London has long been a magnet for global billionaires, lured by favourable tax status and the city’s unrivalled financial ecosystem. But with Labour’s sweeping reforms scrapping the UK’s long-standing non-dom tax regime, the super-rich are reassessing their ties to Britain – taking jobs, investments, and tax receipts with them.
From shipping tycoon John Fredriksen to steel baron Lakshmi Mittal, we’ve rounded up the billionaires who have taken their fortunes elsewhere...
In 2025, Egypt’s richest man, Nassef Sawiris, followed through on his threat to leave the UK after recent non-dom tax changes. The businessman and co-owner of football club Aston Villa built his £6.8 billion fortune through Orascom Construction Industries, as well as by investing in global companies including Adidas and OCI NV.
In April 2025, Sawiris joined the exodus of billionaires leaving Britain and is now officially registered as living in Italy, according to Bloomberg. But it wasn't the current government's policies that forced him to leave. "You can’t blame Labour," Sawiris told the FT. "This was all in the making for 10 years of incompetence by the most left-leaning Conservative party in history."
As one of the wealthiest titans in the global steel industry, Lakshmi Mittal built his fortune by buying struggling steel mills and transforming them into profitable operations. He created ArcelorMittal, the world's second-largest steelmaker, after merging Ispat International with LNM and staging a £25 billion takeover of Arcelor.
Today, Mittal’s real-time net worth stands at a staggering £19 billion, according to Forbes.
Mittal's been based in the UK since 1995, establishing deep roots in London with the purchase of a £67 million Kensington mansion and later gifting his daughter a £70 million home as a wedding present. His influence has extended beyond business: he donated £2 million to Tony Blair’s New Labour, and supplied the steel for the ArcelorMittal Orbit, the striking sculpture created for the 2012 London Olympics.
Despite his loyalty, the super-rich steel magnate left the UK late last year. He's reportedly now a resident in Switzerland for tax purposes and will spend much of his time in Dubai.
For some billionaires, there was no need for threats – just a quiet exit. One of those who slipped away happened to be Britain's wealthiest. Michael Platt, often described as secretive to the point that he's an unknown figure to his own staff, built his fortune after co-founding BlueCrest Capital Management in 2000 and transforming it into one of the world’s most successful hedge funds.
The trading guru recently edged out Sir James Ratcliffe to take the top spot among the UK's billionaires.
Platt has funnelled billions into London’s financial sector, creating jobs and tax revenues that made him one of the City’s most influential figures. But last year, Financial News revealed he had shifted his main residence to the UAE, joining more than 150 UK-based company directors who relocated to the Middle East between April and June alone, according to recent FT data.
BlueCrest established its Dubai office in 2022. And with hedge fund heavyweights like Brevan Howard and TCI following suit, the gravitational pull of the Gulf seems undeniable for directors seeking to base themselves closer to their businesses.
Norwegian-born shipping magnate John Fredriksen first amassed his fortune during the 1980s Iran-Iraq War by sending his oil tankers into one of the most dangerous trade routes in the world. He has since used those profits to expand his empire and now holds major stakes in shipping, offshore drilling, and fish-farming firms via his investment vehicles Hemen Holdings and Meisha.
With a net worth of £15.4 billion, London has long benefited from his operations and tax contributions. But everything changed in July 2025. After the scrapping of the non-dom tax regime, Fredriksen shuttered his London office and put his Chelsea mansion on the market for an eye-watering £250 million.
He then relocated his empire to Dubai, joining a growing exodus of billionaires seeking the UAE’s tax-friendly environment. And with one final parting shot, he told newspaper outlets that "Britain has gone to hell".
Anchored to the UK by his relentlessly high-profile stake in Manchester United, Sir Jim Ratcliffe might appear firmly rooted in Britain. Yet his tax residency lies elsewhere. The billionaire began forging his wealth in 1998 by acquiring a BP chemicals plant in Antwerp for £84 million and transforming it into INEOS, one of the world’s largest chemical groups.
The company has since expanded into sport. It owns French football club OGC Nice and Swiss side FC Lausanne-Sport, boasts a major stake in Manchester United, and sponsors various elite cycling and sailing teams. INEOS now generates more than £40 billion in annual revenues, operates 194 sites across 29 countries, and employs more than 26,000 people worldwide.
In September 2020, the billionaire quietly relocated his residency from Hampshire to Monaco – a move estimated to save him an extraordinary £4 billion in taxes. The decision sparked public criticism, with then-shadow chancellor John McDonnell warning that the loss of such vast sums would deprive public services, from the NHS to schools, of much-needed funding. According to Forbes, Ratcliffe has a net worth of £13.6 billion.
The German-born businessman and billionaire cryptocurrency investor was one of the first high-profile departures preceding Labour's non-dom tax changes. Angermayer made his fortune by co-founding the biotech firm Ribopharma and building Apeiron Investment Group, which manages over £1.9 billion in assets across biotech, fintech, crypto, and deep tech sectors.
For the past decade, Christian Angermayer called London home and even anchored one of his Apeiron Investment Group headquarters to the city. But changes to the non-dom tax regime proved a breaking point.
The German-born investor has now relocated to Switzerland, joining the wave of wealthy financiers fleeing the UK. Reflecting on his decision to go, Angermayer said: “Every non-dom I know has left, or is about to leave”.
Eddie Hearn may not be a billionaire (yet), but the empire he runs is edging close. Figures associated with Pitch International’s minority stake acquisition in Hearn's Matchroom Sport indicate the company is reportedly worth "close to £1 billion".
It's easy to see why. His handling and promotion of boxing’s biggest stars including Anthony Joshua and Katie Taylor has generated substantial revenue, jobs, and visibility for the UK’s sporting economy. Now, with growing stakes in both darts and pool, Hearn also sealed a landmark streaming partnership with DAZN that's reportedly worth more than £740 million.
Despite his homegrown success, Hearn has often been outspoken about Britain’s struggles, remarking on the PBD podcast last year that it was “obviously a terrible economic time in the UK". Now, amidst a broader exodus of wealthy individuals unsettled by Labour’s tax reforms, the boxing mogul has quietly shifted his residency to Monaco, according to Company House filings.
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