If you advise affluent clients in the UK, you have likely felt it too – a shift in tone, rising uncertainty and casual mentions of Switzerland or Dubai over lunch. At first, it may have sounded like background noise. But now, with visible outflows and high-profile names heading for the exits, it is starting to feel more like a trend.

So what is really going on? And what does a millionaire migration actually look like – well-planned first-class relocation, or a growing rush for the exits?

Wealth data warning

The 2025 Henley Private Wealth Migration Report forecasts a net loss of 16,500 millionaires from the UK this year – the highest figure they have recorded for any country across 10 years of the report.

For years, it was assumed that wealth might move, but people would not. Now they are. Behind the data are families browsing international schools in Geneva, booking one-way tickets to Abu Dhabi and comparing inheritance tax regimes over dinner. Some clients are no longer just protecting their assets – they are relocating them, and themselves. High-profile names like Nassef Sawiris and John Fredriksen have gone public with their decisions to leave, citing government policy as the catalyst. And while some question the scale of the numbers, the direction of travel is hard to ignore.

"When capital starts to move at that scale, clients notice. After all, money tends to follow money.”

The Capgemini World Wealth Report 2025 observed a 2.4% decline in the UK’s HNWI population last year, compared with a 2.6% increase globally. The UK’s own Office for Budget Responsibility predicted up to 25% of non-domiciled taxpayers choosing to leave after recent rule changes.

Top net millionaire migration projections for 2025. Source: New World Wealth

It is not just individuals. Businesses are voting with their feet too with the likes of CRH, Flutter and Ashtead moving stock exchange listings to New York in search of greater capital in US markets. And when capital starts to move at that scale, clients notice. After all, money tends to follow money.

Meanwhile, the political climate has added fuel to the fire: the erosion of the ‘non-dom’ regime for foreign citizens, new rules extending UK inheritance tax liability to overseas assets from 2025, and recurring speculation about a future wealth tax have all contributed to a sense that high-value residents – and their assets – are being pushed away rather than welcomed.

For wealth managers, the effects are already being felt. Clients are considering their options. Some are making plans to leave.

And with that, many clients are starting to look harder at the value their adviser provides. They want practical guidance on how to protect and grow their wealth in an environment that feels more uncertain and, for some, increasingly less UK-focused.

Regulatory pressures mounting at home too

Even for clients staying put, the landscape is not getting easier. Wealth managers in the UK and across Europe are navigating a wave of new and tightening rules, including the Consumer Duty, tougher anti-money laundering regimes, FATCA and the Common Reporting Standard (CRS). The UK is also making adjustments to maintain alignment with key aspects of the EU’s evolving MiFID framework.

The challenge is not just the volume of change but the operational context in which it is happening. Many firms still rely on legacy systems, fragmented data and manual processes. That adds friction for clients and increases regulatory risk. With scrutiny intensifying, wealth managers are expected to deliver faster, more compliant service while keeping costs in check. 

“Relocation is often the moment clients reassess their advisers.”

What it means for UK wealth managers

Behind every headline is a client – and potentially, a lost relationship. As high-net-worth individuals relocate, UK-based firms are watching assets under management shrink and the addressable market narrow. The pain is particularly acute for smaller or domestically focused wealth managers who lack an international footprint or cross-border infrastructure.

When clients move abroad, their wealth often becomes more complex to manage. UK-based advisers may need to support different tax treatments, account structures or custodians. What was once a straightforward advisory relationship can become fragmented, regulated under multiple regimes and harder to service cost-effectively.

There is also the risk of disruption during the move itself. In an interview with Spear’s, Capgemini’s head of finance research Elias Ghanem noted that relocation is often the moment clients reassess their advisers, with many taking the opportunity to walk away from outdated or inflexible providers.

But for firms prepared to operate across borders, this moment brings more than risk. It creates the chance to retain clients who might otherwise drift, and even to win new ones from competitors caught out by the trend. 

The Berne Financial Services Agreement will make it easier for UK and Swiss firms to do business in each other's country.

If clients are shifting, are you ready?

While the trends may be global, action begins at home. Wealth managers who engage proactively with clients now will be better positioned to retain them later.

Start by checking the temperature. Talk to your clients about how UK tax policy is affecting them – not just today, but in their future plans. Are they reconsidering where they live, where their assets are held or what lifestyle they want in the years ahead? Or do home comforts make it preferable to stay put and work together to mitigate any impacts?

Next, consider how your firm supports clients who are already moving or planning to. That might mean building out in-house expertise, or more often, forming alliances with tax specialists, legal advisers or wealth managers in other jurisdictions. Research multi or bilateral agreements that can help you serve your clients more efficiently in other territories, such as the Berne Financial Services Agreement for UK-Swiss financial collaboration. Even signalling that you can support cross-border complexity goes a long way in reassuring clients who are unsure about what comes next.

At the same time, do not overreact. Political winds shift, and tax policy often moves with them. Labour has already softened parts of the non-dom reforms and recent reports hint that wealth tax proposals may be shelved. While clients may react emotionally to headlines, wealth managers can add value by staying measured, informed and ready to act.

Finally, there is the experience you offer. In a world of mobile capital, HNWIs – especially younger clients – expect access at their fingertips, as the data shows.

Source: Capgemini World Wealth Report 2025 (N=6,472, with focus on Next-gen HNWIs, N=5,473)

And this is not about what might happen in a few years’ time. These shifts are showing up in client meetings now. What happens when a long-standing client asks how to move part of their portfolio offshore and you do not have a clear answer? When they ask for exposure to private markets or digital assets and you hesitate? When they expect immediacy, your current setup just can not deliver?

Conclusion: adapt, do not retreat

Clients are not just moving money. They are questioning who they trust to manage it. And that trust is shifting faster than many firms realise.

The outflow of HNWIs is not only about tax. It reflects deeper changes in how people think about wealth, security and control of their future. If your clients are looking outward – to new jurisdictions, new investments, new expectations – your firm needs to be ready, now.

This is not a time to wait and see what happens. It is a time to get closer to your clients, understand their concerns and be ready with a plan.

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