Britain has lost more than half of its billionaire wealth in the past two years, according to new research. An analysis of the Bloomberg Billionaires Index indicates that super-rich UK residents, with a combined worth of $160bn (£121bn), have either left or reduced their ties with the UK since 2024.
This reported departure follows the Labour government's introduction of measures aimed at wealth, including the abolition of the non-dom regime, an end to inheritance tax carve-outs for farms and family businesses, and a mansion tax on homes valued over £2m.
High-profile individuals such as Lakshmi Mittal, Nassef Sawiris, and John Fredriksen are among those whose fortunes are included in this figure. Magda Wierzycka, founder and CEO of Sygnia Asset Management, cited changes to overseas trusts as her reason for moving from London to South Africa earlier this year.
Other countries, including Greece, Italy, and Portugal, have introduced 'flat tax regimes' to attract wealthy individuals. Chris Rokos reportedly swapped his UK residency for Greece, and Richard Gnodde of Goldman Sachs moved to Milan.