Another ultra-rich finance guy just ditched the UK. Alan Howard, who started the giant hedge fund Brevan Howard, officially changed his residency to Switzerland. The guy is worth billions, depending on which rich list you check, and he built his firm in London back in 2002. It now handles tens of billions in assets. He’s apparently gone back to Geneva, a city he lived in for years before.
He’s not alone, not even close. This is part of a massive wave of wealthy people bailing. Property investors, the Livingstone brothers, went to Monaco. The Revolut founder, Nik Storonsky, set up in the UAE. Jeremy Coller from private equity and even steel tycoon Lakshmi Mittal have also moved or split time between places like Switzerland and Dubai. According to analysts, the UK is now the world leader in millionaire outflows, with thousands leaving last year and even more expected to go this year.
The driving force, according to people who advise the wealthy, is the tax situation. Changes to inheritance tax, capital gains, and killing off the non-dom status have made a lot of rich folks nervous. A new property tax on expensive homes added to the bad vibe. Places like Switzerland, Monaco, Milan, and the Gulf states are winning here, offering lower taxes and stable rules. A government minister recently admitted their policies might be pushing some people to leave, while also saying the wealthiest should pay more.
Howard still owns most of Brevan Howard, which employs over a thousand people worldwide, and he’s still involved in big decisions. He’s also a major donor to the Conservative Party. His company didn’t want to talk about his move.
He’s not alone, not even close. This is part of a massive wave of wealthy people bailing. Property investors, the Livingstone brothers, went to Monaco. The Revolut founder, Nik Storonsky, set up in the UAE. Jeremy Coller from private equity and even steel tycoon Lakshmi Mittal have also moved or split time between places like Switzerland and Dubai. According to analysts, the UK is now the world leader in millionaire outflows, with thousands leaving last year and even more expected to go this year.
The driving force, according to people who advise the wealthy, is the tax situation. Changes to inheritance tax, capital gains, and killing off the non-dom status have made a lot of rich folks nervous. A new property tax on expensive homes added to the bad vibe. Places like Switzerland, Monaco, Milan, and the Gulf states are winning here, offering lower taxes and stable rules. A government minister recently admitted their policies might be pushing some people to leave, while also saying the wealthiest should pay more.
Howard still owns most of Brevan Howard, which employs over a thousand people worldwide, and he’s still involved in big decisions. He’s also a major donor to the Conservative Party. His company didn’t want to talk about his move.
