UK Billionaire Exodus Moves $160 Billion to the UAE, Switzerland, and Monaco

Reporting by Fortune, citing data from the Bloomberg Billionaires Index, indicates that billionaires who have loosened their ties with the United Kingdom or departed the country over the past two years collectively hold approximately $160 billion. This aggregate wealth exceeds the total net worth of the billionaires who have remained resident in the UK.

Fortune links the wealth migration to structural changes in UK taxation, notably the abolition of the non-domiciled tax regime. Under that framework, qualifying foreign residents were taxed in the UK solely on income earned locally or remitted into the country. In addition, the UK government raised the top capital gains tax rate from 20% to 24% in October 2024.

The United Arab Emirates has become a prominent destination for relocating capital, supported by an environment with no federal personal income tax. Billionaires with established ties or residency in the UAE include Nassef Sawiris and John Fredriksen, alongside investors such as Shravin Bharti Mittal.

Other jurisdictions receiving departing wealth include Switzerland and Monaco. Relocations to Switzerland include steel industrialist Lakshmi Mittal—holding an estimated fortune of $40.8 billion—as well as Alan Howard, Anne Beaufour, and Jeremy Coller. Meanwhile, Monaco attracted entrepreneurs including Guillaume Pousaz, Ian and Richard Livingstone, and John Reece. In contrast, a group of 120 wealthy British individuals under the 'Proud to Pay' campaign petitioned in July 2026 for a 2% annual tax on wealth exceeding £10 million.