Britain has lost more billionaires than any other country in the past two years, with at least 18 dollar-billionaires relocating abroad amid growing political uncertainty and aggressive tax reforms — a trend that could intensify if the Labour government proceeds with a proposed wealth tax. This revelation comes from a report by New World Wealth, cited in a detailed investigation by The Times UK.
The analysis found that the UK lost nearly a quarter of its billionaires between 2023 and 2024, significantly outpacing billionaire exits from China (12) and Russia (8). Many of the UK’s wealthiest individuals have moved their tax residency to low-tax jurisdictions such as the United Arab Emirates and Monaco, driven by sweeping changes to Britain’s tax regime.
Among those who left is Asif Aziz, the Malawi-born property mogul and owner of London’s Trocadero complex, who moved his tax residency to Abu Dhabi following the October 2024 budget. The budget, delivered by Chancellor Rachel Reeves, abolished the long-standing non-domiciled (“non-dom”) tax regime, replacing it with a residence-based system. It also extended British inheritance tax (IHT) to cover the global assets of wealthy foreigners who have lived in the UK for over a decade.
The exodus continued into 2025. Egyptian billionaire Nassef Sawiris, co-owner of Aston Villa Football Club, shifted his tax base to Italy earlier this year, after moving his investment operations to Abu Dhabi in late 2024. He cited a “decade of incompetence” by successive Conservative governments and Labour’s crackdown on global wealth as key reasons for his departure.
Similarly, British property tycoons Ian and Richard Livingstone moved their tax residency to Monaco, also blaming the dismantling of the non-dom status for their decision.
These high-profile exits have sparked renewed debate over Labour’s potential wealth tax, which Sir Keir Starmer has so far refused to rule out. Critics warn that such a measure could accelerate the departure of wealthy individuals, depriving the UK of both capital and economic dynamism.
Maxwell Marlow, of the free-market Adam Smith Institute, described the billionaire flight as a predictable consequence of poor policy. “Wealthy individuals vote with their feet,” he said. “The government must urgently consider adopting competitive policies — such as high-net-worth visa programs seen in Italy or the U.S. — to lure wealth creators back.”
Meanwhile, the Tax Justice Network, a campaign group, argues that fears of a mass exodus are overstated. Its CEO, Alex Cobham, said: “Wealth taxes are necessary to rebalance economies and reduce the harmful effects of extreme wealth. The idea that the UK should bend over backwards to appease billionaires misses the point.”
While The Sunday Times Rich List counted 156 billionaires in the UK in May — down from 165 the previous year — New World Wealth estimates the figure will drop to just 72 by the end of 2025. The disparity is due to differing methodologies, but both point to the same trend: the super-rich are increasingly opting out of the UK.
The UAE has been the biggest beneficiary of this shift, with a sharp rise in its billionaire population. The United States, however, saw the largest overall increase, adding 15 billionaires over two years to reach 867 — nearly triple that of second-place China.
Andrew Amoils, head of research at New World Wealth, says the UK’s declining appeal to the ultra-wealthy stems from a combination of factors: sluggish economic growth since the 2008 financial crisis, burdensome capital gains and estate taxes, and the rise of rival financial hubs like Dubai, Frankfurt, and Milan. He added, “Brexit has arguably accelerated this erosion of London’s dominance.”
As the government considers further fiscal reforms, the growing outflow of billionaires serves as a stark warning: efforts to increase revenue must be balanced with the need to maintain Britain’s status as a global hub for talent and investment.
