LONDON - The United Kingdom is projected to lose 16,500 millionaires this year, the most of any country globally, according to the Henley Private Wealth Migration Report 2025, released Thursday by investment migration consultancy Henley & Partners.

The report forecasts that 142,000 high-net-worth individuals (HNWIs) will relocate internationally in 2025, with the UK experiencing the largest net outflow. In contrast, the United Arab Emirates is set to maintain its top position as the leading destination for wealth migration, expecting a net inflow of over 9,800 millionaires.

For the first time, European Union powerhouses France, Spain and Germany are also expected to register net HNWI losses of 800, 500 and 400, respectively.

Henley & Partners CEO Juerg Steffen said the data reflects not only shifts in tax regimes but also broader global opportunity dynamics. "The long-term implications for Europe and the UK's economic competitiveness and investment appeal are significant," he noted.

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While taxation is often cited as a key driver, other factors are at play. Economics expert Steve Nolan from Liverpool John Moores University pointed to diminishing tax loopholes, particularly in inheritance tax, as a growing concern for wealthy residents. "Being richer, they have more access to mobility. If taxes rise above a certain level, they're incentivized to leave," he said.

Nolan added that emerging financial centers, especially in Asia and the Middle East, are becoming more competitive by offering favorable tax and investment environments.

Migration expert Jacopo Zamboni attributed Germany's net millionaire loss to sluggish economic growth and a complex tax system, while also emphasizing personal motivations such as access to better education and safer living conditions.

Despite Britain's projected outflows, London remains a prime destination for wealthy newcomers. Rowland Atkinson, chair in Inclusive Societies at the University of Sheffield, cautioned against exaggerated narratives of a "wealth exodus", saying the trend should be viewed as a signal rather than a crisis.

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German wealth advisor Willi Plattes echoed the sentiment that taxation is only one part of a broader picture. "In a world of uncertainty, mobility becomes one of the most valuable assets," he said.