Britain has experienced the steepest loss of billionaires globally over the past two years, with at least 18 dollar-billionaires relocating abroad due to mounting political uncertainty and sweeping tax reforms — a trend analysts warn could escalate if the Labour government implements its proposed wealth tax.
According to data from New World Wealth, reported by The Times (UK), nearly a quarter of the UK’s billionaires departed between 2023 and 2024, far surpassing similar outflows in China (12) and Russia (8). Many of these ultra-wealthy individuals have shifted their tax residency to jurisdictions with more favourable tax environments, such as the United Arab Emirates and Monaco.
One notable departure is Asif Aziz, a property magnate born in Malawi and owner of London’s Trocadero complex, who moved his tax base to Abu Dhabi following the October 2024 budget. That budget, unveiled by Chancellor Rachel Reeves, abolished the long-standing non-domiciled (non-dom) tax status and introduced a residence-based taxation system. The changes also expanded British inheritance tax to include global assets of wealthy foreigners who have lived in the UK for more than ten years.
This trend continued into 2025. Egyptian billionaire Nassef Sawiris, part-owner of Aston Villa Football Club, relocated his tax base to Italy after moving his investment operations to Abu Dhabi in late 2024. He cited what he described as “a decade of incompetence” by Conservative governments and Labour’s aggressive stance on global wealth as primary reasons for his exit.
British property tycoons Ian and Richard Livingstone also moved to Monaco, similarly attributing their decision to the abolition of the non-dom regime.
These high-profile exits have reignited debates over Labour’s possible introduction of a wealth tax — a policy that Labour leader Sir Keir Starmer has notably not ruled out. Critics argue that such a move could intensify capital flight and damage the UK’s economic competitiveness.
Maxwell Marlow of the Adam Smith Institute called the billionaire departures “entirely predictable,” arguing that Britain must pivot to more competitive economic policies. “Wealth creators vote with their feet. If we want to retain or attract them, we must offer globally competitive incentives, like Italy’s or the US’s high-net-worth visa schemes,” he said.
In contrast, the Tax Justice Network dismissed concerns of a mass exodus. CEO Alex Cobham stated: “Wealth taxes are essential to rebalancing economies and addressing the harms of excessive wealth. Prioritising billionaire interests over the public good is a fundamental mistake.”
While The Sunday Times Rich List recorded 156 billionaires in the UK as of May 2025 — down from 165 a year earlier — New World Wealth projects that number may plunge to just 72 by year-end. The discrepancy is due to differing data methodologies, yet both sources agree: the ultra-wealthy are turning their backs on Britain.
The UAE has emerged as the top destination for these departures, while the United States posted the largest absolute gain, adding 15 billionaires to reach a total of 867 — nearly three times more than second-place China.
Andrew Amoils, head of research at New World Wealth, attributes the UK’s dwindling appeal to several factors, including sluggish economic growth since 2008, rising capital gains and estate taxes, and the growing prominence of financial centres like Dubai, Frankfurt, and Milan. “Brexit has arguably hastened London’s relative decline,” he added.
As the UK considers further tax reforms, the ongoing billionaire flight underscores a vital tension: boosting fiscal revenues must not come at the cost of losing global investment and economic influence.
