{
  "id": 12661950,
  "title": "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",
  "url": "https://urgent.news/2026/10/07/billionaires-have-left-the-u-k-and-taken-160-billion-to-the-likes-of",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-07T15:27:54.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/10/07/billionaires-left-uk-taken-160-billion-to-likes-of-monaco-switzerland-uae-more-than-those-who-stayed-are-worth/"
  },
  "original_language": "en",
  "account": "Recent changes to tax policies have prompted many British billionaires to abandon their residency and relocate to countries with lower tax rates, taking with them an estimated $160 billion in collective wealth. Bloomberg reported that in the past two years, around 1,000 ultra-rich U.K. residents, including billionaires, have left the country or significantly reduced their ties to it. This exodus has surpassed the wealth retained by those who decided to remain in the U.K. The shift in residency began before the Labour party came to power in July 2024, but the biggest wave occurred after the Conservative party ended the non-dom regime—a tax policy that benefited high-net-worth individuals not residing in the U.K. The government also raised capital gains tax rates, increasing the higher rate from 20% to 24%. As a result of these changes, British billionaires are increasingly seeking refuge in low-tax destinations like Switzerland, Monaco, and the United Arab Emirates (UAE). For instance, Lakshmi Mittal, an Indian-born steel billionaire worth $40.8 billion, relocated to Switzerland after three decades in the U.K. Other notable transplants include Alan Howard, Anne Beaufour, and Jeremy Coller, who have all moved to Switzerland in recent years. In the UAE, Nassef Sawiris, a prominent Egyptian billionaire, and John Fredriksen, a shipping magnate, have uprooted as well. Monaco, a tiny principality known for its luxury lifestyle, has also become an attractive option for U.K. billionaires. The country's no personal income tax policy for non-French residents, coupled with its high-profile status, has drawn the wealthy from the U.K. into its fold. The tax landscape in the U.K. has become less appealing for the wealthy, leading many to search for more favorable tax environments abroad. This departure of the ultra-rich has sparked a divided opinion among the British billionaires. Some are leaving the country, decrying the tax policies as detrimental to business, while others are advocating for higher taxes to address economic inequality. In July 2025, 120 wealthy Britons signed a letter to Prime Minister Andy Burnham, requesting a 2% tax on wealth over £10 million ($13.3 million) to generate around £24 billion ($32 billion) annually. This proposed tax would allegedly help disperse economic power to those in need.",
  "summary": "The ultra-rich have exited the U.K. for tax safe havens. A steel billionaire quit Britain after 30 years for the Alps, and an 88-year-old fled to Monaco.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}