Billionaires leaving the UK: $160 billion in two years, and the UAE among the top three destinations
Bloomberg estimates that billionaires who left Britain or loosened their ties over two years are worth about $160 billion, more than those who stayed. Monaco, Switzerland and the UAE lead the destinations. What drives it and what it means for Dubai property.
Billionaires who left the United Kingdom or loosened their ties with it over the past two years are worth about $160 billion combined, according to a Bloomberg analysis published in October 2026. That is more than the combined wealth of the British billionaires on the same list who stayed. Monaco, Switzerland and the UAE are the main destinations.
How much wealth has left Britain, and who is leaving?
The $160 billion is the net worth of those involved, not money moved. It covers people who changed tax residence or scaled back their UK presence. Bloomberg counts from its own billionaires index, so the figure describes a narrow circle at the very top rather than every wealthy family.
Most of those leaving are foreign nationals who lived in Britain under a favourable tax regime. Half of the moves, Bloomberg says, are permanent, and many took place in the weeks before April 2025.
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Why are billionaires leaving London?
The main trigger is the end of the non-dom regime in April 2025. It let foreign nationals avoid UK tax on overseas income and assets for up to 15 years, as long as the money stayed abroad. Our explainer on the end of non-dom in the UK covers what changed.
Two further measures added to the pressure:
- in October 2024 the higher rate of capital gains tax rose from 20% to 24%;
- the 40% inheritance tax can now reach the worldwide assets of long-term UK residents, regardless of domicile.
For a family whose capital sits outside Britain, the last point weighs most: the tax reaches the whole estate, not only the London house.
Where are wealthy Britons moving?
Bloomberg names three main destinations: Monaco, Switzerland and the UAE. Southern Europe follows, with Greece, Italy and Portugal attracting newcomers through flat annual charges on foreign income.
| Destination | What is known |
|---|---|
| Monaco | no personal income tax for residents who are not French nationals |
| Switzerland | Lakshmi Mittal moved here after three decades in Britain |
| UAE | no federal personal income tax |
| Greece | a flat €100,000 a year in place of tax on foreign income, for up to 15 years |
Among those reported to have ties to the UAE are shipping owner John Fredriksen and Aston Villa co-owner Nassef Sawiris. Shravin Mittal, 39, who founded an investment firm in Britain, is also moving to the Emirates.
How big is the exodus really?
Official statistics look calmer. In the tax year to 5 April 2025, about 73,400 people claimed non-dom relief, only 0.5% fewer than a year earlier. Taxes and contributions from that group rose 7% to £9.7 billion.
The Financial Times concluded from this that fears of a mass exodus are overstated. But those figures do not yet include the first year without non-dom status: the government plans to publish accurate estimates for it only in 2027. Bloomberg's count covers exactly that period.
What does it mean for Dubai property?
For Dubai this extends a trend that is already visible. The Altrata Billionaire Census 2026 puts 43 billionaires in the city, eighth among cities worldwide. We covered the report in billionaires in Dubai in 2026.
People at that level rarely stop at renting: they move the family, set up a company and buy a home. That is why moves from London show up first at the top of the market — villas on Palm Jumeirah and in Emirates Hills, and branded residences on the water.
The tax gap at purchase also favours Dubai. The buyer pays a one-off Dubai Land Department registration fee of 4% of the price, and there is no annual property tax or UK-style inheritance tax. A side-by-side comparison is in Dubai or London for a property investor.
What should someone planning to leave Britain consider?
Changing country of residence is more than buying a home. UK rules for leavers depend on how long you were resident, and some obligations, including inheritance tax, can follow you for several years after departure. That question belongs with a tax adviser before the move, not after it.
On the UAE side, the purchase itself can bring residence: a two-year visa is available from AED 750,000 invested in property, and the 10-year Golden Visa from AED 2 million. Conditions for mortgaged and off-plan homes are in our guide to the UAE Golden Visa through property.
Frequently asked questions
How much wealth have billionaires taken out of the UK?
Bloomberg estimates that billionaires who left the country or loosened their ties over two years are worth about $160 billion combined. That exceeds the wealth of the billionaires on the same list who stayed.
Why are rich people leaving London?
Mainly because the non-dom regime ended in April 2025. Higher capital gains tax, up from 20% to 24%, and a 40% inheritance tax on the worldwide assets of long-term residents added to it.
Where are UK billionaires moving to?
Most often to Monaco, Switzerland and the UAE, followed by Greece, Italy and Portugal with their flat charges on foreign income.
Is there personal income tax in the UAE?
There is no federal personal income tax in the UAE. Buying a home in Dubai involves a one-off Dubai Land Department fee of 4% of the property price.
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