At least 18 billionaires have departed Britain over the past two years as the government eliminated longstanding tax advantages for wealthy overseas residents, new research shows.
The UK scrapped its “non-domiciled” tax regime in April 2025, ending a centuries-old system that allowed affluent foreign residents to avoid British taxes on overseas income unless they brought the money into the country. Under the new rules, all long-term UK residents pay taxes on their worldwide income.
The Sunday Times Rich List shows Britain’s billionaire count dropped from 165 to 156 between 2023 and 2024, the largest annual decline since the list began in 1989. Wealth tracking firm New World Wealth projects that by year’s end, the UK will have 72 billionaires remaining.
Popular destinations for departing ultra-wealthy individuals include Dubai, Monaco, Italy, and other jurisdictions offering more favorable tax treatment. The UAE alone is expected to attract nearly 10,000 millionaires this year, many from Europe.
High-profile departures include Egyptian billionaire Nassef Sawiris, co-owner of Aston Villa football club, who shifted his tax residency to Italy. Property moguls Ian and Richard Livingstone moved to Monaco following the tax changes. Goldman Sachs executive Richard Gnodde also left London for Milan.
The Labour government projects the policy changes will raise £2.7 billion annually by 2028-29, arguing the reforms create a fairer system where long-term residents contribute equally to public finances.
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