietly losing ground.

Nigel Green concludes: “The UK should be doing everything it can to restore its credibility as a global home for investment and innovation.

“But right now, there’s no political will to even try. That’s the real scandal, not that people are leaving, but that no-one in power is doing anything to stop it.”