Billionaires with a combined fortune of £120 billion have fled Britain since Labour came to power, new analysis has revealed.
Figures from the Bloomberg Billionaires Index show that more than a dozen billionaires have left the UK for more favourable tax regimes over the past two years, following a series of tax changes from the government to clamp down on wealth.
High-profile departures
The news comes just days after it emerged that David Reuben, one of the UK's wealthiest men, relocated to Monaco. Mr Reuben, along with his brother Simon, has an estimated £28 billion fortune, making him one of the UK's richest residents - and his wealth is not factored into the analysis.
Steel tycoon Lakshmi Mittal, Aston Villa co-owner Nassef Sawiris and shipping magnate John Fredriksen are among the swathe of high-profile billionaires to have departed since Labour came to power. Hedge fund tycoon Chris Rokos, who paid £330 million in taxes last year, making him Britain's third-biggest taxpayer, has also relocated to Greece.
Tax changes cited
The UAE has been a popular destination for those who have left, as have other low-tax jurisdictions such as Monaco, Switzerland and Italy. Many of the billionaires have cited a series of tax changes by the Labour government in relation to their departures.
They included scrapping non-dom status, and changes to capital gains tax, property taxes and national insurance contributions. Further changes are expected in the budget at the end of the month, with Chancellor John Healey looking for money to fund higher defence spending as well as cost of living measures.
Impact on the economy
Luke Johnson, co-owner of Gail's Bakery, said: "It is a disaster for the country that big taxpayers and important investors are leaving. They help fund public services and create jobs, and their exits will create a growing hole in the national finances. We should be attracting talent and wealth, not alienating it."
David Lesperance, a lawyer and integrated tax and migration adviser, told The National: "The simplest way of thinking about the impact of these super golden geese is that a billionaire contributes the same number of golden eggs as 1,000 millionaires in Income/Capital Gains Tax, VAT, property tax, consumer spending, direct and indirect employment, philanthropy. With David Reuben joining Chris Rokos and the list of prior departures in leaving the UK, the loss of their prior annual contribution to the Treasury will put a permanent dent in monies available for social services."
Magda Wierzycka, the founder of Sygnia Asset Management and Africa's richest self-made woman, left London for South Africa earlier this year. She told City AM: "The number of people leaving is one thing, but no one is focusing on people who are not coming. The entrepreneurs, the wealthy people who previously were drawn to London have taken one look at [the changes] and said, 'Sorry we're not coming.' So that means no investment, no job creation… and this inability to balance the budget."
Jack Hollyman, managing director at consultants Alvarez & Marsal, said: "Tax rises don't happen in a vacuum. Investors and entrepreneurs can change when they realise gains, where they put their money and, ultimately, where they live. We saw that in 2024 and 2025, when non-doms left the UK amid concerns about overseas businesses being brought within the scope of UK inheritance tax."
