British billionaires may have moved about $160 billion out of the country — Fortune
Billionaires who have weakened their ties with the United Kingdom or left the country over the past two years have collectively moved about $160 billion. According to Bloomberg, this amount exceeds the combined wealth of billionaires who remained in the United Kingdom, Fortune reports.
Wealthy residents had been leaving the United Kingdom even before the Labour Party came to power in July 2024. At the same time, Fortune links the biggest changes to the abolition of the non-dom regime, which allowed certain residents to pay tax in the United Kingdom only on income earned or remitted to the country. In October 2024, the government also raised the top capital gains tax rate from 20% to 24%.
Switzerland, Monaco and the UAE
Switzerland became one of the destinations for billionaires. Steel magnate Lakshmi Mittal, whose wealth Fortune estimates at approximately $40.8 billion, became a Swiss resident after living in the United Kingdom for three decades. Hedge fund billionaire Alan Howard, Ipsen heiress Anne Beaufour, and private equity billionaire Jeremy Coller also moved to the country.
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Billionaires John Fredriksen and Nassef Sawiris have ties to or residency in the United Arab Emirates. The UAE has no federal personal income tax. Monaco, where no personal income tax is levied on non-French residents, was chosen by developers Ian and Richard Livingstone, Checkout.com founder Guillaume Pousaz, and British billionaire John Reece.
Different views on taxes
Some of the country's wealthiest residents, by contrast, are calling for higher taxation. In July 2026, 120 wealthy Britons signed an open letter calling for their taxes to be raised. The Proud to Pay campaign, organized by Patriotic Millionaires UK, proposes introducing a 2% tax on wealth exceeding £10 million. According to the group's estimate, this could generate about £24 billion annually.
