TL;DR — The headlines: A recent analysis cited in coverage of the UBS Global Wealth data shows the UK experienced a ~14.3% fall in the count of millionaires year-on-year the steepest decline among major economies. Commentators and private-wealth consultancies link much of that movement to the UK’s post-2024/25 tax reforms (capital-gains, inheritance tax, and sweeping changes to the non-dom regime). As a result, relocation-by-investment programmes such as Greece’s Golden Visa (still open, with a comparatively low €250,000 property threshold) are seeing heightened interest. These dynamics are real, complicated, and contain winners, losers and lots of nuance.

1) What exactly happened — the data and the headlines

Two things matter in the press story people saw:

1. Global context: UBS’s Global Wealth Report 2025 shows global millionaire counts continue to trend unevenly by country new millionaires in many markets, declines in some. The UBS dataset is the principal, trusted public reference for millionaire counts.
2. UK’s steep fall: Private firms using UBS data (plus their own analysis), notably Astons in media coverage, flagged that the UK’s millionaire numbers reportedly fell ~14.3% in the year under review — the sharpest decline of any major economy in that snapshot. Media picked this up alongside commentary linking the fall to the UK’s recent tax changes affecting high-net-worth individuals (HNWIs). Business Standard

Important nuance: different reports use different methods and time windows. Some analyses (and sceptical reviews) argue the headline “exodus” stories overstate things outflows are often small relative to the overall millionaire stock and that tax receipts from non-doms actually rose in 2023–24 despite falling numbers. So the truth mixes real movement with interpretation choices.

2) Why the UK numbers slipped: the concrete policy drivers

Several UK fiscal policy changes since 2024–25 materially altered the incentives for globally mobile wealth:

• Non-dom reforms (residence-based regime): The UK replaced aspects of the remittance/“non-dom” model with a residence-based approach (new rules effective from 6 April 2025), limiting long-standing tax advantages for long-term international residents. The reform included transitional treatments but materially reduced the tax benefits for many previously advantaged taxpayers.
• Capital Gains and Inheritance tax adjustments: Chosen changes to rates, thresholds and the territorial scope of tax have increased the effective tax burden on certain asset realisations and transferred wealth, which reduces tax planning leeway for some HNWIs.
• Wider political and regulatory signals: Alongside direct tax changes, the political environment (debates about fairness, announcements, media coverage) raises uncertainty, which is often enough to prompt relocation planning among mobile wealth holders.

Bottom line: the legal changes increased the cost of being a UK resident with substantial foreign assets. For some this prompted residency re-assessment; for others, lower account valuations and market swings contributed to falling “millionaire” classification. GOV.UK

3) Why Greece (and some other jurisdictions) are benefiting

If you’re a wealthy, internationally mobile person reassessing residency, your decision weighs taxes, lifestyle, mobility and legal certainty. Golden Visa (residence-by-investment) programmes are obvious alternatives because they offer:

• Relatively low entry thresholds (Greece’s real estate option is widely documented at €250,000 minimum). That is comparatively accessible versus many EU alternatives. Henley & Partners
• Schengen access: residency in Greece gives travel freedom across the Schengen area hugely valuable for business and family mobility. Υπουργείο Μετανάστευσης και Ασύλου
• Perceived predictability and lifestyle upside: favourable climate, lower living costs versus prime UK locations, and active property markets make Greece attractive. Astons and other private-wealth advisers have specifically cited Greece as a “top choice.” Business Standard

Remember: Golden Visas are not just tax escapes — they are residency and mobility strategies that preserve access to European markets and, for many, quality-of-life benefits.

4) What this means practically — scenarios for HNWIs

Let’s think through practical scenarios an HNWI (or family office) will evaluate.

Scenario A — Stay and adapt (most common)

• Action: Remain UK resident, accept new tax regime, restructure assets and estates, take advantage of transitional reliefs and expert tax planning.
• When it fits: When business, investments, or family ties make the UK still the natural base; the cost of moving outweighs benefits.
• Pros: Avoid relocation costs/disruption; maintain access to UK financial markets and networks.
• Cons: Higher tax bills and complexity; less scope for offshore tax planning.

Scenario B — “Hedge” with a second residency (popular)

• Action: Acquire a secondary residency (e.g., Greece Golden Visa) to diversify personal risk: spend less time in the UK (subject to statutory residence rules), reposition family arrangements and business domicile planning.
• When it fits: When the person wants to retain UK links but reduce tax exposure and improve mobility.
• Pros: Mobility + EU access; less abrupt than full emigration.
• Cons: Doesn’t automatically eliminate UK tax exposure residence rules and remittance matters still apply.

Scenario C — Full emigration

• Action: Sever UK tax residence, move primary life centre to low-tax jurisdiction or EU country, re-home assets.
• When it fits: When tax burden, regulatory uncertainty, or political factors make staying untenable.
• Pros: Material tax savings possible; legal clarity if properly executed.
• Cons: Personal/operational cost; impact on careers, family schooling, pensions; potential exit taxes or UK exit implications.

Each approach requires bespoke advice from tax, trust and immigration specialists. Media headlines about “mass exodus” over-simplify what is, in reality, a spectrum of decisions.

