Are millionaires really leaving the UK?

Where Does the “10,000 Millionaires Left” Figure Come From?

Much of the media coverage about high-net-worth individuals (HNWIs) leaving various countries—including the UK—stems from private research firms that track millionaire migration. These reports typically estimate outflows of millionaires based on a combination of interviews with wealth managers, property consultants, and a range of other indicators, rather than on direct tax filings. While they offer useful insights into broad trends, such figures are not official statistics and should be interpreted with caution.

Contextual Factors

Tax Policy

Changes in taxation for non-domiciled individuals, inheritance tax rules, and capital gains tax (CGT) rules on property are often cited as key reasons some HNWIs decide to relocate.

Government-Related Uncertainty

Political and economic uncertainties following the Brexit vote and changes in government have also been mentioned by research groups as a motive for wealthy individuals to move to jurisdictions perceived as more stable or predictable.

So, Are Property Investors Leaving?

While there may be high volumes of high-net-worth individuals leaving the UK for various lifestyle or financial reasons, the disposal of UK property assets has not seen a proportional exodus. In fact, many of these individuals either retain their real estate portfolios or increase their exposure to regions expected to deliver stronger growth.

Global Safe Haven

Historically, the UK—and London in particular—has been regarded as a prime “safe haven” market for wealthy investors around the globe.

Beyond London

Areas such as the North West of England and other regional hubs are currently experiencing high levels of investment and are poised for growth, with strong prospects for both rental returns and capital appreciation.

Reliable Data & Forecasting

Over the long run, reliable tracking and forecasting tools paint the UK property market as relatively stable. This is further supported by a well-established legal framework for real estate ownership.

Ownership Transparency

While there is growing transparency, ownership data on UK property by overseas companies or individuals often does not reveal the ultimate beneficial owners clearly. This makes it challenging to discern whether property holders are ex-UK residents or newly arrived overseas investors.

Wealth Managers in the field have noted that clients who move overseas often keep a “foot in the door” by retaining a London base or expanding their portfolio in growth areas across the UK

Selling Up

Some HNWIs retiring and exiting all of their positions do choose to sell if they see little strategic advantage to continued UK ownership or face unfavourable changes in taxation—such as increased Stamp Duty for non-UK residents.

Our perspective: Areas to target outside of London

Investment into high-growth areas remains on an upward trajectory. While some London markets face questions about near-term price ceilings, regional hotspots—bolstered by infrastructure projects, emerging business hubs, and competitive yields—continue to pull in domestic and international capital.

Why HNWIs retain UK property, even if they do leave:

Diverse Tenant Demand: Urban regeneration and the influx of companies to cities like Manchester, Leeds, or Birmingham create a robust market for both residential and commercial tenancy.

Long-Term Capital Growth: Historical performance suggests that, despite economic cycles, the UK property market has provided steady appreciation.

Strategic Portfolio Allocation: Even for HNWIs relocating abroad, UK real estate frequently serves as a hedge—offering not just a safe asset class but potential currency and portfolio diversification benefits.

Hartford Capital Group,

Investment Advisory Team

References

1. Savills UK Residential Market Forecast

2. JLL Residential Research

3. Knight Frank UK City House Price Index

4. Centre for Cities: Analysis on Northern Powerhouse

5. Oxford Economics: Regional Employment Growth Projections

6. Land Registry Data (Overseas Ownership)