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The UK is facing the largest exodus of millionaires in the world and Rachel Reeves appears unwilling to do anything to stop it, an expert has suggested. Britain is “sleepwalking into a long-term economic decline” by driving away wealth creators and “refusing to compete for their return”, Nigel Green, the chief executive of deVere Group, said. Henley and Partners projected in June that 16,500 millionaires will leave the UK in 2025, more than double the anticipated, after the loss of 10,800 last year, according to New World Wealth (NWW).

Dr. Juerg Steffen, CEO at Henley and Partners, said that 2025 “marks a pivotal moment”. He added: “For the first time in a decade of tracking, a European country leads the world in millionaire outflows. This isn’t just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. The long-term implications for Europe and the UK’s economic competitiveness and investment appeal are significant.”

“Other countries, such as Italy, the UAE, Singapore, the US, are rolling out the red carpet while the UK is rolling up the drawbridge.”

There are no signs of the situation changing, the finance expert added.

Mr Green said: “Any talk of outreach is, at best, speculative. There’s no package, no campaign, no legal change under discussion that would seriously persuade high-net-worth individuals to return. Until there is, this trend will accelerate.”

“This isn’t just about tax rates, it’s about trust,” Green added.

“When the rules shift dramatically, with little consultation or warning, it undermines long-term confidence. That’s incredibly hard to rebuild.”