The 'Millionaire Exodus' the UK Media Told You About Never Actually Happened
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A supposed millionaire 'exodus' that was given blanket coverage in the British press - and which was credited to the Labour Government's decision to weaken reforms to 'non-dom' tax avoiders - did not actually happen, according to a new study.
The media reporting, consisting of over 10,900 news pieces across print, broadcast and online news in 2024, was primarily based on a report published by Henley & Partners, a firm that helps arrange so-called 'golden passports', allowing the super-rich to secure residence rights or citizenship through investment or simply paying for it. The European Court of Justice recently ruled one such golden passport scheme, covering Malta, was unlawful.
The Tax Justice Network's review - co-published with Patriotic Millionaires UK and Tax Justice UK - of the Henley report finds that the number of millionaires claimed by Henley & Partners to be leaving countries in "exodus" in 2024 represented almost zero percent of those countries' millionaire populations.
For example, the 9,500 millionaires widely reported to be leaving the UK in 2024 represented 0.3% of the UK's 3.06 million millionaires. It would take over 300 years for the 'exodus' to result in 100% of current millionaires to leave at this rate, even if no new ones emerged or moved here.
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Media reporting widely blamed the alleged millionaire exodus on tax policies in the same year that calls for a wealth tax on the super-rich gained unprecedented momentum globally.
The media reporting was equivalent to 30 news pieces a day on the "non-existent" millionaire exodus across 2024.
Reviewing the full period from 2013 to 2024 for which the Henley report presents estimates on millionaire migration, the Tax Justice Network found that millionaire migration rates consistently stood at near-0% for every year.
Academic studies consistently show that it is very rare for wealthy people to relocate countries - uprooting their families - simply due to tax policy.
Henley's estimates reveal a picture that is "at complete odds with the report's narrative and media coverage: millionaires are highly immobile, and nearly 100% of millionaires have not relocated to a new country since 2013, if Henley's estimates are to be taken at face value," the TJN report's authors say.
The UK Labour Government's decision in January 2025 to weaken non-dom tax reform was widely reported to be a result of concerns about the Henley report's findings (though a Treasury official gently denied this to Politico in January: "It's not necessarily a response to reports we're worried about the exodus of millionaires.")
The Tax Justice Network's review of the Henley 'Exodus' report flags several alleged methodological problems, as well as contradictions in Henley & Partner's reporting.
Spring Statement: 'Rachel Reeves Must Remember What Labour Is Actually For'
Unless the Labour party reconnects with its founding economic mission, they will merely lay the ground for a Nigel Farage Government, argues Neal Lawson
Neal Lawson
Funny Figures
Strikingly, the Henley paper's methodology states that its estimates were primarily a measure of where millionaires say they work on social media - largely LinkedIn profiles - and not of where they actually live or reside, meaning the rep...
For digital and print editions, packed with exclusive investigations, analysis, features, and columns….
SUBSCRIBE
A supposed millionaire 'exodus' that was given blanket coverage in the British press - and which was credited to the Labour Government's decision to weaken reforms to 'non-dom' tax avoiders - did not actually happen, according to a new study.
The media reporting, consisting of over 10,900 news pieces across print, broadcast and online news in 2024, was primarily based on a report published by Henley & Partners, a firm that helps arrange so-called 'golden passports', allowing the super-rich to secure residence rights or citizenship through investment or simply paying for it. The European Court of Justice recently ruled one such golden passport scheme, covering Malta, was unlawful.
The Tax Justice Network's review - co-published with Patriotic Millionaires UK and Tax Justice UK - of the Henley report finds that the number of millionaires claimed by Henley & Partners to be leaving countries in "exodus" in 2024 represented almost zero percent of those countries' millionaire populations.
For example, the 9,500 millionaires widely reported to be leaving the UK in 2024 represented 0.3% of the UK's 3.06 million millionaires. It would take over 300 years for the 'exodus' to result in 100% of current millionaires to leave at this rate, even if no new ones emerged or moved here.
ENJOYING THIS ARTICLE? HELP US TO PRODUCE MORE
Receive the monthly Byline Times newspaper and help to support fearless, independent journalism that breaks stories, shapes the agenda and holds power to account.
PAY ANNUALLY - £39.50 A YEAR
PAY MONTHLY - £3.75 A MONTH
MORE OPTIONS
We're not funded by a billionaire oligarch or an offshore hedge-fund. We rely on our readers to fund our journalism. If you like what we do, please subscribe.
Media reporting widely blamed the alleged millionaire exodus on tax policies in the same year that calls for a wealth tax on the super-rich gained unprecedented momentum globally.
The media reporting was equivalent to 30 news pieces a day on the "non-existent" millionaire exodus across 2024.
Reviewing the full period from 2013 to 2024 for which the Henley report presents estimates on millionaire migration, the Tax Justice Network found that millionaire migration rates consistently stood at near-0% for every year.
Academic studies consistently show that it is very rare for wealthy people to relocate countries - uprooting their families - simply due to tax policy.
Henley's estimates reveal a picture that is "at complete odds with the report's narrative and media coverage: millionaires are highly immobile, and nearly 100% of millionaires have not relocated to a new country since 2013, if Henley's estimates are to be taken at face value," the TJN report's authors say.
The UK Labour Government's decision in January 2025 to weaken non-dom tax reform was widely reported to be a result of concerns about the Henley report's findings (though a Treasury official gently denied this to Politico in January: "It's not necessarily a response to reports we're worried about the exodus of millionaires.")
The Tax Justice Network's review of the Henley 'Exodus' report flags several alleged methodological problems, as well as contradictions in Henley & Partner's reporting.
Spring Statement: 'Rachel Reeves Must Remember What Labour Is Actually For'
Unless the Labour party reconnects with its founding economic mission, they will merely lay the ground for a Nigel Farage Government, argues Neal Lawson
Neal Lawson
Funny Figures
Strikingly, the Henley paper's methodology states that its estimates were primarily a measure of where millionaires say they work on social media - largely LinkedIn profiles - and not of where they actually live or reside, meaning the rep...
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