As the UK prepares for its upcoming budget on November 26, 2025, questions are swirling over whether high-net-worth individuals are fleeing the country due to taxes. While anecdotal cases of wealthy people relocating abroad have surfaced, experts caution that there is no official evidence of a mass exodus.

High-Profile Departures and Tax Concerns

Some notable cases have captured media attention. David Lesperance, a Canadian wealth adviser based in Poland, is assisting a British client, known as John*, who is attempting to move to Dublin, Ireland to avoid a potentially hefty capital gains tax. John, whose business is valued at around £70 million ($92m), hopes to benefit from Ireland’s non-domiciled (non-dom) tax regime, which could exempt him from certain local taxes.

Meanwhile, several high-profile entrepreneurs and billionaires have recently announced moves abroad:

• Herman Narula, founder of the tech company Improbable, worth about £700 million ($920m), plans to relocate to Dubai, citing a Labour government exit tax proposal and unpredictable business policies.
• Footballer Rio Ferdinand has moved to Dubai, citing taxes as a factor.
• Nassef Sawiris, Egyptian billionaire and co-owner of Aston Villa, moved his residency to Italy and the UAE, noting that many peers are considering leaving.

A number of wealthy business owners have also signed an open letter to Chancellor Rachel Reeves, warning that recent and proposed tax measures could drive entrepreneurs out of the UK. Signatories include Nick Wheeler, founder of Charles Tyrwhitt, and jewellery designer Annoushka Ducas.

Experts Question the Exodus Narrative

Despite high-profile relocations, tax experts and economists caution against sensationalizing a “flight of the rich.”

• Mark Bou Mansour, advocate at the Tax Justice Network, noted that HMRC data shows the number of non-doms leaving the UK is in line with or below official projections.
• A 2024 London School of Economics study found that wealthier individuals weigh factors like cultural life, schools, healthcare, and social ties far more heavily than taxes when considering relocation.

Bou Mansour added that overemphasizing the idea of a mass exodus can distract from the need to tax extreme wealth, which has broader implications for the economy and social equality.

Why Some Wealthy Individuals Are Leaving

Wealth advisers argue that those leaving are usually a small, highly productive segment of taxpayers, contributing £220,000 ($289,000) annually in taxes, about six to seven times the UK average. Many relocate because they:

• Own businesses or properties abroad
• Are planning significant capital gains events
• Seek to avoid income tax on large payouts from private equity or hedge funds

Yet, even among mobile clients, most remain in the UK, balancing tax planning with quality of life, education for children, and long-term residence.

Michelle White, head of private office at Rathbones, explained:

“Tax is one thing, but quality of life and how you actually want to live as a family often overrides the tax aspect. Most of our clients take a long-term view and plan taxes around a 50-year horizon.”

The Labour Government and Business Concerns

The perceived tensions between entrepreneurs and the Labour government stem partly from changes to Capital Gains Tax, Entrepreneur’s Relief, and Employer National Insurance introduced after the Conservatives abolished the non-dom regime.

While the Labour government has abandoned some controversial exit tax proposals, business leaders remain concerned about policy unpredictability, especially ahead of the upcoming budget, which could introduce further changes to property, income, and pension taxation.

As Chancellor Rachel Reeves prepares to deliver the budget, all eyes are on whether the government will balance taxation of the superrich with measures to retain business talent and investment in the UK.