The wealth of the super-rich who left England reached $160 billion
Bloomberg Billionaires Index revealed that the total wealth of rich people who have cut ties with England in the last two years has surpassed those in the country.
Quick Look
- The total wealth of the super-rich who left the UK in the last two years due to tax reforms and the changing business environment reached 160 billion dollars.
- The wealthy immigrants settled in countries such as Monaco, Switzerland and the UAE.
AI-generated summary
Why It Matters
Financial regulations targeting the wealthy in England and the abolition of 'non-dom' status triggered the migration of the rich.
It has been calculated that the total wealth of the super-rich who have severed or weakened their ties with Britain in the last two years has reached 160 billion dollars.
The analysis published by the Bloomberg Billionaires Index revealed that the assets controlled by those who left the country exceeded the total wealth of those in the index who continued to live in the UK.
Tax reforms targeting the wealthy and the changing perception of London's business environment are accelerating the departure of capital owners from the country.
According to official data, the top 1 percent of earners in the UK account for approximately 27 percent of all income tax revenues in the country.
The migration of this mass means that in addition to direct tax losses, high spending power also goes out of the country.
The financial regulations that came into force after the Labor Party government took office strained the relations between the wealthy and the government.
The permanent non-resident status, known as "non-dom", which provides up to 15 years of tax exemption for foreigners living in the country from their foreign income and earnings, was abolished in April 2025.
The previous Conservative Party government planned the removal of the exemption, and then the Labor Party implemented it with a new and shorter model.
Half of the leaving group completed moves to countries such as Monaco, Switzerland and the United Arab Emirates in the weeks before April 2025, when those reforms come into force.
According to Bloomberg data, steel producer Lakshmi Mittal and Shravin Mittal, the 39-year-old son of Indian businessman Sunil Mittal, were among those who left.
Risk fund manager Chris Rokos, who was born and raised in England, settled in Greece, which increased concerns in local financial circles that the departures might expand.
Billionaire John Caudwell, founder of phone retailer Phones 4u, described the developments as a disaster in his evaluation to Bloomberg.
“Instead of creating a cycle that attracts millionaires, billionaires and direct investment, we are doing the opposite,” Caudwell said.
Open Questions
- What will be the net cost of the allocated capital to total tax revenues?
- Will similar migration waves spread to other European countries?
