Britain’s Wealth Exodus Accelerates
Nearly 4,000 Directors Have Left the UK Since Autumn Budget
Britain is seeing an accelerating departure of high-net-worth individuals and business leaders — a direct response to the government’s recent shift in tax policy.
Following last autumn’s Budget, which introduced a raft of tax increases targeting wealthier households, more than 3,700 company directors have officially changed their country of residence from the UK. That’s a sharp increase from just over 2,700 over the same period the year before — a 40% rise.
These figures, drawn from Companies House records and analysed by the Financial Times, reveal that a growing number of Britain’s business elite are now opting to move abroad — and not all of them quietly.
Among those reported to have left are Bart Becht (former CEO of Reckitt Benckiser), Mark Makepeace (founder of FTSE Russell), and Riccardo Silva (involved with AC Milan and Miami Football Club). They join others like Ineos director John Reece and boxing promoter Eddie Hearn in heading for more favourable tax environments.
Why the Shift?
The trigger is clear. The Budget’s changes included:
- A tougher-than-expected crackdown on non-dom status
- Proposed restrictions on inheritance tax reliefs
- Plans to apply VAT to private school fees
By April — the point at which many of these tax measures took effect — the number of company directors leaving hit a peak of 691 in a single month. That’s nearly double the figure recorded in April 2023.
Where Are They Going?
Top destinations include the UAE, with more than 150 directors relocating there between April and June alone. The Gulf states continue to attract global wealth thanks to low taxes, investor-friendly regulation, and an ecosystem that caters to international business families and family offices.
Countries like Italy are also in the mix, offering flat-tax arrangements for foreign nationals looking to settle.
What Does This Mean for the UK?
While official figures on non-dom expatriation won’t be available until 2027, the early data paints a clear picture: Britain’s most affluent residents are voting with their feet. And unless policy shifts to restore confidence and clarity, that trend is likely to continue.
For business owners and senior professionals still in the UK, this also raises important questions about long-term planning. The tax environment is changing — and it’s never been more important to ensure your own affairs are structured properly.
If you’re concerned about how recent or upcoming changes might affect you, we’re here to help. It costs nothing to have a conversation — and it could help you avoid costly surprises down the line.
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