5) Wider economic effects — what happens to the UK

This is where nuance matters. A fall in millionaire counts has measurable and subtle effects:

• Short-term revenue: the Treasury may see higher receipts from some measures (even as numbers fall) for 2023–24 non-dom tax take rose, showing higher per-capita contributions can offset numbers.
• Real-estate & finance sectors: wealthy households disproportionately support prime-market activity (property, luxury services, private banking). Declines in this cohort could cool those niches, though it won’t immediately cripple mainstream markets.
• Higher education & services: international students and professionals are linked to certain high-value services and talent pools; policy changes that affect attractiveness can have medium-term recruitment implications. Japan
• Reputational: the political narrative around HNWIs affects long-term investor confidence, possibly shifting where global firms choose regional hubs.

But: the macro story is mixed. Some departures reflect reclassification (people falling below a £1m threshold because of market moves) rather than full emigration. That’s why analysts urge caution in calling this a wholesale “exodus.” Tax Justice Network

6) What Greece (and similar jurisdictions) must watch for

If Greece is a winner, it must still manage the opportunity responsibly:

• Policy sustainability: Golden Visa popularity can strain markets (local real-estate inflation, social pushback). Many countries tighten rules once demand spikes. Greece will need to balance competitiveness and market stability. Υπουργείο Μετανάστευσης και Ασύλου
• Due diligence & reputation: Demand increases scrutiny. Applicants must expect stricter KYC/AML checks and that programmes evolve.
• Integration & long-term benefits: Attracting wealthy residents yields tax and consumption gains only if they integrate economically (spending, investment, jobs) rather than treat residency purely as a safe haven.

7) Advice for stakeholders — actionable guidance

For wealthy individuals / family offices

1. Don’t react to headlines — map your full profile. Examine tax residence rules, timing, assets subject to exit charges, pensions, and family implications.
2. Run a residency stress-test. Model outcomes under “stay”, “second residency” and “emigrate” scenarios including one-time relocation costs, tax bills and ongoing compliance.
3. Use transitional reliefs carefully. The UK offered transitional arrangements for some reforms; specialists can help capture legal benefits. GOV.UK
4. Consider Greece or other Golden Visa options as a rational hedge — but verify the legal permanence of those programs and local rules (property rules, renewal conditions). Υπουργείο Μετανάστευσης και Ασύλου+1

For UK policymakers

1. Measure outcomes, not just inputs. If the aim is fairness and revenue, continue publishing high-quality data showing revenue vs. mobility effects to avoid misleading narratives. Financial Times
2. Work with industry to preserve talent pipelines. If high net-worth departures affect financial services or investment, consider targeted measures that preserve competitiveness without fatally undermining policy objectives.
3. Guard reputation through predictability. Stable, clearly signalled policy beats reactive announcements when it comes to keeping mobile capital and talent.

For destination countries (e.g., Greece)

1. Prepare regulation and integration policy so inflows deliver local economic benefit and avoid speculative distortions. Υπουργείο Μετανάστευσης και Ασύλου
2. Market responsibly: Promote residency benefits but set expectations around tax, participation and local obligations.

8) Final, forward-looking take — what will likely happen next?

• Expect continued relocation interest, but not an instantaneous mass exit. Movements of HNWIs are expensive, complex and driven by many personal factors (family, business, education). The 14% headline is large, but it’s a signal rather than a simple causal story.
• Greece and similar Golden-Visa jurisdictions will remain attractive short-to-medium term, but programmes may be adjusted if property markets overheat.
• UK policy will likely be refined. Political and fiscal feedback (and the Treasury’s interest in revenue) means tweaks are possible e.g., modifying inheritance tax elements or targeted thresholds if outflows bite too hard. Watch official releases and Treasury statements.

9) Key sources and further reading (trusted / official)

• UBS — Global Wealth Report 2025 (data on millionaire counts and wealth trends).
• UK Government — Reforming the taxation of non-UK domiciled individuals (official policy & timelines, 6 April 2025 measures).
• Greek Government — Official Golden Visa guidance / Migration Ministry.
• Coverage & analysis referencing Astons / media summary of UK 14.3% drop.
• Critical perspectives & follow-ups (Tax Justice Network, Financial Times reporting on non-dom receipts).

10) Quick checklist — if you are a high-net-worth person considering options

• Get a timeline: identify when you will legally become non-resident if you move; model exit taxes.
• Obtain bespoke tax and immigration advice (trust, estate, corporate structure).
• Evaluate second residency (Greece or elsewhere) as hedge, not silver bullet.
• Consider business operations: what must remain in UK, what can be relocated.
• Avoid headline reactions plan, model, and execute with cross-disciplinary advisors.

Final Thought

We live in an era where policy moves + digital connectivity make residency decisions both more consequential and more reversible. Countries compete on talent, capital and lifestyle. The UK’s tax tightening is an explicit policy choice: it will reduce certain tax arbitrage opportunities, but it will also push the wealthy to weigh new balances of tax, liberty and life. The winners will be those who combine policy predictability, strong public services and a hospitable business climate and those jurisdictions that design migration, tax and residency frameworks to attract long-term positive economic participation, not merely pass-through capital.