Some have headed for countries including Switzerland, the United Arab Emirates, Greece and Monaco.
John Healey says UK economy is showing ‘huge resilience’
Andy Burnham and John Healey have been dealt a fresh headache after billionaires with fortunes worth around £120billion left Britain following Labour’s return to power. A string of super-rich individuals have made the move since Labour returned to power, according to analysis of the Bloomberg Billionaires Index. Some have headed for countries including Switzerland, the United Arab Emirates, Greece and Monaco amid big changes to Britain’s tax system.
The departures come at an awkward time for Prime Minister Mr Burnham and Chancellor Mr Healey as they prepare for a difficult Budget on October 28. Among the biggest names to leave is steel tycoon Lakshmi Mittal, whose £31billion fortune made him the wealthiest person in the group, according to the analysis.
He left Britain last year for Switzerland and Dubai. Another recent departure is hedge fund billionaire Chris Rokos, who is preparing to relocate to Greece. Mr Rokos has an estimated £3billion fortune and paid around £330million in tax last year, making him Britain’s third-biggest taxpayer.
The departures have led to warnings from business experts about the potential impact on investment and Britain’s tax revenues. Luke Johnson, the entrepreneur and co-owner of Gail’s Bakery, said: “It is a disaster for the country that big taxpayers and important investors are leaving.
“They help fund public services and create jobs, and their exits will create a growing hole in the national finances. We should be attracting talent and wealth, not alienating it.”
Former Pizza Express entrepreneur Hugh Osmond was equally critical. He said: “It’s what we all said would happen and Labour didn’t believe it. Too high tax – big taxpayers leave. Obvious.”
Andy Burnham and John Healey have been dealt a fresh headache (Image: Getty)
Labour’s overhaul of the non-dom system came into effect on April 6, 2025. Under the previous rules, qualifying non-doms could avoid UK tax on certain overseas income and gains kept outside Britain.
The changes have been blamed by some wealthy individuals and their advisers for encouraging people to leave, although the extent of the wider financial impact remains disputed.
Phones 4u founder John Caudwell said: “What’s happening at the moment is disastrous. Instead of being on a virtuous circle where we’re attracting millionaires, billionaires and inward investment, we are doing the reverse.”
The row is particularly sensitive ahead of Mr Healey’s first Budget, with speculation growing over whether he could make further changes to capital gains tax as he looks for money while facing pressure over public spending. No further CGT increase has yet been announced.
Mr Burnham and Mr Healey prepare for a difficult Budget on October 28 (Image: Getty)
Jack Hollyman, managing director at Alvarez & Marsal, warned that wealthy investors can respond quickly to changes in taxation.
He said: “Tax rises don’t happen in a vacuum. Investors and entrepreneurs can change when they realise gains, where they put their money and, ultimately, where they live.
“We saw that in 2024 and 2025, when non-doms left the UK amid concerns about overseas businesses being brought within the scope of UK inheritance tax.”
Mr Hollyman said there was also speculation that the Treasury could consider an “exit charge” aimed at people leaving Britain.
But he warned: “Even the prospect of such a measure risks adding to the uncertainty facing business owners and investors.”