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The UK is on track to lose 9,500 millionaires this year, more than any country in the world except China, according to a new report on the migration intentions of the world’s wealthy.

A record number of millionaires could leave the United Kingdom this year as political turmoil and the potential for higher taxes under a future Labour government reduce the appeal of what was once among the top destinations for the rich.

Henley & Partners’ latest Private Wealth Migration Report 2024 predicts that 9,500 millionaires are expected to leave the U.K.

Wealthy individuals are no longer choosing to call the UK home in response to policy changes such as the abolition of the non-dom tax regime.

UK will lose the second-most millionaires of any country – overtaken only by China.

An estimated 128,000 millionaires are expected to migrate this year.

Recently, there has been a noticeable growth in the number of African nationals pursuing European residence by investment.

Visa applicants from Africa who want to visit Europe’s Schengen Area face far higher rejection rates than people from anywhere else in the world.

Many people are considering a foreign residency or citizenship for a host of political, economic, and social reasons.

From booming sectors like fintech and eco-tourism to the rise of investment migration, discover how this vibrant continent is evolving.

The number of millionaires living in Africa dropped by nearly 20,000 in the past decade as the continent’s ultra-rich either moved away or saw dramatic currency depreciations eat away at their wealth.

The number of millionaires in New York City has surpassed the number of people with a seven-figure net worth in the Bay Area and Singapore over the past decade.