THE UK WEALTH REPORT 2026
The UK Wealth Report is the definitive guide to Britain’s wealth and luxury sector, published annually by wealth intelligence firm New World Wealth.
The UK is currently the 5th wealthiest country on earth when it comes to millionaire residents. Notably, it ranks ahead of global heavyweights such as France and Italy by this measure, underscoring its enduring appeal as a lifestyle hub for the world's rich & famous.
Note: This report is currently under embargo. It will be released publicly in November 2026.
UK WEALTH STATS
LONDON'S WEALTH EXODUS
LONDON'S WEALTH EXODUS
LONDON'S WEALTH EXODUS
LONDON'S WEALTH EXODUS
LONDON'S WEALTH EXODUS
UK VS. USA
If one reviews recent wealth trends, it is noticeable that Britain’s economy has struggled to create new wealth ever since the 2008 global financial crisis, with per capita wealth levels in the country up by only +30% between 2007 and 2026 (when measured in USD terms) according to our in-house wealth tracker. Over this same period, global wealth per capita levels have risen by +149%, with USA seeing a dramatic rise of +206%.
At a GDP per capita level the UK has also performed poorly with growth of only +14% since 2007 (in USD terms) vs. +87% in USA and +66% worldwide. Notably, the UK had a higher GDP per capita than USA back in 2007 but now it ranks far behind.
The contrast with America is even more alarming at a stock market level. The UK’s main equity index (the FTSE 100) rose by a modest +9% between 2007 and 2026 (when measured in USD terms), whilst the DJIA was up +301% and the S&P 500 was up +418% over the same period.
Sources:
Wealth per capita - New World Wealth
Stock market indices - Markets Insider
GDP per capita - World Bank
Note: Stock market and wealth per capita figures refer to period from year-end 2007 (the pre-crisis peak) to mid-2026. GDP per capita figures compare 2007 to 2025.
LONDON'S WEALTH EXODUS
The UK, and London especially, has traditionally been seen as one of the world’s top destinations for migrating millionaires and for many years (from the 1950s to early 2000s) it consistently attracted large numbers of wealthy families from Mainland Europe, Africa, Asia, and the Middle East. However, this trend began to reverse after the 2008 financial crisis as more millionaires began to leave the country and fewer came in, with Brexit and Covid having an exacerbating effect.
We provisionally expect Britain to lose approximately 11,000 HNWIs to migration in 2026 (net outflow). If this figure materializes, this will mean that over 45,000 HNWIs would have left the UK post-covid (2020 to 2026) on a net basis – this equates to around 8% of the country's total high-net-worth population, which currently stands at just over 560,000 HNWIs as at June 2026.
The loss has been especially dramatic at the top-end of the wealth pyramid with the number of billionaires living in the UK dropping from 102 in 2020 to 55 in 2026.
The bulk of these billionaires have moved to Monaco, Italy, the UAE and Switzerland.
WHY IS BRITAIN LOSING HNWIS?
- The UK has become less welcoming to foreign wealth, introducing sanctions on Russian millionaires and closing its investor visa program in 2022. The UK's much maligned non-dom scheme was also recently abolished in 2025.
- Brexit, which has damaged London's dominance as Europe's top financial centre. It has also made the city less appealing as a base location for global bankers and venture capitalists.
- The growing dominance of USA and Asia in the global hi-tech space has eroded the UK's wealth creation potential.
- The dwindling importance of the London Stock Exchange. This exchange was once the largest stock market in the world by market cap, but it now ranks 12th globally. The past two decades have been particularly poor, with a large number of delistings and relatively few new IPOs.
- Rising religious tensions. In particular, rising anti-Semitism may be pushing Jewish business leaders & entrepreneurs to leave the UK. If one reviews the public rich lists, it is noticeable that very few Jewish billionaires still remain in the UK today. Almost all of them have left over the past decade.
- Capital gains tax and estate duty (IHT) rates in the UK are amongst the highest in the world, which deters wealthy business owners and retirees from living there. It is worth noting that Australia, New Zealand, Canada, Malta, Montenegro, the UAE, Singapore and Israel do not levy estate duty, whilst in Italy it's only 4%. This makes the UK an outlier.
- The healthcare system in the UK is deteriorating, which may be deterring affluent people from living in the country. In a high-tax country such as the UK it is essential to have a functional healthcare system in order to prove to taxpayers that their money is being well spent.
- Rising safety concerns, especially in big cities such as London – this deters entrepreneurs from living in country and also impacts on business formation.
- The UK wealth management and family office sector is showing signs of decline, with billionaires and centi-millionaires now preferring to park their money in emerging financial hubs such as Dubai. This sector was once the "Jewel in London's Crown" and is a major loss.
- Leaving the UK is significantly easier than leaving other European countries as there is no language barrier. This is perhaps why HNWI departures from other high-tax countries in Europe (Germany, Spain and France) are traditionally much lower than those from the UK.
