London’s famed “Summer Season,” a period marked by glittering events like Royal Ascot and Wimbledon, often presents an image of enduring allure for the global elite. However, this annual influx of wealthy foreigners is currently masking a significant underlying shift: unlike in previous years, a substantial number of these affluent visitors are reportedly not planning to settle permanently in Britain and are actively departing the country.
This emerging trend suggests a broader, concerning pattern where members of the super-rich are leaving the UK in significant numbers and are not being replaced by new arrivals. While the social calendar proceeds, there is growing anecdotal evidence hinting at the consequences, including reports of empty tables in high-end restaurants, financial struggles among fee-paying schools reliant on international pupils, and noticeably deserted prime residential streets once bustling with activity.
Quantifying the Departure
Official data points appear to corroborate the anecdotal accounts. According to a Bloomberg analysis, a striking 4,400 company directors have left the UK in the past year. Further insights from Companies House filings reveal that such departures were 75 per cent higher in April compared to the same month last year, indicating an accelerating trend.
The sectors most affected by this outflow are those historically popular with wealthy foreigners or “non-doms” – individuals benefiting from favourable tax treatment based on their domicile outside the UK. These include the finance, insurance, and property sectors, which are experiencing a notable contraction in the presence of high-net-worth individuals.
Policy Catalyst: The Non-Dom Overhaul
A primary driver widely cited for this rush for the exit is the planned policy by Chancellor Rachel Reeves. This proposed change aims to significantly reform or effectively end the non-domicile privilege. Crucially, the policy intends to subject the worldwide assets of UK residents, including those held in trusts, to UK inheritance tax, a move that represents a fundamental shift in the country’s tax regime for the wealthy.
The prospect of these changes has evidently prompted a rapid response among those potentially affected. An Oxford Economics survey highlights the scale of anticipated movement, finding that 60 per cent of tax advisers expect over 40 per cent of their non-dom clients to leave the UK within two years of this policy change being implemented.
Record Millionaire Migration Projected
The most stark projection comes from the Henley Private Wealth Migration Report 2025. This report estimates that Britain is set to lose a record 16,500 millionaires this year alone. This figure is more than double the projected net outflow from China for the same period and represents the highest total ever recorded by Henley & Partners and New World Wealth in their 10 years of tracking global wealth migration.
Such a large-scale departure is not merely a statistical curiosity. It includes the exit of the millionaires themselves, their families, their associated staff, and, perhaps most significantly from an economic perspective, their substantial capital. This collective movement has wide-ranging implications for the UK economy, from investment levels and tax revenues to the vitality of local high-value service economies.
Broader Economic and Social Implications
The anecdotal reports of struggling high-end businesses and quiet affluent neighbourhoods underscore the direct impact of this demographic shift on the ground. While the Summer Season temporarily injects a sense of vibrancy, it appears increasingly disconnected from the longer-term residency plans of many international wealthy individuals. The potential loss of 16,500 millionaires, as forecast by the Henley Private Wealth Migration Report 2025, signals a significant challenge for the UK, prompting questions about its competitiveness and attractiveness as a base for global wealth in the face of evolving tax landscapes and international mobility trends.
