According to the Henley & Partners’ 2024 USA Wealth Report, thousands of millionaires are coming to the US every year, and it remains the world’s top wealth hub. On the opposite side of the spectrum, the UK lost a staggering 12,500 more millionaires than it gained between 2017 and 2022. That's a significant chunk of change walking out the door. And the trend shows no signs of abating, with estimates suggesting that 3,200 high-net-worth individuals left in 2023 alone.

So what's driving this millionaire migration? A perfect storm of factors, it seems, that have chipped away at the UK's once irresistible allure.

Brexit Blues

First and foremost, there's the elephant in the room: Brexit. The UK's decision to leave the European Union has had far-reaching consequences, not least for its wealthy residents. Many high-flying businesspeople, particularly those in the financial and professional services sectors, have chosen to relocate to the continent to maintain access to the single market and the talent pool it provides.

London, long the financial capital of Europe, has seen its star dim in the wake of Brexit. With Amsterdam overtaking the City as the continent's top share trading hub and a spate of companies delisting from the London Stock Exchange, it's little wonder some of the Square Mile's fat cats are seeking greener pastures.

A Punishing Tax Regime

Then there's the UK's tax system, which seems almost purpose-built to repel the rich. Capital gains tax and estate duties are among the highest in the world, making Britain an increasingly unattractive proposition for wealthy retirees looking to protect their nest eggs.

Why face a 46% hit on your hard-earned assets when you can enjoy your golden years tax-free in the sun-drenched emirates of the UAE? For many, it's a no-brainer.

Healthcare Headaches

The state of the National Health Service is another sore point. Once the envy of the world, the NHS is now buckling under the strain of chronic underfunding, staff shortages, and an aging population. Wait times for even routine procedures can stretch into months, and the sight of patients languishing on trolleys in hospital corridors has become all too common.

For the wealthy, who are accustomed to the best of everything, the thought of relying on an overstretched public healthcare system is simply untenable. Many are opting to take their chances abroad, in countries with sleek private hospitals and VIP treatment as standard.

A Question of Safety

Rising crime rates, particularly in London and other major cities, are also giving the well-heeled pause for thought. Even the poshest postcodes are not immune to the wave of knife crime and street violence that has swept the capital in recent years.

Of course, the UK's millionaires can afford to insulate themselves with gated mansions, private security, and armoured cars. But is that any way to live? Many are deciding it's not and seeking out safer pastures overseas.

Silver Linings

It's not all doom and gloom, of course. Some pockets of the UK are still proving irresistible to the super-rich. Picturesque towns like Beaconsfield, Henley-on-Thames, and Virginia Water have seen an influx of millionaires in recent years, drawn by their quintessential English charm and proximity to London.

And the Cotswolds, long a favourite second-home haunt for the capital's elite, are increasingly becoming a primary residence for the uber-wealthy. But these isolated bright spots can't mask the broader trend.

Time for a Charm Offensive?

So, what can the UK do to stem the tide of millionaire migration? It won't be easy. The country's divorce from the EU is likely to be messy and protracted, and its public services will take years to rebuild after a decade of austerity.

But there are steps the government could take to make Britain a more welcoming place for the wealthy. Reviewing the tax regime to make it more competitive with other global millionaire magnets would be a start. Investing in the NHS and crime prevention to improve quality of life for all residents, not just the rich, would also help.

Ultimately, though, the UK may need to mount a charm offensive to win back the hearts and minds of the world's elite. Remind them of all the things that made Britain great in the first place - its history, its culture, its unrivalled sense of style and sophistication.

Roll out the red carpet, dust off the crown jewels, and put the kettle on. It's time to make the world's millionaires fall in love with Britain all over again. Before it's too late and the last private jet takes off from Heathrow for good.