The exodus of super-rich individuals from Britain since Labour came to power has left a £120 billion ($160 billion) hole, according to a wealth index analysis.
More than a dozen individuals with multibillion-pound fortunes have left or loosened ties with the country in favour of more favourable tax regimes, the Bloomberg Billionaires Index showed.
It equates to more than half the wealth on the index.
A series of tax changes by the Labour government since it returned to power two years ago has resulted in some of Britain’s richest individuals departing, including steel tycoon Lakshmi Mittal, Aston Villa co-owner Nassef Sawiris and telecoms investor Shravin Bharti Mittal. The UAE has been the preferred destination for many of the billionaires, along with Monaco, Switzerland and Italy.
Hedge-fund tycoon and philanthropist Chris Rokos, founder of Rokos Capital Management, who was Britain’s third-biggest taxpayer last year has, has also relocated abroad. In 2025, he paid £330 million in tax, placing him near the top of the Sunday Times Tax List.
The £120 billion figure does not include David Reuben, who was reported at the weekend to have relocated to Monaco, taking his £9.9 billion fortune with him. His brother Simon has been based there for around 40 years.
David Lesperance, a lawyer and former non-dom who describes his job as integrated tax and migration adviser, told The National the key damage being done to the UK tax take was down to the departure of billionaires, rather than millionaires.
"The simplest way of thinking about the impact of these super golden geese is that a billionaire contributes the same number of golden eggs as 1,000 millionaires in Income/Capital Gains Tax, VAT, property tax, consumer spending, direct and indirect employment, philanthropy," Mr Lesperance said.
"With David Reuben joining Chris Rokos and the list of prior departures in leaving the UK, the loss of their prior annual contribution to the Treasury will put a permanent dent in monies available for social services."
He said the many tax changes, including the taxation of international assets means the UK does not have a viable pipeline to attract the next generation of incoming super wealthy.
"We are now weeks away from the Autumn Statement. Will the Chancellor accelerate the departure with an exit tax? Or will he bring in policies to bring back departed Golden Geese, keep current ones from leaving and open the spigot for new ones to come to the UK?"
The UK government has toughened its tax policy as it tries to balance the books while the economy stutters. It scrapped the non-dom tax status, which allowed those with earnings abroad to keep them out of reach. There have also been changes to capital gains tax, property taxes and national insurance contributions, with further changes expected in the budget at the end of the month.
