Britain's position as a preferred home for the world's wealthiest people is facing renewed scrutiny as high-net-worth individuals explore moving their tax residence overseas.

The latest high-profile example is hedge-fund billionaire Chris Rokos, founder of Rokos Capital Management, who is moving his residency from the UK to Greece. Rokos reportedly paid himself £477 million last year as his $22 billion hedge fund benefited from volatile financial markets.

His decision has drawn attention to a broader debate over Britain's tax environment and whether changes introduced by the government are making the country less attractive to internationally mobile wealth.

Tax Rules Change Wealth Equation

The biggest change came on April 6, 2025, when Britain abolished its long-standing non-domicile tax regime.

Under the new rules, UK residents are generally subject to tax on worldwide income and gains, although qualifying new residents can receive a four-year exemption on certain foreign income and gains if they have spent at least 10 consecutive years outside the UK.

For wealthy individuals with businesses, investments and property across several countries, the changes can materially alter the cost of maintaining UK tax residence.

That has prompted some internationally mobile investors to examine alternatives.

Inheritance Tax Adds Pressure

Inheritance tax rules have also changed.

From April 2025, long-term UK residents can potentially face UK inheritance tax on overseas assets, with residence becoming more important in determining the scope of the tax.

For individuals with substantial international assets, the change can influence long-term estate planning.

The combination of income, capital-gains and inheritance-tax changes has therefore become an important consideration for wealthy families deciding where to establish their primary residence.

Millionaire Outflow Debate

The scale of Britain's alleged wealth exodus remains disputed.

Henley & Partners estimated that about 16,500 millionaires left the UK on a net basis in 2025, taking an estimated $91.8 billion in combined wealth with them.

However, its latest 2026 report has changed its approach and no longer publishes headline millionaire inflow and outflow estimates in the same way. Instead, it focuses on the factors influencing global wealth mobility.

The firm's data still points to significant interest among people with UK addresses. Applications to Henley & Partners from such individuals increased 15 per cent between 2024 and 2025.

Foreign Wealth Remains Important

The data also highlights how international Britain's wealthy population is.

In 2026, foreign nationals represented 53 per cent of applications originating from UK addresses, while British citizens accounted for almost half.

That distinction matters because not everyone considering relocation is a British citizen. London and other UK financial centres have long attracted wealthy international residents who can potentially move their tax residence without severing all business links with Britain.

As a result, changes to tax policy can influence decisions by both British nationals and overseas investors.

Official Data Shows Smaller Shift

Government figures, however, do not support claims of an immediate mass departure on the scale suggested by some private wealth-migration estimates.

HM Revenue & Customs said in July that the number of non-domiciled taxpayers fell by around 400, or 0.5 per cent, to 73,400 in the 2024-25 tax year.

Around 9,000 people left the non-dom population during the period, but approximately 8,600 new non-doms arrived.

The remaining group generated £9.7 billion in liabilities from Income Tax, Capital Gains Tax and National Insurance.

HMRC has also said it does not maintain specific statistics tracking high-net-worth individuals who leave the UK.

Why Britain Still Attracts Wealth

Despite tax concerns, Britain retains major advantages for wealthy individuals.

London remains a global financial centre with deep capital markets, established professional-services firms, prestigious educational institutions and extensive international business connections.

These factors can outweigh higher taxes for some investors and entrepreneurs.

The UK's large financial and legal ecosystem also means that leaving the country can involve more than simply changing a tax address. Business operations, family circumstances, investments and access to professional networks can all influence the decision.

Wealth Exodus Remains Unclear

The evidence therefore presents a more complicated picture than a straightforward billionaire exodus.

Some prominent wealthy individuals are changing their tax residence, while private wealth advisers report strong interest from people considering international relocation. At the same time, official figures show that Britain's non-dom population declined only marginally during the 2024-25 tax year.

The bigger question is whether recent tax reforms will produce a sustained shift in where global wealth is based.

For Britain, the stakes extend beyond individual tax receipts. High-net-worth residents contribute through taxes, investment, employment and spending, while financial and professional-services industries depend partly on London's continued ability to attract international capital.

If wealthy residents increasingly choose lower-tax jurisdictions, policymakers could face a difficult balance between raising revenue and maintaining Britain's appeal as a global financial hub.