UK: UK at ‘tipping point’ as millionaires consider moving abroad over wealth tax fears

Some 60 per cent of British millionaires believe they could have a better life abroad, a new survey has revealed.

More than half of all the 1,000 wealthy respondents also said they are more likely to consider leaving the UK if Rachel Reeves introduces a wealth tax.

The CEO of Arton Capital, the consultancy that commissioned the survey, said the findings show the country is “at a tipping point”, as the chancellor revealed plans for a new homes levy that is already drawing backlash.

Some 60 per cent of British millionaires believe they would have a better life abroad, a new survey has revealed (PA)
Armand Arton said: “The uncertainty around the government’s proposed wealth tax mirrors the ongoing economic uncertainty seen around the world – from Trump’s tariffs to conflict in the Middle East, it seems clear that the world is becoming less and less certain.

“There are many repercussions of the introduction of a levy, but one thing is clear: the longer that unpredictability persists, the greater the risk of losing capital, talent, and long-term investment to countries that offer greater security for individuals, families, and their futures.”

Meanwhile, nearly half (47 per cent) of the surveyed millionaire Labour voters stated that they would be more likely to leave the country should a wealth tax be introduced.

The new data comes as the chancellor is under growing pressure to introduce more wealth-based taxes. Labour’s deputy leader, Angela Rayner, has already urged Ms Reeves to consider measures that target property wealth, and Ms Reeves is under pressure to raise revenue without breaking Labour’s pledge not to increase taxes on working people.

Cabinet ministers have so far rejected calls for a wealth tax, although Ms Reeves has not yet publicly ruled out a version of the measure.

And on Tuesday, it was revealed that homeowners could be forced to pay a new tax on the sale of houses worth more than £500,000 as part of a shake-up of stamp duty and council tax being considered by the Treasury. It comes after Ms Reeves announced a tax on non-domiciled individuals’ inheritance tax based on their global assets.

The Arton Capital Affluence and Elections Survey, which was conducted by Walr, polled 1,009 UK residents aged 18 to 70 with a net worth of at least £1 million between 31 July and 8 August 2025.

When asked which countries they would be most interested in relocating to, the US (35 per cent) topped the rankings among wealthy Brits, with Canada (33 per cent) coming second, and Australia (25 per cent) securing third place, while the United Arab Emirates (UAE) came in fourth (17 per cent).

In June, it was estimated that 142,000 millionaires were set to relocate to a new country this year, with the UK expected to lose a record 16,500 in the 12 months from June, according to the Henley Private Wealth Migration Report.

With a decade of poor economic performance and sweeping tax reforms introduced by the Conservative and Labour governments, affluent individuals are seeking tax-friendly jurisdictions like the UAE, Monaco and Malta.

There are upsides for Ms Reeves though, with two-thirds of British millionaires still viewing the UK as an attractive place to invest when compared to other countries, according to Arton Capital’s research.

Possibly buoyed by the country’s historic status as a financial powerhouse, the company said its data indicates that many affluent voters remain confident about the prospect of financial returns on their British investments.