Billionaires have left the U.K. and taken $160 billion to Monaco, Switzerland, and the UAE
An analysis by Bloomberg indicates that wealthy U.K. residents have moved approximately $160 billion in assets abroad to jurisdictions like Switzerland, Monaco, and the UAE. This capital flight is attributed to tax policy changes, including the end of the non-dom regime and increased capital gains taxes.
Why it matters
The departure of high-net-worth individuals and their capital poses significant challenges to the U.K. economy and tax revenue base.
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.
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