Britain’s billionaire exodus has accelerated, with some of its wealthiest residents taking fortunes worth a combined $160 billion (£121 billion) abroad or substantially loosening their ties with the country since 2024.
An analysis of the Bloomberg Billionaires Index found that more than a dozen multibillionaires have relocated or reduced their UK connections during the past two years. Their combined fortunes represent more than half of the UK-linked wealth recorded by the index.
“For Britain, the more difficult question may no longer be how many wealthy residents are leaving, but how many internationally mobile entrepreneurs are deciding not to arrive”
The headline figure, however, should be interpreted carefully. The Bloomberg index follows a select group of the world’s richest people and does not constitute a complete census of British billionaire wealth. Nor does a change in an individual’s residence mean that their entire fortune or all their commercial interests have physically left Britain.
Among the prominent departures are steel magnate Lakshmi Mittal, Aston Villa co-owner Nassef Sawiris and shipping billionaire John Fredriksen. Telecoms investor Shravin Bharti Mittal and hedge-fund founder Chris Rokos have also moved abroad.
The £121 billion estimate does not include property investor David Reuben, who was recently reported to have completed his relocation to Monaco. Reuben’s personal fortune has been estimated at approximately £9.9 billion, while the combined wealth of David and his brother Simon is placed considerably higher.
The UAE has emerged as one of the principal beneficiaries of the movement, alongside Monaco, Switzerland, Italy and Greece. Several of these jurisdictions offer wealthy international residents more predictable or favourable tax treatment.
Britain’s abolition of the non-domiciled tax regime has been widely cited as a catalyst. The reforms have exposed some long-term international residents to UK inheritance tax on worldwide assets, including wealth accumulated before they moved to Britain. Continuing speculation over property, capital-gains, wealth and exit taxes has added to uncertainty.
Critics argue that the economic cost extends beyond the fortunes themselves. Departing billionaires may take with them personal tax payments, investment decisions, family offices, employment and philanthropic spending. Rokos reportedly paid £330 million in UK tax during 2025 before relocating.
The movement forms part of a wider structural shift. New World Wealth estimates that the number of billionaires residing in Britain fell from 102 in 2020 to 55 by mid-2026. It also projects a net outflow of approximately 11,000 high-net-worth individuals during 2026.
For Britain, the more difficult question may no longer be how many wealthy residents are leaving, but how many internationally mobile entrepreneurs are deciding not to arrive.
