U.K. residents with a combined US$160 billion in wealth have left Britain or loosened their ties to it since 2024, according to the Bloomberg Billionaires Index, with Monaco, Switzerland, the United Arab Emirates, and southern Europe the main destinations.
Bloomberg calculated the US$160 billion figure, about £121 billion, from individuals on its index who have cut or reduced their U.K. ties in the past two years. That is more than half of all billionaire wealth in Britain. The departures include steel magnate Lakshmi Mittal, Aston Villa co-owner Nassef Sawiris, and shipping magnate John Fredriksen. Property investor David Reuben, whose family is believed to be Britain’s second-richest, has now moved to Monaco after reducing his U.K. presence over several years. Bloomberg found that most of those leaving are foreign nationals who lost U.K. tax advantages.
The destinations are well defined. Greece, Italy, and Portugal attract wealthy newcomers with flat annual tax regimes. Hedge fund manager Chris Rokos relocated to Greece this summer, and Goldman Sachs Vice Chair Richard Gnodde moved to Milan. Monaco, Switzerland, and the UAE remain popular. Some departures are returns home: Sygnia founder Magda Wierzycka moved from London to South Africa this year. She told City A.M. that fewer wealthy newcomers are arriving in London as well, which suggests the flow is slowing in both directions.
IAM Member Impact: The trend now spans two years and continues. U.K. members can expect continued outbound demand for high-value moves to Monaco, Switzerland, the UAE, Greece, Italy, and Portugal.