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Analysis: UK billionaires worth $160bn have left or loosened ties since 2024

An analysis of the Bloomberg Billionaires Index says super-rich UK residents worth a combined $160bn (about £120bn) have left or loosened ties with Britain since Labour took office, more than half the wealth on the index. Outlets attribute this to Labour's tax changes; the government's response is not given.

2 outlets · 0L · 1C · 1R First reported Account updated
Image: City A.M.
Image: The National

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The story, neutrally told

Mixed · 2An analysis of the Bloomberg Billionaires Index found that super-rich UK residents worth a combined $160bn (about £120bn) have left or loosened ties with the UK since 2024. Mixed · 2Both outlets say this is more than half of the billionaire wealth on the index; City A.M. describes it as more than half of all billionaire wealth in the UK. Mixed · 2Those named include steel tycoon Lakshmi Mittal and Aston Villa co-owner Nassef Sawiris; City A.M. also names shipping magnate John Fredriksen, and The National names telecoms investor Shravin Bharti Mittal.

Mixed · 2The outlets link the departures to tax changes under the Labour government, which came to power two years ago. These include scrapping the non-dom regime, ending inheritance tax carve-outs for farms and family businesses, and a mansion tax on homes worth over £2m (City A.M.), as well as changes to capital gains tax, property taxes and national insurance (The National). Mixed · 2Reports of David Reuben's move to Monaco came days before the analysis. The National says the £120bn figure does not include Reuben and puts his fortune at £9.9bn; City A.M., citing The Sunday Times, estimates it at £28bn. Mixed · 2Hedge fund manager Chris Rokos has also left the UK, with City A.M. saying he moved to Greece. The outlets differ on his tax bill: City A.M. estimates £350m paid last year, The National says £330m in 2025.

Mixed · 2Popular destinations include the UAE, Monaco, Switzerland and Italy. City A.M. adds that Greece, Italy and Portugal have introduced flat-tax regimes for wealthy immigrants. Right · 1Sygnia founder Magda Wierzycka, who left London for South Africa, told City A.M. the crackdowns were "hugely damaging" for confidence and that those not arriving mean less investment and job creation. Mixed · 2Tax adviser David Lesperance told The National that a billionaire contributes as much tax and spending as 1,000 millionaires, so their departures will dent funds for social services and the UK lacks a pipeline of new super-wealthy arrivals. Leslie Macleod-Miller of Foreign Investors for Britain told City A.M. that the end of non-dom status exposes international families to UK inheritance tax on worldwide assets.

Mixed · 2The National says the government has toughened tax policy as it tries to balance the books while the economy stutters, with further changes expected in a budget at the end of the month. Neither article carries a government response to the analysis.

Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.

Left0 outlets

No left outlet in our sources has covered this story yet.

Centre1 outlet

Framing
Reports a £120bn hole in the UK from the departure of the super-rich, framed around the Treasury's lost tax take.
Emphasis
Fiscal impact, using a tax adviser's 'golden geese' analogy, and the upcoming budget.
Leaves out or plays down
No government response; no departing billionaire is quoted.
Charged language
“flee”“exodus”“golden geese”
For example
“The exodus of super-rich individuals from Britain since Labour came to power has left a £120 billion ($160 billion) hole” — The National
“the loss of their prior annual contribution to the Treasury will put a permanent dent in monies available for social services” — The National

Right1 outlet

Framing
Presents a 'wealth exodus' caused by Labour's tax crackdown, with criticism of government policy and comparison to tax-friendly European countries.
Emphasis
Quotes from a departed billionaire and an investor lobby group, plus the loss of potential newcomers and competing flat-tax regimes.
Leaves out or plays down
No government response; does not explain the analysis method beyond the index.
Charged language
“wealth exodus”“wealth clamp down”“raided, not welcomed”
For example
“the Labour government announced a succession of measures clamping down on wealth” — City A.M.
“success here is something to be raided, not welcomed” — City A.M.