Billionaires are leaving, while Amazon investing

The United Kingdom is bracing for an unprecedented outflow of high-net-worth individuals this year, with a staggering 16,500 millionaires projected to relocate, more than double the anticipated net outflow from China. But one tech giant sees it different.

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This concerning revelation, highlighted in the Henley Private Wealth Migration Report 2025, casts a shadow over the UK's economic landscape, raising questions about its long-term competitiveness and investment appeal.

"2025 marks a pivotal moment," stated Dr. Juerg Steffen, CEO at Henley & Partners. "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 United Kingdom is bracing for an unprecedented outflow of high-net-worth individuals this year, with a staggering 16,500 millionaires projected to relocate, more than double the anticipated net outflow from China. This concerning revelation, highlighted in the Henley Private Wealth Migration Report 2025, casts a shadow over the UK's economic landscape, raising questions about its long-term competitiveness and investment appeal.

"2025 marks a pivotal moment," stated Dr. Juerg Steffen, CEO at Henley & Partners. "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 report suggests that many affluent Europeans are opting for more investor-friendly hubs on the continent, with Switzerland, Italy, Portugal, and Greece set to attract significant inflows. Outside of Europe, Saudi Arabia is projected to see a notable influx of new millionaires.

This news comes on a day of mixed economic signals for the UK. While the FTSE 100 opened higher, gaining 83 points to reach 8,825, the broader economic outlook remains cautious. The Bank of England recently held interest rates at 4.25% amidst lingering inflation concerns, and the Confederation of British Industry (CBI) has downgraded its GDP growth forecast for 2025 to 1.2%.

However, amidst this backdrop, a significant announcement from e-commerce giant Amazon offers a much-needed boost of confidence. The company today unveiled plans to invest a substantial £40 billion in the UK over the next three years. This massive investment includes the construction of four new fulfilment centres in Hull, Northampton, and the East Midlands, set to create thousands of new permanent, full-time jobs, primarily outside of London and the South East.

Prime Minister Keir Starmer hailed the Amazon investment as "another major win to Britain's basket and is a massive vote of confidence in the UK as the best place to do business." The investment also encompasses upgrades to Amazon's existing network of over 100 operations buildings, a portion of the £8 billion previously announced for data centres to support AI compute capacity, and the redevelopment of the historic Bray Film Studios.