Are the rich leaving the UK due to high taxes? Where the wealthy are going

Record numbers of millionaires are fleeing the UK amid rising taxes and the end of non-dom status. We reveal the top destinations for migrating millionaires

car moving with piggy bank on top
(Image credit: Getty Images)

The non-dom tax regime was only scrapped a month ago but there are already estimates that more than 20,000 wealthy people could have been driven out of the UK as a result of the changes.

Plans to axe non-dom status were first put forward under the previous Tory government but Labour took on the changes when it came to power, essentially meaning more overseas earnings for wealthy people living in the UK will eventually be taxed here.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Swipe to scroll horizontally
Projected net inflows of millionaires. Source: Henley & Partners

Country

Projected net inflows of millionaires

UAE

+6,700

USA

+3,800

Singapore

+3,500

Canada

+3,200

Australia

+2.500

Italy

+2,200

Switzerland

+1,500

Greece

+1,200

Portugal

+800

Japan

+400

Marc Shoffman
Contributing editor

Marc Shoffman is an award-winning freelance journalist specialising in business, personal finance and property. His work has appeared in print and online publications ranging from FT Business to The Times, Mail on Sunday and the i newspaper. He also co-presents the In For A Penny financial planning podcast.

With contributions from