Bloomberg called the reasons for the mass “exodus” of the rich from Britain
Over the past two years, wealthy residents and families with a combined net worth of $160 billion have left or weakened ties with the UK, according to Bloomberg.
Tax changes and the deterioration of London’s reputation are contributing to the departure of wealthy residents and weakening the city’s position as a global financial center. About it writes Bloomberg on the basis of analysis of the index of billionaires.
The combined wealth of people and families on the index who have left or loosened ties with the UK over the past two years is $160 billion. This is more than the state of the index participants who continue to live in the country.
Half of the group reviewed by Bloomberg completed the move in the weeks before the tax reform took effect in April 2025. Among the relocation destinations are Monaco, Switzerland and the United Arab Emirates. The main change was the abolition of the non-dom regime, which allowed under certain conditions up to 15 years to avoid paying British taxes on foreign income. The authorities have also tightened the taxation of inheritances and incomes of investment managers in private markets.
“What is happening now is catastrophic. Instead of attracting millionaires, billionaires and investments from abroad, we are doing the opposite, said John Codwell, the founder of Phones 4u, a mobile phone chain.
Most of the wealthy people who left the country were foreigners, many of whom had relatively recent or limited ties to Britain. However, hedge fund manager Chris Rokos, who moved to Greece, was born in the country and was one of its largest taxpayers.
The agency also attributes London’s declining appeal to the spread of negative perceptions of the city on social media. In particular, US President Donald Trump called it a city with high crime and areas where it is dangerous to go. According to Bloomberg, in 2025, the murder rate in London was the lowest since the beginning of comparable statistics in 1997 and was lower than in many major US cities.
The departure of wealthy residents affects sales of expensive housing and businesses that serve this audience, writes Bloomberg. Restaurant group Caprice Holdings, which owns Sexy Fish, called the increase in local business taxes one of the factors in the decline in revenue. According to realtors, buyers of luxury properties in central London are seeking discounts, citing the risks of investing in the country.
In June 2025, the consulting company Henley & Partners predicted that 16.5 thousand millionaires will leave the UK over the year, and the associated assets will amount to £66 billion ($89.8 billion). According to the company, in 2024, 10.8 thousand wealthy residents left the country. Jürg Steffen, CEO of Henley & Partners, attributed the acceleration of departure to the termination of investment visas and changes in tax policy.
In October 2025, Bloomberg, citing documents, reported on the relocation of the co-founder and CEO of Revolut Nikolai Storovsky from the UK to the UAE. According to the source, by that time he lived there for more than a year, keeping a house in the UK. Revolut then did not comment on this information.
