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

Billionaire U.K. residents who have reduced their ties to Britain in the past two years, or left the country entirely, took an estimated $160 billion with them, according to a recent analysis from Bloomberg. The sum is larger than the combined wealth of the billionaires who have remained in the U.K., making the outflow a significant shift in the country's ultra-wealthy population.

The departures follow a multi-year pattern. Wealthy U.K. residents had been leaving for years before Labour took office in July 2024, but the sharpest acceleration came after the government ended the non-dom regime, a policy the Conservative party first announced in March 2024 before handing over power. The government also raised capital gains tax rates in October 2024, lifting the higher rate from 20% to 24%. Together, these changes have fed a perception that the U.K. is less welcoming to entrepreneurs and investors, prompting some business leaders to move their fortunes abroad.

For Britain's wealthiest, relocation can produce a substantially lower tax bill, and several destinations have attracted notable names. Switzerland has drawn particular interest owing to its comparatively favorable tax environment and long-established appeal to wealthy international residents. Lakshmi Mittal, the Indian-born steel billionaire with a net worth of roughly $40.8 billion, left the U.K. after three decades and is now a Swiss resident. Other British-linked wealth holders cited in the coverage include hedge fund billionaire Alan Howard (worth about $5 billion), Ipsen heiress Anne Beaufour (about $4 billion), and private equity billionaire Jeremy Coller, who is reported to be worth approximately $3 billion. The article also notes that an 88-year-old wealthy resident relocated to Monaco. Monaco and the UAE round out the destinations for the migrating wealth.