Britain has seen a significant increase in high-net-worth individuals leaving the country, with an estimated 16,500 millionaires departing in 2025. This marks a tenfold increase from the approximately 1,600 millionaires who left in 2022.
According to Damien Phillips, countries such as Oman, Italy, Switzerland, and the United Arab Emirates are attracting wealthy individuals with offers of greater stability, lower taxes, and opportunities for wealth preservation and creation. For example, Italy allows new residents to pay a €300,000 annual lump sum on foreign income for up to 15 years instead of normal taxation.
Property tycoon David Reuben reportedly quit the UK for Monaco, and hedge-fund billionaire Chris Rokos moved to Greece in September. Analysis of the Bloomberg Billionaire’s Index suggests that ultra-wealthy people worth roughly £121bn have left Britain since Labour came to power in 2024.
Research indicates that global competition for millionaires is driven by factors beyond tax, including security and a predictable political and legal environment. Oman, which launched a renewable 10-year Golden Residency programme last year, ranks third globally for perceived safety and rose to 25th in the World Competitiveness Rankings in 2026, just one place behind the UK.