Billionaires have left the U.K. and taken $160 billion to the likes of Monaco, Switzerland, and the UAE—that’s more than those who stayed are worth
Source: Fortune ·
The ultra-rich have exited the U.K. for tax safe havens. A steel billionaire quit Britain after 30 years for the Alps, and an 88-year-old fled to Monaco.
From the source
Britain’s ultra-rich are increasingly voting with their feet as a wave of tax changes has left many reconsidering their U.K. residency. It’s estimated that billionaire U.K. residents who have loosened their ties to the country in the past two years—or up and left completely—took around $160 billion with them collectively, according to a recent analysis from Bloomberg. It’s an eye-watering fortune that even surpasses the combined wealth of billionaires who have chosen to stick with their U.K. postcodes. It’s no secret that there’s been a wave of millionaires and billionaires quitting Britain. Wealthy U.K. residents had already been fleeing the country for years before the Labour party took office in July 2024, but the biggest shift happened upon the end of the non-dom regime—a policy first announced by the Conservative party in March of that year, months before handing over the reins. The government also raised capital gains tax rates in October 2024, with the higher rate jumping from…