Bloomberg reports that billionaires who have left the UK, or reduced their ties to it, over the past two years account for around $160 billion of wealth, according to its analysis of the Bloomberg Billionaires Index. Coverage of the analysis in City AM and Fortune notes that the departed fortunes now exceed the combined wealth of the billionaires who stayed. Names cited in reporting on the trend include steel magnate Lakshmi Mittal, Aston Villa co-owner Nassef Sawiris and shipping investor John Fredriksen. The Sunday Times has reported that property investor David Reuben has moved to Monaco. Reporting points to the abolition of the non-dom regime, changes to capital gains tax and new limits on inheritance tax relief for family businesses as the main drivers.
The principal destinations named across the coverage are Switzerland, Monaco, Italy and the United Arab Emirates. Bloomberg followed the analysis with a podcast episode on the exodus on 8 October, ahead of an autumn Budget at which further tax measures are expected.
Why it matters: For families with British roots or assets, residence decisions now carry heavier consequences for inheritance planning, trust structures and the location of family offices. The figures also show how quickly a small number of moves can change a country's billionaire tally. Advisers will watch the Budget for any adjustment to the new residence-based regime, and for signs of whether the departures are slowing or continuing.
Source: Bloomberg, October 4, 2026. Wealth Office summarises reporting by other publications and links to the original.