Survey Finds Wealth Tax Could Prompt Half of British HNWIs to Leave

Arton Capital’s survey of over 1,000 British millionaires finds that 53% may leave the UK over a wealth tax, while 83% have considered RCBI.

More than half of British millionaires would consider leaving the United Kingdom if the government introduces a wealth tax, according to new survey data from Arton Capital that reveals the precarious relationship between fiscal policy and capital retention.

The findings suggest that Chancellor Rachel Reeves faces a delicate balancing act between revenue generation and preventing an exodus of high-net-worth individuals (HNWIs).

Arton Capital’s survey of 1,009 UK residents worth at least one million pounds found that 53% would be more likely to consider relocating if the government imposes a wealth tax.

The research, which Arton Capital conducted between July 31 and August 8, 2025, also revealed that 60% believe their quality of life would improve overseas, while only 6% expect it would deteriorate.

The data present a paradox for policymakers. Despite emigration intentions, 67% of respondents still rate Britain as an attractive investment destination compared to other countries, while 19% consider it unattractive. This suggests that wealthy Britons maintain confidence in the UK’s economic fundamentals even while contemplating personal relocation.

The timing of any wealth tax implementation remains uncertain. Arman Arton, CEO of Arton Capital, notes that “it’s too soon to say” whether the UK will proceed, acknowledging that “the Labour Government definitely needs to raise revenue, but this must be balanced against the need to retain the resident high-net-worth individuals who contribute significantly to the Government’s tax revenue.”

He says the ultimate impact will depend on whether the government introduces any wealth tax as “a one-time levy or part of a wider policy of increased taxation on the wealthy.”

Should Britain introduce new investor visa programs, Arton believes this is unlikely to deter wealthy applicants. “In my opinion, it’s unlikely to be a deterrent,” he explains, though notes the outcome will depend on the broader tax policy framework.

Investment migration programs attract widespread interest, with 83% of respondents expressing enthusiasm for Golden Visa or Citizenship by Investment (CBI) options. This appetite spans demographic groups but shows particular intensity among younger and London-based millionaires.

Arton, whose firm commissioned the research, observes that “the UK is at a tipping point. The uncertainty around the government’s proposed wealth tax mirrors the ongoing economic uncertainty seen around the world.”

He argues that the prolonged uncertainty creates particular risks, as “the longer that unpredictability persists, the greater the risk of losing capital, talent, and long-term investment to countries that offer greater security.”

US the Top Destination

When millionaires consider relocation options, the United States emerges as the clear favorite, attracting 35% of potential emigrants. Canada follows at 33%, with Australia securing 25% of preferences.

The United Arab Emirates captures 17% of interest, followed by France at 14%, New Zealand and Spain each at 13%, Portugal at 9%, Singapore at 9%, and the Netherlands at 6%.

Geographic and wealth patterns shape destination preferences. London residents show a stronger attraction to certain locations, with 44% preferring the US compared to the 35% national average, and 20% favoring the UAE versus 17% overall.

Those describing themselves as “wealthy and very comfortable” demonstrate similar US preference at 42%, while showing above-average interest in Singapore at 11% compared to 9% nationally.

The destination preferences reveal that taxation alone does not drive relocation decisions. The US, Canada, and Australia all maintain relatively high tax rates compared to traditional tax havens.

Arton explains that each destination offers distinct advantages: “The US is the largest economy in the world and offers unparalleled business opportunities for investors.”

He argues that the Australian way of life is in demand across the world. Noting that “while tax regimes are often important factors to consider for those relocating, most investors are motivated by other factors.”

London residents show particularly strong mobility patterns, with 89% expressing interest in Golden Visa or CBI programs. The capital’s millionaires demonstrate both the highest emigration propensity and the strongest continued confidence in UK investment prospects.

94% of Young Millionaires Express Interest in Second Passports

The survey reveals sharp generational differences in mobility appetite. Respondents aged 25 to 44 show the strongest inclination across all metrics, with 94% of those aged 25 to 34 expressing interest in investment migration programs, followed closely by 92% of 35 to 44-year-olds.

The patterns suggest that Britain’s youngest wealth holders, typically at peak earning potential, view international mobility as both desirable and achievable. Their preferences could presage longer-term demographic shifts among the UK’s affluent population.

Those describing themselves as “wealthy and very comfortable” demonstrate the most pronounced responses across all categories.

This group shows the strongest preference for overseas quality of life (with 62% more positive than negative responses), highest confidence in UK investments (69% more positive than negative), and greatest sensitivity to wealth taxes (43% more likely to leave than stay put). Among this segment, 92% express interest in alternative residency options.

Only 5% Actually Follow Through on Relocation Plans

The survey responses may overstate actual emigration risk. Arton estimates that historically, only 5% of those expressing relocation interest actually follow through. “While this may seem like a small figure, it’s important to remember that relocating involves considerable personal commitment,” he notes.

Even a 5% follow-through rate could represent substantial revenue loss. Applying this rate to the survey’s 53% expressing increased likelihood to leave, approximately 3% of UK millionaires might actually relocate following a wealth tax introduction.

The gap between stated intentions and actual behavior reflects the complexity of international relocation. Despite high mobility interest, practical considerations, including family ties, business obligations, and bureaucratic hurdles, often prevent wealthy individuals from acting on emigration preferences.

Policy Reset Creates Opportunity

Britain has substantially revised its approach to wealthy residents in recent years. The government closed its investor visa program in 2022, ended non-domiciled tax status, and now contemplates wealth taxation.

Arton observes that “the UK is clearly undergoing a policy reset when it comes to wealth and residency. I see it, however, as a sign of transformation.”

Rather than viewing these changes as purely punitive, Arton suggests they create transformation opportunities. “This is a chance for the UK to redesign its offering to HNWIs, potentially emerging with a highly competitive program that aligns with global best practices.”

He envisions potential new approaches: “This could be a new investor visa or perhaps a merit-based program as popularized by the UAE, and most recently adopted by Malta.”

His perspective emphasizes optimism: “For investors, change often brings opportunity, and this transitional period could pave the way for innovative pathways that bring a moment of rejuvenation for the UK as a world-class destination for talent, capital, and entrepreneurship.”

He reports “an enormous uptick in inquiries from clients across the globe” as investors worldwide seek protection against geopolitical and economic volatility. He notes that “the broader picture certainly points to the industry growing as investors the world over seek to hedge against geopolitical and economic uncertainty.”

67% Still Rate Britain as an Attractive Investment Destination

Despite policy uncertainties, Britain retains substantial soft power advantages. The UK’s position as a global financial hub, access to European markets, and cultural attractions continue drawing wealthy individuals. Arton emphasizes that “the UK remains one of the largest global financial hubs and offers access to European markets.”

He argues that the cultural appeal remains particularly strong: “from the busy streets of London to the quiet charm of the countryside, this is still a place that HNWIs want to be able to access easily.”

He believes “these factors are always going to supersede any reservations investors might have about taxation. The opportunities that British residency provides are just too great to miss out on.”

This could explain why two-thirds of survey respondents maintain positive investment sentiment toward Britain even while considering personal relocation.

The data suggest wealthy individuals may pursue a strategy of maintaining UK financial exposure while diversifying their personal residence options. London residents particularly exemplify this approach, showing both a 56% net confidence in finding a better quality of life abroad and a 60% net positive sentiment toward UK investment opportunities.