Overview

• Updated data from New World Wealth show the UK’s billionaire population fell by 18 to 72 over 2023 and 2024, representing the largest proportional exodus among major economies.
• Departures accelerated after the Conservative government ended the resident non-dom tax status in March 2024 and introduced capital gains rate hikes and VAT on private school fees.
• Steel magnate Lakshmi Mittal, chemicals tycoon Nassef Sawiris and investors Richard and Ian Livingstone all left the UK in early 2025 in response to the tougher tax environment.
• Chancellor Rachel Reeves has ruled out a wealth tax, but Labour leader Keir Starmer has refused to dismiss the idea, intensifying uncertainty among high-net-worth residents.
• Economists warn that implementing a blanket levy could prove impractical or counterproductive for revenues, with some suggesting it may drive further capital flight.