Millionaires are leaving the UK in droves, new research has found.

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LONDON A record number of millionaires are expected to leave the UK this year, according to new research, with the exodus expected to worsen with this year's general election.

According to the Henley Private Wealth Migration Report, the UK will suffer a net loss of 9,500 high-net-worth individuals in 2024, more than double last year's figure of 4,200 (itself a record).

The UK came in second behind China in Henry's rankings, with the East Asian giant predicting a net outflow of 15,200 millionaires in 2024.

The outlook marks a sharp turnaround for Britain, once considered the center of the world's richest people. Henley, a consulting firm that tracks migration trends, noted that between the 1950s and early 2000s, it saw large numbers of wealthy families moving to the coasts from across mainland Europe, Africa, Asia and the Middle East.

“But this trend began to reverse about 10 years ago, as more millionaires began leaving the country and fewer coming in,” the report said.

“Specifically, in the six years following Brexit, from 2017 to 2023, the UK lost a total of 16,500 millionaires to emigration. Preliminary estimates for 2024 are even more concerning,” the study added.

Hannah White, CEO of the Institute for Government think tank, said this year's general election could accelerate the exodus of millionaires.

Recent opinion polls show the centre-left Labor Party significantly ahead of its right-wing rivals the Conservative Party. A Savanta poll for The Telegraph newspaper published at the weekend found Labor winning 46% of the vote. That's more than twice the Conservatives' 21% of the vote. The Reform Party, a populist right-wing party, was not far behind at 13%.

Labor has positioned itself as a pro-business party focused on wealth creation. But the election manifesto is also clear that he plans to target loopholes that benefit the wealthy to better fund public services. It promised to close so-called tax loopholes for non-resident individuals, reduce tax avoidance, eliminate tax breaks for private schools and increase taxes on purchases of residential property by non-UK residents.

“The outflow of high-net-worth assets, already driven by the economic and political context, is now being accelerated by policy decisions ahead of the election,” White wrote in the Henry report.

“This is in addition to the 40% tariff already imposed on properties exceeding 325,000. [$412,420] The Conservative government has adopted the Labor opposition's policy thrust to end Britain's non-dom tax system from 2025. And it has accepted Labor's pledge to remove exemptions from 2020 for those educating their children in England's popular private school sector. “The % VAT enjoyed by private schools would be an even more unwelcome development,” White added.

According to Henry, the number of millionaires in the UK has fallen by 8% over the past decade, a stark contrast to most other major economies across Europe and beyond. For example, the number of high-net-worth individuals in Germany increased by 15% over the period, while in the United States the number increased by 62%.

Correction: A key point in an earlier version of this article incorrectly stated the UK's net loss of millionaires in 2023.

CNBC's Jenni Reid contributed to this report.

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