Increased Departure of Affluent Entrepreneurs as Executive Leaders Abandon the UK
The UK government's recent crackdown on non-doms and changes in tax policies have raised concerns about the exodus of Britain's wealthiest residents. According to official data yet to be released, the trend seems to be on the rise, with the number of company directors leaving the UK reaching a monthly peak in April 2025.
The Financial Times' analysis of Companies House data has supported this narrative, revealing several high-profile business figures who have departed from Britain since the government's Budget last autumn. Among them are Bart Becht, former boss of London-listed consumer giant Reckitt Benckiser, FTSE Russell founder Mark Makepeace, and Riccardo Silva, backer of AC Milan and Miami Football Club.
The monthly peak in April 2025 saw a 104% increase compared to the same month in 2023, and 79% higher than the same month in 2024. Furthermore, the number of company directors leaving the UK in the period following the Budget announcement has significantly increased, with 3,790 leaving compared to 2,712 in the same period the previous year.
The UK is facing competition from countries like the UAE and Italy, which operate a flat-tax regime for rich foreign nationals. The United Arab Emirates, in particular, has experienced the largest influx of UK-based company directors, with over 150 joining between April and June 2025. The UAE is becoming an increasingly popular destination for the super-rich, offering a low-tax jurisdiction and aggressive regulatory and fiscal incentives.
The departure of these high-profile business figures has raised concerns about a wealth exodus from Britain. City-states like Abu Dhabi and Dubai in the UAE are attracting a growing number of family offices and ultra-high-net-worth individuals, making them attractive alternatives for those looking to leave the UK.
However, it's important to note that without current data, it cannot be confirmed that the increase in UK company director departures is solely due to the government's punitive tax rises on the wealthy. To gain a more accurate understanding, it would be necessary to consult specialized financial, corporate governance, or government migration data sources.
The upward trend in the number of company directors departing from the UK is raising concerns about the potential impact on the country's economy, especially in the context of the general-news narrative about the exodus of Britain's wealthiest residents. Financial analysis revealed a significant increase in the number of high-profile business figures leaving Britain, with several prominent figures joining the UAE, which is operating a tax regime favorable to wealthy foreign nationals, potentially posing challenges in the areas of finance and business, and potentially influencing politics.
