Why the UK Is losing ground

By George Ayiomamitis

A profound transformation is reshaping the geography of global wealth. The international relocation of high-net-worth individuals (HNWIs) — those with over $1 million in investable assets — has accelerated to historic levels.

According to the Henley Private Wealth Migration Report, approximately 128,000 millionaires relocated globally in 2024, marking one of the highest flows ever recorded.

Preliminary 2025 data indicates that this trend has continued at a similar or higher pace, reinforcing what economists call the Great Wealth Shift.

Among the most significant developments is the United Kingdom’s continued position as one of the world’s largest net exporters of wealth. Once a premier destination for global capital and entrepreneurship, the UK has experienced a multi-year net loss of millionaires, while jurisdictions such as the United Arab Emirates, Singapore, and European countries like Cyprus have become leading global wealth magnets.

The United Arab Emirates: The Global Outperformer

The United Arab Emirates remains the world’s leading destination for migrating millionaires, having attracted more HNWIs than any other country in both 2023 and 2024. Early 2025 figures indicate that inflows have remained robust.

What differentiates the UAE is not only its 0 per cent personal income tax, but its strategically engineered business environment, which includes highly efficient residency and company formation processes, competitive regulatory frameworks, a central geographic position linking Europe, Asia, and Africa, and finally a business culture centered on innovation and economic openness.

A defining example is Nikolay Storonsky, Co-Founder of Revolut, one of Europe’s most valuable fintechs. Storonsky relocated from the UK to the UAE to operate in what he described as a more stable and growth-oriented landscape. His move signaled to many London fintech founders that Dubai and Abu Dhabi have become mainstream financial headquarters — not satellite offices.

Other UK-based founders in digital assets, private markets, and investment advisory have followed, establishing operational leadership roles in the UAE even while maintaining staff or sales presence in London.

Singapore: The Capital of Asian Capital

Singapore has strengthened its role as Asia’s leading wealth hub, attracting thousands of new millionaire residents annually and expanding its financial services infrastructure to meet the needs of global family offices.

The relocation of Dyson’s global corporate headquarters from the UK to Singapore, along with the rapid rise in family office registrations — growing from approximately 400 in 2020 to well over 1,500 by 2024 — reflects a structural migration of strategic decision-making power.

Singapore appeals to wealth holders seeking transparent rule-based regulatory governance, political continuity, long-term economic planning, proximity to Asia’s consumer and investment markets, and a stable and efficient environment for intergenerational wealth transfer

As one London hedge fund partner recently summarised: “Singapore allows planning on a 20-year horizon. That stability is priceless to capital.”

Cyprus: The Ideal Gateway to EU and Beyond

Within Europe, Cyprus has emerged as a strategic hub for entrepreneurs, global executives and family offices seeking EU regulatory access combined with business-friendly tax treatment and lifestyle advantages.

Cyprus enjoys a robust and transparent legal system, an attractive tax regime (for businesses and non-dom individuals), as well as offers companies easy access to a highly qualified and multilingual talent pool. As a European Union Member State, Cyprus benefits from the harmonisation of EU financial services regulations, offering high quality cost-effective solutions.

The Mediterranean is no longer merely a lifestyle relocation destination. It is becoming a structural base for operational headquarters, particularly in fintech, shipping, investment management, and technology services. Similar patterns are observed in Malta, Greece, and Portugal, where business formation and residency frameworks have been actively modernised.

The Continuing Outflow from the UK

The departure of wealth from the UK is not solely driven by tax. It reflects shifts in where entrepreneurs feel they can build with confidence.

Other well-known moves include:

  • Sir James Dyson, shifting Dyson’s corporate headquarters to Singapore
  • Alan Howard, co-founder of Brevan Howard, expanding personal and investment operations in Switzerland
  • UK family offices increasingly splitting strategic and investment management functions across Dubai and Singapore

Economist Dr. Adrian Saville explains: “Wealth migrates to environments that protect economic freedom, reward entrepreneurship, and maintain policy predictability. Capital reads these signals faster than governments respond to them.”

The New Global Wealth Map

The centre of gravity in global wealth no longer rests in traditional Western capitals alone. It is now distributed, strategic, and mobility-driven.

For now, the verdict of global entrepreneurs is clear: Wealth follows opportunity, and opportunity follows environments that enable it.

*George Ayiomamitis is an international tax planning advisor