Billionaires worth £120bn quit Britain as Labour tax hikes spark exodus of the super rich

 Billionaires with £120billion to their names have fled high-tax Britain since Labour came to power and there could be worse to come, analysis has revealed.

Figures from the Bloomberg Billionaires Index laid bare the vast sums of money and assets behind the exodus of the super-rich over the past two years in what was described last night as ‘a disaster for the country’.

Analysis showed half the group – who have headed for destinations such as Switzerland, the United Arab Emirates and Monaco – fled in the weeks leading up to the introduction of sweeping tax reforms in April last year.

They included changes to so-called non-dom status, which had previously allowed some individuals to avoid paying tax on overseas incomes.

 Luke Johnson, the entrepreneur and co-owner of Gail’s Bakery, said: ‘It is a disaster for the country that big taxpayers and important investors are leaving.

‘They help fund public services and create jobs, and their exits will create a growing hole in the national finances.

‘We should be attracting talent and wealth, not alienating it.’

Hugh Osmond, the former Pizza Express entrepreneur, said: ‘It’s what we all said would happen and Labour didn’t believe it. Too high tax – big taxpayers leave. Obvious.’

The biggest hit came from the departure of Indian steel tycoon Lakshmi Mittal, who upped sticks last year for Switzerland and Dubai taking his £31billion fortune with him.

Also quitting Britain was Shravin Bharti Mittal – son of Indian businessman and BT’s biggest shareholder Sunil Bharti Mittal – who left with his £18billion share in the family fortune.

More recently it emerged that hedge fund tycoon Chris Rokos, who is worth £3billion, is moving to Greece. Mr Rokos paid £330million in taxes last year, making him Britain’s third-biggest taxpayer according to The Sunday Times.

Some fear the exodus could turn into a flood amid fears over further tax raids on the wealthy in this month’s Budget as John Healey looks for money to fund higher defence spending as well as cost of living measures.

Speculation is gathering that Mr Healey will resort to increases in capital gains tax as he seeks to make the sums add up.

John Caudwell, the billionaire founder of Phones 4u, told Bloomberg: ‘What’s happening at the moment is disastrous.

‘Instead of being on a virtuous circle where we’re attracting millionaires, billionaires and inward investment — we are doing the reverse.’

Jack Hollyman, managing director at consultants Alvarez & Marsal, said: ‘Tax rises don’t happen in a vacuum. Investors and entrepreneurs can change when they realise gains, where they put their money and, ultimately, where they live.

‘We saw that in 2024 and 2025, when non-doms left the UK amid concerns about overseas businesses being brought within the scope of UK inheritance tax.’

Mr Hollyman said there was now speculation over whether the Treasury could look to pre-empt an exodus of the wealthy by introducing an ‘exit charge’.

He added: ‘Even the prospect of such a measure risks adding to the uncertainty facing business owners and investors.’