Three in Ten Britain’s Super-Rich Consider Leaving Amid Tax Concerns

By the Editorial Team · Wednesday, October 14, 2026

A recent survey found that nearly one-third of Britain's wealthy individuals are considering leaving the country due to declining economic confidence and anticipated tax increases. This trend threatens to accelerate capital flight and poses challenges for UK policymakers aiming to balance tax revenue with retaining high-net-worth residents.

A significant portion of Britain’s high-net-worth individuals are contemplating leaving the country amid concerns over economic confidence and potential tax increases, according to recent research. A survey conducted by wealth management firm Saltus found that 8 percent of wealthy individuals are actively exploring permanent relocation options, while an additional 22 percent said they might consider leaving in light of expected tax changes announced in the upcoming autumn budget.

The study, which surveyed 2,000 UK adults with investible assets exceeding £250,000 (excluding their primary residence), revealed a decline in economic confidence among the super-rich. Only 56 percent of respondents expressed confidence in the economy, down from 66 percent the previous year. Tax policy changes were identified as a key risk to their wealth by 40 percent of those surveyed.

Several recent high-profile departures from the UK illustrate this trend. Billionaire hedge fund manager Chris Rokos, the country’s third-largest taxpayer last year with a contribution of £330 million, relocated his residency to Greece. Sir Peter Wood, a former Conservative Party donor with an estimated net worth of £795 million, also moved to Florida in 2025. Other notable figures who have left include Lakshmi Mittal, the steel magnate, and Nassef Sawiris, Egypt’s second-richest man.

These shifts in residency have been partly prompted by changes implemented by the Labour government, including the taxation of global income for foreigners living in the UK but maintaining permanent addresses abroad, as well as the removal of inheritance tax breaks for overseas trusts. Some European countries have actively sought to attract wealthy individuals by offering more favorable tax regimes. For example, Greece offers a flat annual tax of €100,000 on overseas income for some foreign residents, while Italy has introduced tax breaks on foreign earnings in exchange for a fixed annual fee.

Michael Stimpson, a partner at Saltus, noted that moving abroad is not a decision taken lightly, saying individuals “do not uproot their lives over a single tax announcement” but acknowledged a “marked change in the way people are thinking,” with the idea of leaving the UK transitioning from distant contemplation to active consideration.

The founder of Britain’s largest direct-to-consumer investment platform highlighted concerns about the potential economic impact of losing more high taxpayers. Peter Hargreaves, billionaire founder of investment firm Hargreaves Lansdown, criticized the government’s approach, suggesting the Labour Party’s stance on wealth has provoked frustration among the rich. He described the UK’s management over several decades as disappointing and warned that excessive taxation could drive further departures.

These developments raise questions about the future fiscal and economic landscape in Britain as policymakers balance tax policy objectives with the potential repercussions of capital flight among the country’s wealthiest residents.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.