By Reagan Steele – Business & Economic Policy Writer

While most headlines focus on immigration at the border, another exodus is quietly picking up speed—among the wealthy.

According to Henley & Partners’ latest Private Wealth Migration Report, the United Kingdom is projected to lose a record 16,500 millionaires in 2025. That’s more than China, and ten times the loss expected in Russia, despite that country facing sanctions and economic strain. The trigger? Tax hikes.

The UK recently eliminated its non-domicile tax regime, replacing it with a system that taxes global income and estate assets after just a few years of residence. The message to high-net-worth individuals was clear: if you’re successful, prepare to be taxed accordingly—no matter where your money is earned.

Now those individuals are packing up. Most are heading for the UAE, Singapore, Australia… and notably, the United States.

But here’s the catch: while America is a favored destination for British millionaires, California is not.

In fact, California has its own wealth outflow problem. The state’s high-income earners—doctors, tech executives, business owners—have been quietly relocating for years, favoring places like Florida, Texas, and Tennessee. These states not only offer warm weather and low regulation but also zero state income tax. California, by contrast, has the highest top marginal tax rate in the nation at 13.3%, with new proposals threatening to push that even higher.

The parallel with Britain is hard to ignore. In both cases, a ruling political class doubled down on tax-and-spend policies, assuming the wealthy would simply absorb the cost. Instead, they’re walking away.

Critics often argue that millionaires should “pay their fair share.” But what happens when they decide to stop paying altogether—by leaving? Unlike corporations, individuals don’t need to lobby or sue. They just move.

And when they do, the tax base shrinks. Budgets get tighter. Public services feel the strain. What was supposed to fund social equity ends up becoming a burden on the middle class, who can’t afford to leave and now must pay more to fill the gap.

It’s worth asking: if California continues to follow the UK’s path, will it face the same fate?

So far, the signs say yes. And unless something changes, the Golden State might find itself learning a hard lesson—just a few years after Britain already did.