UK faces 14% millionaire drop amid tax crackdown; Greece tops visa rush

The UK has experienced the steepest drop in its millionaire population globally, driven by aggressive tax reforms targeting high-net-worth individuals (HNWIs), according to a new analysis by international property consultancy Astons using UBS Global Wealth Report 2025 data.

 

Millionaire numbers in the UK fell 14.3% in the past year — the sharpest decline of any major economy — pushing wealthy individuals to explore relocation via Golden Visa programmes in friendlier tax jurisdictions, especially Greece, said Astons.

 

The UK still houses 4.4% of the world’s millionaires (2.6 million people), ranking just below the US, China, France, Japan and Germany. But only six countries saw a millionaire decline — and the UK’s fall dwarfed all others. Wealth per adult in Britain also dipped 3%.

 

Tax Squeeze Triggers Flight of Capital

 

Astons attributes the exodus to sweeping UK tax changes, including higher Capital Gains Tax, inheritance tax tweaks, and major reforms to non-dom rules.

 

Some affluent residents who remain in the UK have slipped below the £1-million-net-worth mark as tax changes squeeze fortunes.

 

Where Global Millionaires Are Rising

 

Despite the UK downturn, the global millionaire landscape is expanding. The US, China and Spain saw rising millionaire wealth, with the US boosting average wealth +9.9% and Spain +3.6%.

 

Emerging markets clocked the fastest millionaire growth — Mexico (+20.3%), Brazil (+13.8%) and Russia (+11.6%).

 

Key trends from the analysis: 

 

Highest proportion of millionaires by nation

 

The United States, China, France, Japan and Germany currently hold the highest proportions of the world’s millionaires, accounting for 39.7%, 10.5%, 4.8%, 4.6% and 4.5% respectively.

 

The UK ranks just outside the top five, with 4.4% of the global total, equivalent to approximately 2.6 million individuals with assets of at least one million pounds.

 

Only six countries have seen a decline in millionaire numbers. These included Australia, Japan, Saudi Arabia, Taiwan and Germany, but the UK’s -14.3% annual drop was by far the largest.

 

This decline also reflects a broader trend of falling personal wealth within the UK as the average wealth per adult fell by -3%.

 

In contrast, countries such as the US and Spain have seen an increase, where wealth per person rose by 9.9% and 3.6% respectively. However, the UK did perform better than some nations, including France (-8.4%), Japan (-6.9%) and Australia (-5.4%), where average wealth levels dropped more sharply.

 

Why the number of UK millionaires is falling

 

The drop in UK millionaires can be attributed in part to recent tax changes affecting high-net-worth individuals. Adjustments to inheritance tax, capital gains tax and the non-domiciled regime have prompted many wealthy individuals to leave the UK for jurisdictions with more favourable tax systems. As a result, both the number of millionaires and their overall wealth have declined.

 

In addition, some wealthy people who have chosen to stay in the UK may have seen their net worth reduced as these new tax measures increase financial pressures and limit tax planning opportunities, thus pushing them out of the millionaire bracket.

 

Golden Visa programmes and the Greek advantage

 

Residency-by-investment schemes, commonly referred to as Golden Visa programmes, are becoming an increasingly popular solution for those looking to relocate and protect their wealth. These programmes allow individuals to gain residency rights in exchange for investment, typically in property or government-approved assets.

 

According to Astons, Greece has become one of the most sought-after destinations in Europe for Golden Visa applicants. Its programme is attractive due to its relatively accessible investment thresholds, straightforward application process and the added benefit of access to the Schengen Area. Investors are also drawn by Greece’s stable legal framework, appealing lifestyle and growing property market. While other European countries have scaled back or closed their programmes, Greece has remained open and competitive, helping to explain its continued popularity among relocating investors.

 

“The significant decline in the number of UK millionaires is indicative of a broader trend where high-net-worth individuals are seeking more favourable tax environments. Recent UK tax reforms, such as changes to inheritance tax, capital gains tax, and the non-domiciled regime, have prompted many to reconsider their residency," said Suzanna Uzakova, Senior Consultant for Residency and Citizenship Programmes at Astons.