Labour tax tirade hits UK with largest millionaire exodus of all global nations
The latest analysis from international property consultancy, Astons, reveals that the UK has seen the sharpest annual decline in its millionaire population of any country, a trend driven by sweeping tax hikes targeting high-net-worth individuals (HNWIs) – including increases to Capital Gains Tax, Inheritance Tax, and major reforms to the non-dom regime. As a result, more of the UK’s wealthiest citizens are exploring Golden Visa destinations in search of a better quality of life in more favourable tax conditions.
Astons has analysed the latest figures from the Global Wealth Report 2025* which looks at the number of millionaires across global nations, alongside the annual change to identify which countries have gained and lost the most HNWIs this year.
Highest proportion of millionaires by nation
The analysis shows that the United States, China, France, Japan and Germany currently hold the highest proportions of the world’s millionaires, accounting for 39.7%, 10.5%, 4.8%, 4.6% and 4.5% respectively.
The UK ranks just outside the top five, with 4.4% of the global total, equivalent to approximately 2.6 million individuals with assets of at least one million pounds.
Highest growth in millionaire numbers
But whilst these nations boast the highest proportion of millionaires, its countries such as Mexico, Brazil and Russia that have experienced the fastest growth in millionaire numbers, rising by 20.3%, 13.8% and 11.6% respectively. The US, by comparison, saw its millionaire population grow by 8.6% over the same period.
Just six nations have seen a decline in numbers – The UK being the worst
Only six countries have seen a decline in millionaire numbers. These included Australia, Japan, Saudi Arabia, Taiwan and Germany, but the UK’s -14.3% annual drop was by far the largest.
This decline also reflects a broader trend of falling personal wealth within the UK as the average wealth per adult fell by -3%.
In contrast, countries such as the US and Spain have seen an increase, where wealth per person rose by 9.9% and 3.6% respectively. However, the UK did perform better than some nations, including France (-8.4%), Japan (-6.9%) and Australia (-5.4%), where average wealth levels dropped more sharply.
Why the number of UK millionaires is falling
The drop in UK millionaires can be attributed in part to recent tax changes affecting high-net-worth individuals. Adjustments to inheritance tax, capital gains tax and the non-domiciled regime have prompted many wealthy individuals to leave the UK for jurisdictions with more favourable tax systems. As a result, both the number of millionaires and their overall wealth have declined.
In addition, some wealthy people who have chosen to stay in the UK may have seen their net worth reduced as these new tax measures increase financial pressures and limit tax planning opportunities, thus pushing them out of the millionaire bracket.
Golden Visa programmes and the Greek advantage
Residency-by-investment schemes, commonly referred to as Golden Visa programmes, are becoming an increasingly popular solution for those looking to relocate and protect their wealth. These programmes allow individuals to gain residency rights in exchange for investment, typically in property or government-approved assets.
According to Astons, Greece has become one of the most sought-after destinations in Europe for Golden Visa applicants. Its programme is attractive due to its relatively accessible investment thresholds, straightforward application process and the added benefit of access to the Schengen Area. Investors are also drawn by Greece’s stable legal framework, appealing lifestyle and growing property market. While other European countries have scaled back or closed their programmes, Greece has remained open and competitive, helping to explain its continued popularity among relocating investors.
Suzanna Uzakova, Senior Consultant for Residency and Citizenship Programmes at Astons, commented:
“The significant decline in the number of UK millionaires is indicative of a broader trend where high-net-worth individuals are seeking more favourable tax environments. Recent UK tax reforms, such as changes to inheritance tax, capital gains tax, and the non-domiciled regime, have prompted many to reconsider their residency.
Wealth is increasingly mobile, and countries like Greece offer structured and appealing alternatives. Greece’s Golden Visa programme remains one of Europe’s most attractive options, with a minimum investment of €250,000 required for properties converted from commercial to residential use. This threshold applies regardless of the property’s location, making it accessible even in high-demand areas. Additionally, the programme provides the benefit of Schengen Area access, a stable legal framework, and a high quality of life, all of which contribute to its growing popularity among relocating investors.”
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