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UK Wealth Exodus Accelerates on Burnham Tax Fears
Nigel Green of deVere Group warns the market calm is a mirage, as 16,500 millionaires fled in 2025 and wealth managers brace for a tax-driven exodus under the new PM.
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Andy Burnham becomes the UK's seventh prime minister in a decade today. The market calm around his arrival masks a deeper exodus of wealth, according to Nigel Green, CEO of deVere Group. Green said the relief rally triggered by Shabana Mahmood's appointment as Chancellor buys time, not confidence.
Sterling held near a 13-month high against the euro and close to $1.35 against the dollar. Gilt yields sat around 4.95%, easing back from a two-month peak. The FTSE 100 traded flat just above 10,500.
The scale of wealth already leaving Britain is the real signal, Green said. The UK lost an estimated 16,500 millionaires in 2025, one of the largest outflows recorded globally. Industry forecasts project the number could climb further in 2026.