In recent years, the United Kingdom has been witnessing a significant exodus of ultra-high-net-worth individuals seeking greener pastures abroad, with profound implications for British wealth management firms.
The British Empire once attracted wealth from across the globe. In 2024 and 2025, that flow has reversed. The exodus of ultra-high-net-worth individuals from the United Kingdom represents one of the most significant wealth redistribution events in modern European history.
Henley and Partners estimates approximately 16,500 millionaires left the United Kingdom in 2024, the highest figure ever recorded for any country. Net private wealth outflows are estimated at $92 billion. The trend has accelerated in 2025 following the implementation of the non-domicile regime changes announced in the spring budget.
The departures are concentrated in the UHNW segment: individuals with assets above $30 million, business owners with cross-border operations, senior finance professionals whose compensation structures were designed around the non-dom framework, and family offices that had established UK residence as part of a broader international structure.
The Labour government's decision to abolish the non-domicile tax regime, effective April 2025, was the proximate cause. The non-dom system had allowed UK residents domiciled abroad to shelter foreign income and gains from UK taxation for decades. What was perhaps underestimated was the speed and scale of the behavioural response. Wealth does not wait for certainty about implementation details before beginning to move.
Switzerland has been a primary beneficiary, particularly Geneva and Zurich for structured wealth management. Dubai has absorbed a significant portion, particularly from Middle Eastern and South Asian families who had used London as a European hub but have no particular attachment to European jurisdiction. Italy's flat tax regime at EUR 200,000 annually has attracted individuals with European lifestyle preferences.
For Swiss private banks, the UK exodus has created a specific opportunity. Families departing London with $30 million to $300 million need to restructure their banking relationships, custody arrangements, investment management, and family governance frameworks to reflect new jurisdictional realities. That need for restructuring is precisely the kind of complex, relationship-intensive advisory work that distinguishes the Swiss private banking model. The private banks that have invested in UK-facing relationship managers and in onboarding processes that accommodate the specific complexities of the transition are capturing meaningful new business.
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