The richest entrepreneurs to leave the UK have a combined wealth of $160 billion

Brief retelling from RIA II

The total wealth of the richest entrepreneurs who have left the UK over the past two years is $160 billion.

Half of them left before last April's tax reform, moving to Monaco, Switzerland and the UAE.

UK Chancellor of the Exchequer Rachel Reeves has abolished the special tax regime for non-residents and increased taxes on inherited assets and income of participants in transactions in private markets.

MOSCOW, October 5 - RIA Novosti. The total wealth of the richest entrepreneurs who have left the UK over the past two years is already $160 billion over the past two years, mostly foreigners who lost tax benefits in the country, Bloomberg reports, citing its data from the Bloomberg Billionaires Index (BBI).

"The exodus of the UK's super-rich has become a $160 billion problem... This is the total wealth of those on the list who, in the last two years alone, have weakened or severed their ties to the UK," the agency said.

It is noted that this amount exceeds the combined wealth of index participants who continue to live in the UK.

Half of the group in the publication's sample permanently left the UK in the run-up to April last year's tax reform, moving to Monaco, Switzerland and the UAE, among others. Then the country's Treasury Secretary Rachel Reeves abolished the special tax regime for non-residents, which allowed wealthy foreigners to protect income earned abroad from taxation in the country.

Also, as the agency clarifies, taxes on inherited assets and income of participants in transactions in private markets were increased, and constant talk about further changes continued to increase anxiety among wealthy residents of the country.

An analysis of those who left predictably shows that foreigners predominate among them.

As an example, yesterday the Times newspaper reported that one of the richest residents of Great Britain, billionaire David Reuben, left the country and moved to Monaco.

In addition, at the end of last year, tycoon Lakshmi Mittal left the country due to tax reform. And in September, Bloomberg, citing sources, reported that billionaire founder of the hedge fund Rokos Capital and the third largest taxpayer in the UK, Chris Rokos, was moving to Greece.

According to the publication, the youngest participant on the list of those who left, Shravin Mittal, is 39 years old. He moved to the UAE, where he opened a division of his investment company Unbound.

The outflow of wealthy residents has significant consequences. According to government data cited by Bloomberg, the top 1% of UK residents account for about 27% of all tax contributions.