Millionaires are abandoning the UK in droves, new research shows

LONDON — A record number of millionaires is expected to leave the United Kingdom this year, according to new research, with this year's general election expected to further exacerbate the exodus.

The Henley Private Wealth Migration Report indicates that Britain will experience a net loss of 9,500 high-net-worth individuals in 2024 — more than double last year's figure of 4,200 (which in itself was a record-high figure).

The U.K. came second to only China in Henley's ranking, with the eastern Asian giant expected to see net outflows of 15,200 millionaires in 2024.

The projections mark a stark turnaround for Britain, once viewed as a prime location for the world's super-rich. Henley, a consultancy that tracks migration trends, noted that between the 1950s and the early 2000s, the country saw swathes of rich families relocate to its shores from across mainland Europe, Africa, Asia, and the Middle East. 

"However, this trend began to reverse around a decade ago as more millionaires began to leave the country and fewer came in," it said in its report.

"Notably, during the six-year period from 2017 to 2023 post-Brexit, the U.K. lost a total of 16,500 millionaires to migration. Provisional estimates for 2024 are even more concerning," the research added.

Hannah White, CEO of the Institute for Government think tank, noted that the millionaire exodus could be accelerated by this year's general election.

Recent polls give the left-of-center Labour Party a striking lead over its rival right-wing Conservative Party. A poll by Savanta for The Telegraph newspaper, published at the weekend, gave Labour 46% of the vote, more than double the Conservative's 21%, with populist right-wing party Reform not far behind with 13%.

Labour has positioned