More than six in 10 UK millionaires have considered leaving Britain because of high taxes, according to new research from investment platform Wealth Club.

The findings come alongside reports that hedge fund billionaire Chris Rokos is moving his tax residency to Greece, raising further questions about whether the UK's tax environment is encouraging wealthy individuals to look elsewhere.

How many millionaires are actually considering leaving?

Wealth Club surveyed more than 300 of its millionaire clients, who had an average wealth of £4.5 million. Of those surveyed, 61% said they had considered becoming non-UK tax resident.

However, there's an important difference between considering a move and actually planning one. Just 16% said they were actively considering leaving the UK, while 36% said they had never thought about it.

The research also challenges the assumption that most millionaires have inherited their wealth. Some 40% said they had made most of their money through employment, 33% through investments and 12% through starting a business. Only 2% identified inheritance as their main source of wealth.

Tax rises remain a major concern

Perhaps unsurprisingly, tax was high on the list of concerns among those surveyed.

Almost all respondents (97%) believe taxes will rise over the next year, with inheritance tax, potential wealth taxes and capital gains tax causing the greatest concern ahead of the Budget.

Of course, expecting taxes to rise doesn't necessarily mean they will, but the figures suggest considerable uncertainty among wealthy individuals about the direction of UK tax policy.

Why is Greece attracting attention?

The research comes amid reports that Chris Rokos, founder of Rokos Capital Management, is relocating his tax residency to Greece.

Greece offers qualifying non-domiciled individuals a tax arrangement involving a flat annual charge of €100,000 (approximately £85,000) for up to 15 years.

Rokos reportedly paid £330 million in tax last year, while his firm recorded revenues of £1.23 billion in 2025.

His reported move illustrates the significant differences that can exist between countries' tax systems, particularly for individuals with substantial wealth and international financial interests.

What does this mean for the UK?

Alex Davies, founder and CEO of Wealth Club, warned that further tax increases could encourage more wealthy individuals to consider moving abroad.

He pointed out that almost all those surveyed had built their wealth themselves, arguing that making Britain less attractive for saving and investing risks encouraging wealth creators to look elsewhere.

Whether those considering a move actually follow through remains to be seen. The survey shows that far more millionaires have thought about leaving than are actively planning to do so.

For anyone considering a change in tax residency, however, it's worth remembering that the tax implications are rarely straightforward. Becoming non-UK tax resident involves more than simply moving abroad, and the rules surrounding residence, income, gains and existing UK assets all need careful consideration.

If you're concerned about how changes to the tax system could affect your finances, get in touch. We can talk through your circumstances and help you understand your options.