Why 61% of UK Millionaire Investors Consider Moving Abroad

A new survey has put a striking number behind the UK’s wealth migration debate: 61% of UK millionaire investors surveyed have considered becoming resident overseas. The Wealth Club study questioned 341 investors with assets of at least £1 million, and the results point to a wider concern about taxation, government policy and the future cost of remaining UK resident.

This does not mean six in ten millionaires are about to leave Britain. Considering relocation and actually changing residence are very different decisions. But for investors, governments and advisers, the level of interest in moving abroad is difficult to ignore.

Tax featured heavily in the responses.

Some 97% expected taxes to increase over the following 12 months, while 47% identified higher taxation as the greatest threat to their wealth. A further 26% pointed to government policy. Only 9% selected geopolitical events as their main concern.

Confidence in the UK economy was also weak, with 70% saying they were not very confident or not confident at all about the next 12 months.

The respondents were not simply people living on inherited fortunes. Wealth Club found that:

• 40% accumulated most of their wealth through employment
• 33% primarily built it through investing
• 12% cited starting a business
• 11% cited self-employment
• Only 2% said inheritance or family wealth was their main source

That distinction matters. These are largely investors, entrepreneurs and professionals who have experience making decisions based on risk, returns and incentives.

Britain has made several important changes to the taxation of internationally connected individuals.

On 6 April 2025, the previous remittance-basis system for non-UK domiciled individuals was replaced by the four-year Foreign Income and Gains regime. Qualifying new UK residents can claim relief on eligible foreign income and gains during their first four years of residence, provided they previously spent at least ten consecutive tax years outside the UK.

Inheritance tax has also moved from a domicile-based approach to a long-term residence test. From April 2025, someone who has generally been UK tax resident for at least 10 of the previous 20 tax years may have overseas assets brought within the UK inheritance tax system. Importantly, that exposure can continue for a period after leaving Britain.

Another confirmed change will take effect on 6 April 2027, when most unused pension funds and pension death benefits will be included in a deceased person’s estate for inheritance tax purposes. The measure was legislated through Finance Act 2026.

Against this backdrop, it is understandable why some wealthy families are reviewing their position.

Governments are entitled to determine how income, capital and estates should be taxed. The UK also needs revenue to fund public services.

The harder question is how far taxation can increase before it begins influencing where economically productive people choose to live.

Wealthy residents are not completely mobile. Businesses, schools, property, employees and family relationships can make relocation difficult. But investors with sufficient resources generally have more ability to compare jurisdictions than the average taxpayer.

That creates competition between countries.

Interestingly, the Wealth Club survey also found that 34% considered the UK stock market undervalued and attractive for long-term investment.

This reveals an important distinction: an investor can still believe in British companies while questioning whether Britain is the best jurisdiction for their personal residence.

Capital and people do not necessarily move together.

Anyone considering relocation needs to be careful with one assumption: obtaining residence in another country does not automatically make someone non-UK tax resident.

The UK’s Statutory Residence Test considers factors including time spent in Britain, work, accommodation and personal connections. Spending 183 days or more in the UK during a tax year is an automatic UK residence test, but a person can still be UK resident with considerably fewer days depending on their circumstances and UK ties.

Investors therefore need to examine several issues before relocating, including:

• Tax residence in both countries
• UK ties and permitted days
• Treatment of overseas assets
• Business ownership and management
• Estate and succession planning
• Family residence rights
• Physical-presence requirements
• Applicable double-tax treaties

Citizenship, immigration residence and tax residence are separate legal concepts. Acquiring another residence permit or even another citizenship – does not by itself remove UK tax obligations.

The most useful takeaway is not that Britain is experiencing an immediate 61% millionaire exodus. The survey does not support that conclusion.

What it does demonstrate is a willingness among wealthy investors to reconsider jurisdiction.

That matters because relocation decisions are rarely made overnight. Families may spend months or years establishing overseas residence rights, analysing tax consequences, restructuring business arrangements and preparing children for a move.

By the time a relocation becomes visible in official statistics, much of the planning may already have happened.

For investors themselves, the lesson is equally important: residence planning should happen before a major policy change creates urgency.

The decision should not be based only on finding the lowest tax rate. Political stability, business access, banking, education, succession rules, physical-presence requirements and family quality of life all need to be assessed together.

The 61% figure is ultimately a measure of sentiment rather than confirmed departures. But when a majority of UK millionaire investors are willing to consider another jurisdiction, policymakers should take the signal seriously.

Governments can change the economic terms of residence. Investors can then decide whether those terms still work for them.

Investors considering an international move should review residence rights alongside professional tax, legal and succession advice before making major changes. Imperial Citizenship advises families on citizenship by investment and residency by investment routes across multiple jurisdictions, helping UK millionaire investors assess programmes based on family needs, compliance requirements and long-term objectives.