UK VS. USA TAX SPOTLIGHT
There is a growing argument that, in the modern world, an economy is not sustainable if its tax rates are higher than those of the United States—unless it offers exceptional public services. Even then, in our view, it carries a long-term risk.
The USA has competitive advantages in most key sectors (tech, entertainment, and finance) that make it impossible to compete with it on an even playing field.
The only possible ways to outperform the USA in wealth creation are either to have a more competitive workforce (such as China and Poland) or to have significantly lower tax rates (such as Malta, the UAE, and Montenegro)—see world's top 10 fastest growing wealth markets.
WHY MILLIONAIRE MIGRATION MATTERS
Millionaire migration is a crucial measure of the economic and social health of a country for a number of reasons, including:
LEADING INDICATOR
A “leading indicator” is a measurable metric that changes before broader economic & social trends. High-net-worth individuals are highly mobile and often the first to relocate when conditions in their home country deteriorate or when better opportunities arise elsewhere.
FOREX REVENUE
Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a new country.
NEW BUSINESS
Many relocating HNWIs (around 10%) are entrepreneurs and company founders, who start businesses in their new country, thereby creating local jobs. This percentage rises to over 70% for centi-millionaires and billionaires.
STOCK MARKETS
Millionaires boost the local stock market via their equity investments. Also, some HNWIs publicly list their companies on the local stock exchange.
MULTIPLIER EFFECT
Inward wealth migration can have a multiplier effect on wealth growth due to the spillover effect on asset prices. For instance, 100 HNWIs moving to a country can result in its HNWI population increasing by well over 200 as it pushes local property and stock market prices up and therefore drives up the wealth of locals living in that country.
BOOSTS MIDDLE CLASS
The businesses started by HNWIs have a significant positive spillover effect on the middle class as they create large numbers of well-paying jobs in their base country.
TAX TAKE
Salaried HNWIs pay large amounts of income tax, whilst company founders indirectly pay large amounts of tax via their businesses – corporate tax, VAT and income tax paid via their employees. HNWIs also account for the bulk of capital gains tax collected.
SPENDING POWER
Perhaps most importantly, HNWIs indirectly create thousands of well-paying jobs via their spending power, especially in high-value sectors such as high-end fashion, prime property, luxury hotels, fine dining and wealth management.
BRITAIN'S WEALTHIEST CITIES
London
Greater London is home to approximately 207,000 HNWIs and 23 billionaires as at June 2026. This makes it the 6th wealthiest city in the world. The neighborhoods of Belgravia, Knightsbridge, Mayfair, Hampstead and Wimbledon are especially affluent.
Manchester & Trafford
Greater Manchester is home to just over 24,000 HNWIs, along with 8 billionaires as at June 2026. It is the fastest growing big city in the UK when it comes to wealth growth over the past decade.
Edinburgh
Edinburgh is the financial capital of Scotland and the 3rd wealthiest city in Britain - it is home to approximately 11,000 HNWIs and 4 billionaires as at June 2026. The scenic, historic district of 'New Town' is traditionally regarded as the city's most exclusive residential area.
BRITAIN'S FASTEST GROWING MILLIONAIRE HOTSPOTS
A decade-long analysis of the UK’s fastest-growing wealth enclaves reveals a decisive structural shift away from traditional urban financial centers and towards country living. The list of emerging high-net-worth individual (HNWI) hotspots is now dominated by affluent market towns, historic spa destinations, and picture-postcard rural enclaves.
Key growth hubs include Thames Valley and Berkshire strongholds like Ascot, Taplow, Marlow, and Henley-on-Thames, Cheshire’s famed Golden Triangle centered around Alderley Edge, Yorkshire’s 'old money' spa town of Harrogate, and the coveted villages scattered across the Cotswolds.
THE RISE OF 'QUIET LUXURY'
Harrogate, alongside the villages of the Cotswolds, have become popular lifestyle destinations for HNWIs seeking 'quiet luxury' and expansive country living.
UK LUXURY BRAND RATINGS
THE TOP PRIVATE BANK FOR HNWIS IN THE UK
C. HOARE & CO.
THE TOP LUXURY HOTEL BRAND IN THE UK
BELMOND
THE TOP LUXURY CLOTHING BRAND IN THE UK
PAUL SMITH
*These brands score strongly when it comes to popularity among high-net-worth individuals and their reputation for quality service. All are based in the UK.
THE WAY FORWARD
Despite its problems, there are a number of things the UK could do to improve its economic prospects.
CLOSER TIES WITH SAFE HAVEN COUNTRIES
The UK could introduce freedom of movement for passport holders from wealthy “safe haven” countries such as Australia, New Zealand, Switzerland, Malta, Luxembourg, the UAE and Singapore. This will encourage more entrepreneurs and young professionals to move to the UK. Individuals from these countries are unlikely to put much strain on Britain's public services due to their relative wealth.
