Billionaires with a total wealth of £120 billion have relocated from Britain since Labour took power, according to data from the Bloomberg Billionaires Index. Many wealthy individuals, including Indian steel tycoon Lakshmi Mittal and hedge fund tycoon Chris Rokos, are moving to countries like Switzerland and Greece due to recent tax reforms that include changes to non-dom status, which previously allowed some residents to avoid paying taxes on overseas income. Critics warn that further tax hikes planned for the upcoming Budget could exacerbate this trend, potentially leading to a significant loss of wealth and investment for Britain.
Written locally by qwen2.5:14b on 2026-10-06,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Billionaires worth £120 billion have left Britain since Labour came to power due to high taxes and tax reforms. Analysis from Bloomberg shows that half of these individuals fled shortly before significant changes in April 2023, which altered non-dom status for foreign residents, allowing them to avoid paying UK taxes on overseas income. Destinations include Switzerland, the United Arab Emirates, and Monaco. Prominent business leaders like John Caudwell warn this trend is "disastrous" for attracting wealth and investment into Britain, potentially worsening with further tax hikes planned by Labour. Luke Johnson, an entrepreneur, emphasizes that these departures will leave a significant gap in national finances as wealthy individuals help fund public services and create jobs.
Written for “Billionaires Leaving UK Over Taxes” on 2026-10-06,
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Leaning score withheld for article 59031: score contradicts its own evidence · logged 2026-10-06
Billionaires with £120billion to their names have fled high-tax Britain since Labour came to power and there could be worse to come, analysis has revealed.
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analysis → flee → power
Figures from the Bloomberg Billionaires Index laid bare the vast sums of money and assets behind the exodus of the super-rich over the past two years in what was described last night as ‘a disaster for the country’.
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what → lay → country
Analysis showed half the group – who have headed for destinations such as Switzerland, the United Arab Emirates and Monaco – fled in the weeks leading up to the introduction of sweeping tax reforms in April last year.
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who → show → April
They included changes to so-called non-dom status, which had previously allowed some individuals to avoid paying tax on overseas incomes.
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individuals → include → incomes
Andy Burnham and John Healey have been warned that high taxes are alienating talent
Luke Johnson, the entrepreneur and co-owner of Gail’s Bakery, said: ‘It is a disaster for the country that big taxpayers and important investors are leaving.
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taxpayers → warn → that
‘They help fund public services and create jobs, and their exits will create a growing hole in the national finances.
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exits → help → finances
‘We should be attracting talent and wealth, not alienating it.’
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We → attract → it
Hugh Osmond, the former Pizza Express entrepreneur, said: ‘It’s what we all said would happen and Labour didn’t believe it.
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Labour → say → it
Too high tax – big taxpayers leave.
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taxpayers → leave → ?
The biggest hit came from the departure of Indian steel tycoon Lakshmi Mittal, who upped sticks last year for Switzerland and Dubai taking his £31billion fortune with him.
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who → come → him
Also quitting Britain was Shravin Bharti Mittal – son of Indian businessman and BT’s biggest shareholder Sunil Bharti Mittal – who left with his £18billion share in the family fortune
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who → quit → fortune
More recently it emerged that hedge fund tycoon Chris Rokos, who is worth £3billion, is moving to Greece.
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who → emerge → Greece
Mr Rokos paid £330million in taxes last year, making him Britain’s third-biggest taxpayer according to The Sunday Times.
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him → pay → Times
Some fear the exodus could turn into a flood amid fears over further tax raids on the wealthy in this month’s Budget as John Healey looks for money to fund higher defence spending as well as cost of living measures.
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Healey → fear → living
Speculation is gathering that Mr Healey will resort to increases in capital gains tax as he seeks to make the sums add up.
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sums → gather → tax
John Caudwell, the billionaire founder of Phones 4u, told Bloomberg: ‘What’s happening at the moment is disastrous.
‘Instead of being on a virtuous circle where we’re attracting millionaires, billionaires and inward investment — we are doing the reverse.’
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we → tell → reverse
Jack Hollyman, managing director at consultants Alvarez & Marsal, said: ‘Tax rises don’t happen in a vacuum.
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rises → say → vacuum
Investors and entrepreneurs can change when they realise gains, where they put their money and, ultimately, where they live.
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they → change → money
‘We saw that in 2024 and 2025, when non-doms left the UK amid concerns about overseas businesses being brought within the scope of UK inheritance tax.’
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businesses → see → tax
Mr Hollyman said there was now speculation over whether the Treasury could look to pre-empt an exodus of the wealthy by introducing an ‘exit charge’.
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Treasury → say → charge
He added: ‘Even the prospect of such a measure risks adding to the uncertainty facing business owners and investors.’
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you → add → plan
Sign up to our six-week plan and Simon Lambert and his team of financial experts will reveal how to Protect Your Money.
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Lambert → sign → Money
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This → take → commission
These deals are chosen by our editorial team, as we think they are worth highlighting.
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they → choose → team
This does not affect our editorial independence.
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This → affect → independence
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