UK Chancellor Rachel Reeves Considers Non-Dom Inheritance Tax Reversal as 16,500 Millionaires Flee with £66 Billion Assets in Record Wealth Exodus

The United Kingdom is experiencing a record exodus of millionaires in 2025, driven largely by recent tax policy changes under Chancellor Rachel Reeves. The government is reportedly considering reversing a decision to impose inheritance tax on the global assets of non-domiciled residents, following concerns that such measures have contributed to wealthy individuals leaving the country. Estimates indicate that approximately 16,500 high-net-worth individuals (HNWIs) are expected to relocate abroad this year, marking the largest single-year departure of wealth ever recorded. Studies project that around £66 billion in assets may leave the UK as a result of these tax reforms and related policy uncertainties.

This outflow has been described as a "wealth exodus" or "Wexit," fueled by tax hikes, policy instability, and the lingering effects of Brexit. The departure of these millionaires is anticipated to have significant fiscal implications for the UK economy and government revenue. The issue has sparked debate among policymakers and commentators regarding the impact of wealth taxes and the broader economic climate on capital flight.