JOIN THE EURO
Much of the friction that exists between the UK and EU (both before and after Brexit) was due to the UK's decision not to join the Euro. The US Dollar's global dominance is now under threat due to recent trade wars and the Euro could finally achieve its dream of taking over as the world's standard currency but it needs the UK to join for this to work. In our view, this decision could completely reshape Europe's economy and turn London into the world's top financial centre once again.
SCRAP CAPITAL GAINS TAX AND ESTATE DUTY
These are traditionally the main taxes that wealthy entrepreneurs look at when migrating. Several countries globally have done this with strong success, including the UAE, Mauritius and Singapore. Only a tiny fraction of the UK's overall tax take comes from these two taxes, whilst they have a massively erosive impact on wealth creation.
GOLDEN TECH VISA
The UK could launch a “Golden Tech Visa” targeted at attracting wealthy tech entrepreneurs from Europe and Asia. This should ideally focus on centi-millionaires - those with over USD 100 million in liquid wealth. The centi-millionaires are arguably the most important wealth band when it comes to wealth creation due to the large % of entrepreneurs in this segment.
CHANGE ELECTORAL SYSTEM
The UK's current First-Past-the-Post (FPTP) system pushes voters to shift their support back to the two main parties at the last minute for fear of wasting their votes on smaller parties. This means that major political change is not possible.
NOTES
- The terms ‘millionaires’ or ‘high-net-worth individuals’ (HNWIs) refer to individuals with liquid wealth of USD 1 million or more.
- The term ‘centi-millionaires’ refers to individuals with liquid wealth of USD 100 million or more, whilst ‘billionaires’ refer to individuals with liquid wealth of USD 1 bn or more.
- For our purposes ‘liquid wealth’ includes equities, ETFs, cash, bonds, gold, and crypto holdings - namely, items that can be cashed in quickly.
- We exclude illiquid items such as property, family businesses and private equity, which is why our wealth figures tend to be lower than the other vendors.
- All figures as at 30 June 2026 and all in USD terms.
- HNWI figures rounded to nearest 1,000.
Research and Methodology
COUNTRY WEALTH STATS:
The wealth and HNWI stats in this report are calculated in-house, using a Lorenz curve model to determine the wealth tiers in each country/city. Key inputs in our model include:
- Household income statistics in each country.
- Market Cap of the local stock market.
- Tax data, with a special focus on income tiers. Typically an individual with an annual income of over USD 200,000 will be a high-net-worth individual.
- Family office numbers in each country - generally only centi-millionaires and billionaires can afford to have their own family office.
- Prime property statistics. Specifically, we consider the number of highly priced homes in each country/city.
- Wealth data from our in-house database of high-net-worth individuals. The database’s primary focus is on company founders and individuals from high-value companies who hold the following positions: chairperson, CEO, president, director, and managing partner. We collect city, country, work and educational details for these individuals.
New World Wealth’s model combines the above metrics in order to calculate the total wealth held in each country/city and the number of individuals in each wealth tier. For the top wealth tiers, namely, centi-millionaires and billionaires, the firm predominantly relies on its in-house database of high-net-worth individuals.
Note: It should be noted that New World Wealth never discloses the names of the individuals in its database, which it uses purely for in-house statistical studies.
MIGRATION STATS:
The following sources are consulted when mapping the migration of high-net-worth individuals:
- Annual & monthly golden visa stats, which are a useful barometer for HNWI inflows as they are generally only affordable for individuals with liquid wealth exceeding USD 5 million. They are especially useful for business hubs such as USA (EB5) and offshore hubs such as the UAE and Monaco due to the high likelihood of movement. They are less useful for second homes hotspots such as Greece and Portugal although they still provide a useful sanity check for these markets.
- Company registers — with a focus on filings by directors that indicate a change in country of residence.
- Updates to city locations for major company founders on LinkedIn.
- Monitoring where new family offices are being established — typically, only centi-millionaires and billionaires (with liquid wealth exceeding USD 100 million) have the resources to set up a dedicated family office.
- Statistics from high-end international removal firms — offering insight into where affluent clients are moving.
Notes & assumptions:
- If a HNWI changes their location on a company register, we assume they have moved.
- If a HNWI changes their location on LinkedIn, we assume they have moved.
- If a major news outlet reports about a HNWI moving, we assume they have moved. This is normally only relevant for public figures and billionaires.
- If a HNWI sets up a family office abroad, we assume they have moved.
About New World Wealth
New World Wealth was established in 2013 and has been tracking the movements and spending habits of the world’s wealthiest people for over a decade.
Our reports and findings have been referenced by the Australian and UK governments, as well as by global news outlets such as Bloomberg, CNN, Forbes, CNBC and Robb Report.
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