Wealthy individuals have left Britain and taken assets worth a total of around $160 billion with them, Bloomberg reports.

The agency links their departure to higher taxes, the cancellation of tax breaks for the wealthy, and fears of further tax-collection measures.

In April 2025, the country abolished a special tax regime for nonresidents that allowed them not to pay tax in the United Kingdom on overseas assets. Taxes on inheritances and income from transactions also increased.

Many of those who left chose Monaco, Switzerland, the UAE, Greece, and Italy. Bloomberg notes that the outflow of wealthy individuals is already affecting the luxury real estate market and other sectors of London’s economy.

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