London faces $160 billion wealth exodus as super-rich relocate to UAE and beyond
Dubai: Britain is confronting one of the largest outflows of private wealth in its recent history, with billionaires and other ultra-rich individuals who have left the country or sharply reduced their ties to it representing a combined fortune of about $160 billion. According to Bloomberg, the figure was calculated using data from the Bloomberg Billionaires Index and represents the total wealth…
Britain is grappling with a significant outflow of private wealth, with billionaires and other ultra-rich individuals collectively worth around $160 billion, according to Bloomberg. These individuals either left the country or reduced their ties with it over the past two years. The scale of departures has heightened concerns over London's ability to retain wealthy residents, investors, and entrepreneurs amid scrutiny of tax policies and the business climate.
The departure trend intensified following Labour's rise to power in 2024, with changes to the tax system affecting wealthy residents and speculation over further measures. Significant reforms included the abolition of the non-domiciled tax regime and increased taxes on inherited assets and private markets dealmakers' profits. Many of those leaving are foreign-born billionaires and families with comparatively recent ties to Britain.
The UAE has benefited from this wealth migration, with several high-profile individuals, such as Shravin Mittal and Ann Kaplan Mulholland, relocating to the country. Despite the significant departures, London's position as a global financial center remains strong, attracting a large share of global wealth and having the fifth-largest population of dollar millionaires in the world.
However, concerns persist about the potential for more wealthy residents to follow suit as tax policies evolve.
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