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 shows 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.
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.
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.
Chancellor John Healey is expected to make further changes in the upcoming budget
PA Wire
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.
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.”
Chris Rokos
PA Media
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.”
*An earlier version of this story reported that billionaire David Reuben had recently left the UK to live in Monaco for tax reasons. In fact, Mr Reuben has been a resident of Monaco for more than 10 years.